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Presidential Candidate Platforms (view source)
Revision as of 14:45, 13 January 2016
, 14:45, 13 January 2016→Jeb Bush
*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
**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.
