Tax Plans Running for President

As the 2016 Presidential race begins to take shape, it’s always interesting to see what the candidates are proposing for tax strategy. And while this blogger thinks it’s unlikely that anything tax related will change very fast, there’s always the possibility that a presidential candidate will win the election, then bipartisan support and by some miracle be able to get a new tax plan adopted.

So here’s what a few are currently saying (or not saying):

Jeb Bush – Three tax brackets (10%, 25% and 28%) with top rate applying to income levels over $85,00 (single) and $141,200 (joint) respectively. Increase deduction to $11,300 for single filers and double that for joint filers.

Ben Carson – Flat rate of between 10% and 15% on ordinary income that phases out over time.

Lincoln Chafee – Keep the existing code but add a new bracket at 45% for incomes over $750K. Increase personal exemption by $1,000.

Chris Christie – Three brackets, (8% to 28%) – nothing specific beyond this.

Hillary Clinton – Nothing specific at this point.

Ted Cruz – Favors a flat rate tax but no details specified.

Carly Fiorina – Nothing specific at this point.

Jim Gilmore – Three tax brackets with rates of 10%, 15% and 20%.

Lindsey Graham – Flat rate for everyone with the rate in the “high teens or low twenties.”

Mike Huckabee – Eliminate individual income tax. Enact a federal sales tax of 23%, with monthly rebates for low-income payers.

Bobby Jindal – Three brackets of 2%, 10% and 25% – top rate applies to taxpayers with income of $90K (single) or $180K (Joint) respectively. Eliminate all deductions and exemptions.

John Kasich – Three brackets with a top rate of 28%.

Lawrence Lessig – Nothing specific.

Martin O’Malley – Nothing specific.

George Pataki – Nothing specific.

Rand Paul – Flat rate 14.5% on ordinary income. Increase standard deduction to $15K per filer and personal exemption to $5K per person.

Rick Perry – Nothing specific.

Marco Rubio – Two brackets (15% and 35%) with top rate applying to taxpayers with income over $75K (single) and $150K (joint).

Bernie Sanders – Nothing Specific.

With a little over a year to go before the election, the one thing that’s most likely to happen is that the above list, and what they’re saying about taxes, will likely change so hang onto your hats, here comes an election year!