This is it… after a year of Presidential stump speeches, weeks of attack ads and endless news cycles, the 2016 Presidential election is almost over. Have you voted yet? If you haven’t, go voice your choice. It’s your right and in this very tight race between top runners, Hillary Clinton and Donald Trump, your vote can make a difference.
I don’t normally bring up politics or religion in my newsletters; both are very personal topics, but as an accountant and bookkeeper, a lot of my clients have been asking how each candidate’s positions on tax policy will affect them and their businesses.
At the end of 2017, tax breaks extended by the Obama Administration, and first enacted by George W. Bush’s administration in 2000, are set to expire. So what do the candidates say about taxes? Here’s an overview of each candidate’s position from Ballotpedia, The Encyclopedia of American Politics:
- Hillary Clinton – Seeks to raise taxes on top 1 percent of earners – those earning more than $732,000 a year – while largely leaving tax rates the same for taxpayers with smaller incomes. Clinton’s tax plan also removes tax breaks for companies that send jobs overseas and would reinvest revenue raised from fixing the corporate tax code in projects that spur economic growth and job creation.
- Donald Trump – Supports significant business tax cuts, reducing number of income tax brackets, and cutting taxes at all income levels, with the largest benefits, in dollar and percentage terms, going to the highest-income households.
- Jill Stein – Wants a more progressive tax system. Supports tax reform that helps create jobs, economic efficiencies, and innovation within the small business community. Would eliminate loopholes and other exemptions that favor corporate wealthy interests over tax justice.
- Gary Johnson – Has proposed eliminating income and corporate taxes and replacing them with a federal consumption tax.
There’s a lot more information out there about each candidate. I hope you have or had a chance to look through each candidate’s website to learn more about their position on taxes, the economy, childcare, and other issues important to our country.
We’ll have to wait to see who wins and becomes our next president in this historic election. Until then, make sure you arm yourself with information and vote.
Have a great week!
