How The 2016
Presidential Election
Could Affect Your Taxes
1
• The Democrats and Republicans have very
different ideas on taxes.
• In general, Republicans feel that the U.S. tax
syste...
November 5, 2015
3
The Republican Candidates
Donald Trump
• 4 tax brackets instead of 7
• Top tax rate of 25%
• No income tax for singles who
make under $25,000 or
mar...
Dr. Ben Carson
• Carson is yet to release
a detailed tax plan, but
favors a flat tax rate
between 10%-15%.
• Wants to elim...
Senator Marco Rubio
• 3 tax brackets (15%, 25%, 35%)
• Eliminates itemized deductions
• Keeps charitable donation and
mort...
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 c...
Jeb Bush
• 3 tax brackets (10%, 25%,
28%)
• Reduces loopholes
• 20% corporate tax rate
• Increases the standard
deduction ...
Carly Fiorina
• Has not released a
detailed tax plan, but
wants to simplify the
tax code
• Says the entire tax
code should...
John Kasich
• 3 tax brackets with a
28% top tax rate
• Increases earned
income tax credit by
10%
• Lower maximum long-
ter...
Gov. Chris Christie
• No specific tax rates,
but proposes to lower
tax rates for all
Americans
• Proposes 25%
corporate ta...
November 5, 2015
12
The Democratic Candidates
Hillary Clinton
• Wants tax relief for small
businesses and middle class
Americans
• Plans to end tax loopholes that
benef...
Senator Bernie Sanders
• Wants to lower the estate
tax exclusion to the first
$3.5 million in assets, and
increase the top...
15
You also may be interested in…
The $15,978 Social Security Bonus
Most Retirees Overlook
CLICK HERE TO READ NOW
of 15

Presidential taxes

The tax plans of the 2016 presidential candidates
Published on: Mar 4, 2016
Published in: Economy & Finance      News & Politics      
Source: www.slideshare.net


Transcripts - Presidential taxes

  • 1. How The 2016 Presidential Election Could Affect Your Taxes 1
  • 2. • 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
  • 3. November 5, 2015 3 The Republican Candidates
  • 4. 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 5, 2015 Photo: Gage Skidmore
  • 5. 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 5, 2015 Photo: Gage Skidmore
  • 6. 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 5, 2015 Public domain
  • 7. 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 5, 2015 Public domain
  • 8. 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 5, 2015 Photo: Michael Vadon
  • 9. 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 5, 2015 Photo: Gage Skidmore
  • 10. 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 5, 2015 Public domain
  • 11. 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 5, 2015 Photo: Michael Vadon
  • 12. November 5, 2015 12 The Democratic Candidates
  • 13. 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 5, 2015 Public domain
  • 14. 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 5, 2015 Public domain
  • 15. 15 You also may be interested in… The $15,978 Social Security Bonus Most Retirees Overlook CLICK HERE TO READ NOW

Related Documents