Tax Proposals From Cruz And Trump : A Quick Overview +

This an over all view of these two candidates tax proposals - want more information, read the entire article.

 

Read full article http://www.ncpa.org/pdfs/sp_Trump_Cruz_Summary2016-0128.pdf

 

Trump and Cruz Tax Proposals under the NCPA/BHI National Model

Sunday, January 31, 2016
by NCPA

The Trump Tax Proposal

• Overall calls for a federal tax schedule with four brackets:
• 0%
• 10%
• 20%
• 25%
• It would also eliminate the marriage penalty and the Alternative Minimum Tax (AMT) 
• The charitable giving and mortgage interest deductions would remain in the tax code.
• Eliminates the death tax.
• Calls for offsets to “pay for the tax cuts.” 
• Eliminate loopholes for the exceptionally high income earners and phase out itemized deductions and end the tax exemption for life insurance interest.
• Ends tax treatment of carried interest for speculative partnerships.
• Reforms corporate taxation with a 10 % repatriation tax on overseas holdings.
• He would also reduce or eliminate loopholes and enact a cap on business interest expenses.

The Cruz Tax Proposal

• Reforms by consolidating existing brackets into single rate of 10% on the following:
• Wages, salaries, interest, capital gains, dividends and business income.
• Increases standard deduction.
• Expands
• the Earned Income Tax Credit.
• the Child Care Credit.
• Eliminates most deductions except for
• Charitable Tax Credit.
• Home Mortgage Deduction, capped at principal value of $500,000.
• Establishes
• Universal Savings Accounts.
• Eliminates
• Death Tax.
• Overseas Profits Tax.
• Alternative Minimum Tax (AMT).
• Affordable Care Act Taxes.
• Corporate Tax.
• Establishes a Business Transfer Tax or Value Added Tax at a 16% rate.