Monday, May 23, 2016

Where Do the Presidential Candidates Stand on Taxes?

It’s hard to believe that in just six short months, November will almost be behind us, and a new leader of the free world will have been elected. Sure, President Obama will work to finish out the year before we have an inauguration next January, but in less than half a year, the madness that’s been the 2016 presidential election will have at least lulled, if not subsided altogether.

In the meantime, it’s important to stay abreast on the platforms of each candidate. Since we don’t have the time to get too far into every single issue the candidates have to talk about, we’re going to focus on the one that fits in with the rest of our aesthetic at ExpressIRSForms: taxes.

So where does your presidential hopeful stand when it comes to one of those unavoidable truths?*

Hillary Clinton (D)
While it’s unclear whether the former Secretary of State believes lowering the corporate income tax rate would create jobs, she has made it known that reforming our tax code should be a priority by her support of the Buffett Rule and closure of the carried interest loophole. She is against a flat tax on income, as well as the reinstatement of the Glass-Steagall Act, which bars commercial banks from engaging in investment business. She’s also against Social Security being privatized and is now opposed to the Trans-Pacific Partnership (TPP) Trade Agreement.

Gary Johnson (L)
Gary Earl Johnson, the 2016 Libertarian candidate and former Governor of New Mexico (1995-2003), advocates that lowering the corporate income tax rate would “literally create millions of jobs,” transforming the US into the “job magnet” of the world. It is unclear, however, if he would raise federal taxes although he was previously against it. He is against a flat tax on income. As for pros, he believes the Glass-Steagall Act should be reinstalled, and Social Security should be privatized.

Bernie Sanders (D)
The Vermont senator disagrees with Johnson that lowering the corporate income tax would create jobs and has introduced a plan to increase the federal tax rate of the nation’s highest earners. He’s also against a flat tax on income and for the reinstatement of the Glass-Steagall Act. He’s against the privatization of Social Security and has staunchly been against the TPP Trade Agreement since its inception.

Jill Stein (G)
Green Party candidate Jill Stein, an American physician and activist, is also for increasing federal taxes, having stated it necessary for a fair tax system, and against a flat tax on income. Like Sanders and Johnson, she’s for the reinstatement of Glass-Steagall, but sides with the Democratic candidates in being against the privatization of Social Security and the TPP Trade Agreement.

Donald Trump (R)
Businessman, television personality, and presumptive nominee of the Republican Party Donald Trump hasn’t made his stance as clear as his fellow candidates on many of the current tax-related topics of the election. He has, however, firmly stated being against federal tax increases as well as the TPP Trade Agreement, calling it a bad deal.

*Listed in alphabetical order by last name. ExpressIRSForms does not endorse any candidate, nor does its parent company, SPAN Enterprises, and any of its affiliated programs. This blog has been produced as neutrally as possible and is intended only for information purposes.

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