How The 2016 Presidential Election Could Affect Your Taxes

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How The 2016 Presidential Election Could Affect Your Taxes 1

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The Democrats and Republicans have very different ideas on taxes. In general, Republicans feel that the U.S. tax system needs an overhaul, and that taxes are too high to encourage economic growth. Democrats feel the wealthy should pay a higher share. Here are the details each candidate has released about their tax plans so far. Note: This slideshow includes candidates polling nationally at 3% support or higher as of 11/4/2015 2 Overview

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November 27, 2015 3 The Republican Candidates

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Donald Trump 4 tax brackets instead of 7 Top tax rate of 25% No income tax for singles who make under $25,000 or married couples making less than $50,000 Eliminate the marriage penalty and Alternative Minimum Tax (AMT) Maximum corporate tax rate of 15% No death/estate tax 4 November 27, 2015 Photo: Gage Skidmore

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Dr. Ben Carson Carson is yet to release a detailed tax plan, but favors a flat tax rate between 10%-15%. Wants to eliminate the estate tax Has said that a tax return should be completed in 15 minutes or less 5 November 27, 2015 Photo: Gage Skidmore

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Senator Marco Rubio 3 tax brackets (15%, 25%, 35%) Eliminates itemized deductions Keeps charitable donation and mortgage interest deductions for all taxpayers Wants to create a new $2,000/$4,000 (single/married) refundable tax credit to replace the standard deduction 25% corporate tax rate 0% capital gains tax 0% estate tax Eliminate marriage penalty and AMT New $2,500 child tax credit in addition to the current credit 6 November 27, 2015 Public domain

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Senator Ted Cruz Proposes a 10% flat tax The first $36,000 in income would be tax-free for a family of 4 Keeps the child tax credit and earned income tax credit No estate tax or AMT 16% business flat tax Wants to abolish the payroll tax, while fully funding Social Security and Medicare Claims his tax plan will create 4.9 million new jobs and 12.2% wage growth over the next 10 years. 7 November 27, 2015 Public domain

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Jeb Bush 3 tax brackets (10%, 25%, 28%) Reduces loopholes 20% corporate tax rate Increases the standard deduction from $6,300 to $11,300 for single taxpayers and from $12,600 to $22,600 for joint filers. Keeps deductions for charitable donations and mortgage insurance Eliminates AMT Claims the plan will produce 4% economic growth rate 8 November 27, 2015 Photo: Michael Vadon

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Carly Fiorina Has not released a detailed tax plan, but wants to simplify the tax code Says the entire tax code should be able to fit on 3 pages (more than 70,000 currently) 9 November 27, 2015 Photo: Gage Skidmore

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John Kasich 3 tax brackets with a 28% top tax rate Increases earned income tax credit by 10% Lower maximum long-term capital gains tax rate to 15% No estate tax 10 November 27, 2015 Public domain

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Gov. Chris Christie No specific tax rates, but proposes to lower tax rates for all Americans Proposes 25% corporate tax rate and breaks for companies who repatriate cash held overseas No payroll tax above age 62 or below age 25 11 November 27, 2015 Photo: Michael Vadon

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November 27, 2015 12 The Democratic Candidates

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Hillary Clinton Wants tax relief for small businesses and middle class Americans Plans to end tax loopholes that benefit the wealthy Wants to increase “medium-term” capital gains tax rates to 24%-39.6% for investments held less than 6 years Wants to extend student tax credits Offers tax incentives for businesses that share profits with employees 13 November 27, 2015 Public domain

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Senator Bernie Sanders Wants to lower the estate tax exclusion to the first $3.5 million in assets, and increase the top estate tax rate to 65% Increases taxes on Wall Street speculators Lifts the cap on income subject to Social Security taxes 14 November 27, 2015 Public domain

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