Republican Candidates' Financial Plans

REPUBLICAN CANDIDATES' ***** 2012 ***** FINANCIAL PLANS With the 2012 election less than a year away, the election machine is fired up and ready to go. Hot topics include the economy, housing, and job creation through tax cuts and regulation. III WHITE HOUSE 2012 Who's Running? • Former Govemor Mitt Romney (MA) • Current Governor Rick Perry (TX) • Representative Ron Paul (TX) • Representative Michelle Bachmann (MN) - Former Govemor Gary Johnson (NM) [21] - Former Govermor Jon Huntsman (UT) Former House Speaker Newt Gingrich (GA) • Former Senator Rick Santorum (PA) O THE ROAD TO THE WHITE HOUSE What Does It Cost? WE KNOW WHERE THE CANDIDATES STAND ON THE ISSUES, BUT WHAT ABOUT MONEY? WHAT HOW WHAT money do they need to finish out have the contenders did they raise this money? raised for the 2012 Presidential Election? the election cycle? CAN THE GOP CANDIDATES RAISE ENOUGH TO DEFEAT OBAMA? OBAMA RAISED $99,597,681 as of September 2011, according to the New York Times. [1] FOLLOW THE MONEY TRAIL The Contenders and Campaign Finance * Mitt Romney | %24 C•A •M •P•A •I• G •N DOLLARS AND CENTS Romney is at the top of the pack, with $32,605,827. p2) • He has spent twice as much as other candidates. Romney has contributed just over $300,000 to competitive state GOP races. [3] - He supports GOP incumbents in tight races, not Tea Party candidates. [3] FUTURE FINANCES MITT ROMNEY'S 59-POINT Spending- Government programs [4] PLAN WILL REDUCE: Тахes - Regulation • Big tax rate reduction for corporations, but no change for individual tax per Romney's tax reform plan. [5] -Romney reportedly wants the foreclosure process to hit rock bottom. He suggests investors buy homes, rent them out, and fix them up to turn around the housing market. FORECLOSURE НОME FOR SALE | Rick Perry * C •A • M • P•A •• G •N DOLLARS AND CENTS D -According to the New York Times, Rick Perry has amassed a war chest of $17,200,232 as of September 30, 2011. [6] • Most of his bounty came in the last 8 weeks. • Perry, a well-known fundraiser, is second only to Romney in $$. • Texas was the source of the majority of Perry's money early in the campaign. With over Perry raised an unprecedented $15 MILLION OI $17 MILLION on hand, Perry has spent little. [6] in 3rd quarter 2011. [7] When asked about tax cuts for the rich, Perry stated that he wanted the wealthy to invest in their businesses. [4] FUTURE FINANCES TAX REFORM: DESIGNED TO COMPETE WITH CAIN'S 9-9-9 TAX REFORM PLAN, PERRY'S PLAN WOULD HAVE: Optional flat tax to allow everyone, including corporations, to pay a 20 percent tax rate. - Anyone with an income less than $12,500 is exempt. Mortgage interest and charity donations could be deducted in households with total income of less than $500,000. Other tax breaks and loopholes would be eliminated. ► Corporate tax temporarily dropped to 5.25 percent to encourage businesses to move to the U.S. [15] * Ron Paul| C•A • M• P •A •1•G•N DOLLARS AND CENTS • Candidate with the 3rd largest war chest: $12,787,448. (8) • Paul has spent more than Bachmann. - Most of his funds came from Texas, California, and Florida. [8] Paul wants to eliminate 5 of 15 cabinet FUTURE FINANCES agencies to consolidate the government and cut budgets to the remainder. THOSE TO BE ELIMINATED: - Interior - Housing and Commerce - Energy Education [9] Urban Development | Michelle Bachmann C•A • M• P• A •I•G•N DOLLARS AND CENTS At #4 on the New York Times leaderboard, Bachmann has $7,547,471. [10] • Bachmann raised money from every state. [10] • Struggled to bring in big cash donors. [10] With more than $6 million in expenditures to $4 million in contributions, Bachmann is spending more than saving. [11] • Largest expense - $60,000 – to former campaign manager Ed Rollins. [11] The regulatory burden is too much for businesses per Bachmann. Jobs are lost due to $1.8 trillion regulatory burden. [4] E FUTURE FINANCES BACHMANN WANTS TO REFORM TAXES THROUGH: 80s Low tax rates No flat tax, but only a flatter Fewer tax Adoption of tax Having all wage brackets and policies from the eamers pay income forthose in lowest income levels. [12] income tax. lower tax Reagan years due to the tax. At present, 47% of wage eamers pay only federal payroll tax and no income tax. rates. prosperity in the '80s. FORECLOSURE Bachmann is worried that foreclosures impact women most often. She has stated that Obama has failed the НOME FOR SALE nation on the housing and foreclosure issue. [4] The Rest of the Pack? * Jon Huntsman * Rick Santorum $1.3 MILLION in campaign fund. [18] $5.4 MILLION in campaign fund. [16] Received greatest support from California, New York, and Utah. [16] - His home state of Pennsylvania is his main financial supporter. [18] Santorum wants to "repatriate profits" - an estimated $1.5 TRILLION sitting in foreign bank accounts – to invest in American industry and jobs. The cost to taxpayers? Zero. [19] * Newt Gingrich $2.9 MILLION in campaign fund. [17] Gingrich struggled to raise money in major markets. [17] * Gary Johnson -Spent most of campaign funds on issue campaigns, but only $4,000 on GOP state elections. [3] - At the bottom of the New York Times Gingrich sympathizes with those displeased with the policies of the Bush and Obama administrations campaign money leaderboard, the Johnson campaign has just under $500,000. [20] and is against the Dodd-Frank law as it over-regulates govemment. [4] Leading contributors: New Mexico and other western states. [20] |TOTAL> bankruptcy Sources Bankruptcy Attorneys Nationwide. (1] http://elections.rytimes.com/2012/campaign-finance [2) http://elections.rytimes.com/2012/campaign- financecanda-barack-obama&candb=mitt-rommey [3] http:/www.thedalybeast.com/newsweek/2010/07/24/gop-2012 html [4] http://wwwsfgate.com/cgl-binvarticle.cgi/n/a/2011/10/30/finandal/054314d63.dl (5) http://www.usnews.comvnews/blogs/ick-newman/2011/10/31/5- good-ideas-from-4-gop-economic-plans [6] http://elections.nytimes.com/2012/campaign-financedcanda=barack-obama&candb=rick-perry [7) http://news yahoo.com/blogs/ticket/rick-perry-raked-17-millon-2012-bid-1410565 23.html [8] http://elections.rytimes.com/2012/campaign-financetcanda=baadk-obama&andb=ron-paul [9] http://www.democrats.org/news/october-11-gop- debate/gop_candidates stil_want_to_repeal_wall street_reform_and_let_bankers_writ [10] http://elections.nytimes.com/2012/campaign-financelikanda=barack- obama&candb=michele-bachmann [13] htt:/elections.nytimes.com/2012/campaign- financecanda=barack-obama&candb-herman-cain [14] http://onelyconservative.com/2011/10/heman-cain-keeping- costs-low-and-not-spending-money-he-doesnt-have [15] http:/abonews.ga.comyblogs/poltis/2011/10/ik-pery- holds-his-flat-tax-proposal-up-to-herman-cains-9-9-9-plan/ [16] http://elections.mytimes.com/2012/campaign- financecanda-barack-obama&candb-jon-huntsman [17] http://elections.nytimes.com/2012/campalgn- financetcanda barack-obama&candb=newt-gingrich [18] http://elections.mytimes.com/2012/campaign- financecanda=barack-obama&candb rick-santonum [19] http://www.amerianbanker.com/issues/176_211/epublican- presidential-candidates-romney-perry-cain-dodd-frank-1043655-1.html [20] http://elections.nytimes.com/2012/campaign- financetcanda-barack-obama&candb=gary-e-johnson [11] htt://www.startritune.com/poltics/national/131923143.html [12] http:/cauauses.desmcinesregistercom/2011/11/03/michele- bachmann-cals-for-flatter-tax-code-that-requires-everyone-to-pay-income-taxes/ [21] http://elections.nytimes.com/2012/campaign-finance >> %24