THE PRESIDENTIAL CANDIDATES CURRENT TAX PROPOSALS
By Jon Aldrich
We are getting down to the final stretch for the upcoming Presidential election. It has been an interesting campaign, to say the least, and Trump & Clinton have both changed their positions on several issues over the last several months. The purpose of this article is an attempt to summarize the 2 candidates’ current tax proposals for some of the basic tax issues that could affect our clients the most.
I don’t want to get into the details of the tax proposals in the way that tax receipts may be increased or decreased, how economic output may be affected or the effect on the national debt. We also have to remember that, yes, these may be the proposals of the two candidates, but to become law would require them to be passed in the House & Senate.
However, it is interesting to look at the proposals as they do shed some light on at least part of the agenda the winner will have once they take the oath of office in January.
The information below was cobbled together from several different sources, including:
- The Trump/Pence website
- Hillary Clinton.com
- The Tax Foundation.org
- The Tax Policy Center.org
And of course, both candidates may change their views before November 8th, but this at least gives you a decent overview of their stances currently and you will not have to rely on rumors, hearsay, or social media posts that may not always be the most accurate, believe it or not. Information below is just a general summary of each issue. Go to the sites above for the details.
So now we have this handy dandy table, but you may be asking yourself, what might this mean in dollar terms? Well, the chart below from The Tax Policy Center sheds some light on this:
These are average projected amounts based on the above proposals and should give a reasonable idea if the winner’s tax policies are enacted.
There are a lot of different issues to base your decision on. Hopefully, this gives you a decent idea of how your taxes could be affected. I will let others argue the merits of TPP, ACA, e-mail servers and the size of their brain. Enjoy the next month.