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Presidential Candidate Platforms (view source)
Revision as of 13:44, 13 January 2016
, 13:44, 13 January 2016New page: ==Republicans== =Jeb Bush= *[https://jeb2016.com/policy-tax-plan/?lang=en] “They are responsible for the slowest economic recovery ever, the biggest debt increases ever, a massive tax i...
==Republicans==
=Jeb Bush=
*[https://jeb2016.com/policy-tax-plan/?lang=en]
“They are responsible for the slowest economic recovery ever, the biggest debt increases ever, a massive tax increase on the middle class, the relentless buildup of the regulatory state, and the swift, mindless drawdown of a military that was generations in the making.”- Jeb Bush on the Obama Administration [http://time.com/3921956/jeb-bush-campaign-launch-transcript/]
*Claims that Obama’s administration increased taxes, so we need an overhaul of tax code
**Fact check: Affordable Care Act increases taxes, but the high class is getting a majority of the impact of these tax increases. Subsidies also cushion the impact of the taxes.
**Tax increases passed by Supreme Court would lead to an estimated cost to taxpayers over 804.6 billion dollars over the next decade [http://waysandmeans.house.gov/supreme-courts-health-law-decision-leaves-in-place-21-tax-hikes-costing-taxpayers-more-than-675-billion/]
[http://www.politifact.com/truth-o-meter/statements/2015/jun/23/jeb-bush/jeb-bush-obama-caused-massive-tax-increase-middle-/#]
[http://www.ontheissues.org/2016/Jeb_Bush_Corporations.htm]
*Business and corporations
**Tax Proposal: Lower taxes on small business and big businesses, simplified tax code that is easier on middle class and families[ http://www.newsweek.com/your-money-your-vote-newsweeks-2016-presidential-debate-live-blog-388228
https://jeb2016.com/policy-tax-plan/?lang=en]
**reduce personal income tax brackets down to three brackets: 28%, 25%, 10% like the Reagan administration’s second tax reform
**fact check: Reagan’s 2nd tax reform wasn’t like this; it was broken into 4 groups (10%, 28%, 33%, 28%), making a tax “bubble”. Taxpayers after a certain income level paid a flat 28% tax rate [https://en.wikipedia.org/wiki/Tax_Reform_Act_of_1986#cite_note-4]
[http://www.npr.org/sections/itsallpolitics/2015/09/09/438873030/everything-you-wanted-to-know-about-jeb-bushs-tax-plan]
**cut down corporate tax rate from 35% to 20% and change it to territorial tax system (tax only on earnings made in US)
[https://jeb2016.com/backgrounder-jeb-bushs-tax-reform-plan/?lang=en]
**2% cap of filer’s gross income on total tax deductions
**double size of standard deduction
**double income tax credit for childless workers
**eliminate carried interest loophole
**estimate increasing number of Americans that don’t pay tax by 15 million, bringing the number of filers with zero taxes from 40% up to 50%
**claims this will help lower and middle class, but this will benefit high earners instead
[http://thecge.net/wp-content/uploads/2015/09/Fundamental-Tax-Reform-An-Essential-Pillar-of-Economic-Growth.pdf]**plan estimated to cost up to $3.4 trillion over the next decade without growth
businesses deduct new capital investments
=Ben Carson=
https://www.bencarson.com/issues/tax-reform claims that USA has the highest corporate tax rates in the world at 35%, but this isn’t true. Japan has the world’s highest tax rates at 40% on income, 37% on domestics, and 38% for multinational corporations. Further, the average US company pays around 23% tax after deductions and MNCs pay 28% on average. This puts the US as the second highest corporate tax in the world.
Claims current tax system discourages entrepreneurship and investment and inhibits growth of the economy
Tax proposal:
flat 14.9% tax (no deductions) that applies to all incomes over 150% federal poverty level
tax only once (no double taxation on dividends, capital gains, interest income) at the personal level
eliminate deductions from home mortgage interest, charity, state and local taxes
eliminate alternative minimum tax
eliminate death tax
Claims: raise growth rate by 1.6% up to 4% annually, increase GDP by 16% in 10 years, create 5 million new jobs, increase wages by 11%
Fact checks
death tax: only 0.2% of Americans are paying the estate tax currently, mainly affects a few small businesses and farmers http://www.bloomberg.com/politics/articles/2015-04-13/why-republicans-want-a-bigger-u-s-estate-tax-repeal-than-ever
already currently $5.43 million exemption, so repealing the estate tax would mostly help the rich
Republican proposal to repeal estate tax would be easier on farmers that have much of their assets tied to their land
without the tax, there is more incentive to transfer property at death rather than during life due to the reduced tax costs
flat tax rate plan: likely would lead to at least $1 trillion hole http://www.politifact.com/truth-o-meter/statements/2015/nov/04/ben-carson/does-ben-carsons-tithe-based-tax-plan-lead-1-trill/
AMT: eliminating it would largely benefit the wealthy, who end up having to pay the higher tax rate when their income is above a certain threshold https://en.wikipedia.org/wiki/Alternative_minimum_tax
eliminating deductions: it’s true that mortgage deductions doesn’t tend to increase housing and it mainly helps the wealthy, who use it as a housing subsidy. Most others don’t take advantage of the mortgage deduction and instead take standard deductions. Plus, home prices tend to be higher than they would be without the deductions, which offsets the benefits from the deduction and discourages home ownership.
http://economix.blogs.nytimes.com/2013/08/06/the-sacrosanct-mortgage-interest-deduction/?_r=0 http://www.usnews.com/opinion/blogs/pat-garofalo/2015/11/11/what-ben-carson-got-right-about-taxes-in-the-4th-republican-debate
eliminating double taxation on dividends, etc. would encourage more people to retain most of their income in stocks and pay zero taxes on dividend earnings from stock
double taxation on capital gains: very controversial topic, some say that lowering it will encourage investment in companies that are more risky but also putting forward progressive technologies; others say that the reduced tax would largely benefit the wealthy http://www.wsj.com/articles/how-should-capital-gains-be-taxed-1425271052
=Chris Christie=
https://d70h9a36p82zs.cloudfront.net/Ccpres2016/base/assets/1-0-1/production/Chris-Christie-TheEconomy.pdf
Tax reform:
reduce corporate tax rate to 25%
cap on total deductions individuals and married couples can make
reduce income tax brackets to three brackets, with the highest bracket taxed at 28%, single digit for lowest bracket
eliminate payroll tax on individuals over 62 and under 25
Economy
revert the workweek to 40 hours against Obama’s proposed 30 hours a week before qualifying for health insurance to encourage Americans to work more hours http://thehill.com/policy/healthcare/228953-house-votes-down-obamacares-30-hour-workweek
invest in research and development, education that matches the needs of employers
permanent research and development tax credit
reform disability insurance: eligibility for Social Security disability benefits would be contingent on entering a rehabilitation program and developing workplace reentry program
lift the ban on crude oil exports http://www.bloombergview.com/quicktake/u-s-crude-oil-export-ban
Fact checks:
https://www.washingtonpost.com/blogs/monkey-cage/wp/2015/02/17/republicans-want-to-reform-disability-insurance-heres-why-thats-hard/
=Ted Cruz=
=Carly Fiorina=
=Jim Gilmore=
=Mike Huckabee=
=John Kasich=
=Rand Paul=
=Marco Rubio=
=Rick Santorum=
=Donald Trump=
==Democrats==
=Hillary Clinton=
=Martin O’Malley=
=Bernie Sandes=
=Jeb Bush=
*[https://jeb2016.com/policy-tax-plan/?lang=en]
“They are responsible for the slowest economic recovery ever, the biggest debt increases ever, a massive tax increase on the middle class, the relentless buildup of the regulatory state, and the swift, mindless drawdown of a military that was generations in the making.”- Jeb Bush on the Obama Administration [http://time.com/3921956/jeb-bush-campaign-launch-transcript/]
*Claims that Obama’s administration increased taxes, so we need an overhaul of tax code
**Fact check: Affordable Care Act increases taxes, but the high class is getting a majority of the impact of these tax increases. Subsidies also cushion the impact of the taxes.
**Tax increases passed by Supreme Court would lead to an estimated cost to taxpayers over 804.6 billion dollars over the next decade [http://waysandmeans.house.gov/supreme-courts-health-law-decision-leaves-in-place-21-tax-hikes-costing-taxpayers-more-than-675-billion/]
[http://www.politifact.com/truth-o-meter/statements/2015/jun/23/jeb-bush/jeb-bush-obama-caused-massive-tax-increase-middle-/#]
[http://www.ontheissues.org/2016/Jeb_Bush_Corporations.htm]
*Business and corporations
**Tax Proposal: Lower taxes on small business and big businesses, simplified tax code that is easier on middle class and families[ http://www.newsweek.com/your-money-your-vote-newsweeks-2016-presidential-debate-live-blog-388228
https://jeb2016.com/policy-tax-plan/?lang=en]
**reduce personal income tax brackets down to three brackets: 28%, 25%, 10% like the Reagan administration’s second tax reform
**fact check: Reagan’s 2nd tax reform wasn’t like this; it was broken into 4 groups (10%, 28%, 33%, 28%), making a tax “bubble”. Taxpayers after a certain income level paid a flat 28% tax rate [https://en.wikipedia.org/wiki/Tax_Reform_Act_of_1986#cite_note-4]
[http://www.npr.org/sections/itsallpolitics/2015/09/09/438873030/everything-you-wanted-to-know-about-jeb-bushs-tax-plan]
**cut down corporate tax rate from 35% to 20% and change it to territorial tax system (tax only on earnings made in US)
[https://jeb2016.com/backgrounder-jeb-bushs-tax-reform-plan/?lang=en]
**2% cap of filer’s gross income on total tax deductions
**double size of standard deduction
**double income tax credit for childless workers
**eliminate carried interest loophole
**estimate increasing number of Americans that don’t pay tax by 15 million, bringing the number of filers with zero taxes from 40% up to 50%
**claims this will help lower and middle class, but this will benefit high earners instead
[http://thecge.net/wp-content/uploads/2015/09/Fundamental-Tax-Reform-An-Essential-Pillar-of-Economic-Growth.pdf]**plan estimated to cost up to $3.4 trillion over the next decade without growth
businesses deduct new capital investments
=Ben Carson=
https://www.bencarson.com/issues/tax-reform claims that USA has the highest corporate tax rates in the world at 35%, but this isn’t true. Japan has the world’s highest tax rates at 40% on income, 37% on domestics, and 38% for multinational corporations. Further, the average US company pays around 23% tax after deductions and MNCs pay 28% on average. This puts the US as the second highest corporate tax in the world.
Claims current tax system discourages entrepreneurship and investment and inhibits growth of the economy
Tax proposal:
flat 14.9% tax (no deductions) that applies to all incomes over 150% federal poverty level
tax only once (no double taxation on dividends, capital gains, interest income) at the personal level
eliminate deductions from home mortgage interest, charity, state and local taxes
eliminate alternative minimum tax
eliminate death tax
Claims: raise growth rate by 1.6% up to 4% annually, increase GDP by 16% in 10 years, create 5 million new jobs, increase wages by 11%
Fact checks
death tax: only 0.2% of Americans are paying the estate tax currently, mainly affects a few small businesses and farmers http://www.bloomberg.com/politics/articles/2015-04-13/why-republicans-want-a-bigger-u-s-estate-tax-repeal-than-ever
already currently $5.43 million exemption, so repealing the estate tax would mostly help the rich
Republican proposal to repeal estate tax would be easier on farmers that have much of their assets tied to their land
without the tax, there is more incentive to transfer property at death rather than during life due to the reduced tax costs
flat tax rate plan: likely would lead to at least $1 trillion hole http://www.politifact.com/truth-o-meter/statements/2015/nov/04/ben-carson/does-ben-carsons-tithe-based-tax-plan-lead-1-trill/
AMT: eliminating it would largely benefit the wealthy, who end up having to pay the higher tax rate when their income is above a certain threshold https://en.wikipedia.org/wiki/Alternative_minimum_tax
eliminating deductions: it’s true that mortgage deductions doesn’t tend to increase housing and it mainly helps the wealthy, who use it as a housing subsidy. Most others don’t take advantage of the mortgage deduction and instead take standard deductions. Plus, home prices tend to be higher than they would be without the deductions, which offsets the benefits from the deduction and discourages home ownership.
http://economix.blogs.nytimes.com/2013/08/06/the-sacrosanct-mortgage-interest-deduction/?_r=0 http://www.usnews.com/opinion/blogs/pat-garofalo/2015/11/11/what-ben-carson-got-right-about-taxes-in-the-4th-republican-debate
eliminating double taxation on dividends, etc. would encourage more people to retain most of their income in stocks and pay zero taxes on dividend earnings from stock
double taxation on capital gains: very controversial topic, some say that lowering it will encourage investment in companies that are more risky but also putting forward progressive technologies; others say that the reduced tax would largely benefit the wealthy http://www.wsj.com/articles/how-should-capital-gains-be-taxed-1425271052
=Chris Christie=
https://d70h9a36p82zs.cloudfront.net/Ccpres2016/base/assets/1-0-1/production/Chris-Christie-TheEconomy.pdf
Tax reform:
reduce corporate tax rate to 25%
cap on total deductions individuals and married couples can make
reduce income tax brackets to three brackets, with the highest bracket taxed at 28%, single digit for lowest bracket
eliminate payroll tax on individuals over 62 and under 25
Economy
revert the workweek to 40 hours against Obama’s proposed 30 hours a week before qualifying for health insurance to encourage Americans to work more hours http://thehill.com/policy/healthcare/228953-house-votes-down-obamacares-30-hour-workweek
invest in research and development, education that matches the needs of employers
permanent research and development tax credit
reform disability insurance: eligibility for Social Security disability benefits would be contingent on entering a rehabilitation program and developing workplace reentry program
lift the ban on crude oil exports http://www.bloombergview.com/quicktake/u-s-crude-oil-export-ban
Fact checks:
https://www.washingtonpost.com/blogs/monkey-cage/wp/2015/02/17/republicans-want-to-reform-disability-insurance-heres-why-thats-hard/
=Ted Cruz=
=Carly Fiorina=
=Jim Gilmore=
=Mike Huckabee=
=John Kasich=
=Rand Paul=
=Marco Rubio=
=Rick Santorum=
=Donald Trump=
==Democrats==
=Hillary Clinton=
=Martin O’Malley=
=Bernie Sandes=
