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Where the 2016 Republican Candidates

Stand On Taxes

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• As of this writing, there are six Republican candidates in the running for the 2016 nomination.

• All six have released plans to reform the tax system, but they vary considerably.

• Here’s what you need to know about each candidate’s plan.

Note: Candidates listed in order of support, according to the latest Quinnipiac national poll. Only candidates with 1% support or greater are included.

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May 3, 2023

1. Donald TrumpTrump’s main goals:• Tax relief for middle-

class Americans• A simpler tax code• Encourage job growth • Avoid adding to the

national debt

Photo: Gage Skidmore

May 3, 2023

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• Single filers who earn less than $25,000 and married filers who earn less than $50,000 will not owe any income tax.– This removes about 75 million households

from the tax rolls.• There will be just four tax brackets, not

seven– 0%, 10%, 20%, and 25%

• Trump will eliminate the marriage penalty and the Alternative Minimum Tax.

Trump’s specific plans

May 3, 2023

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• No business will pay more than 15% of its income in taxes.

• No family will pay a death tax.• Most deductions and loopholes will be

eliminated.• The plan allows corporations to repatriate

overseas cash at a one-time 10% tax rate.

Trump’s specific plans (continued)

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May 3, 2023

2. Sen. Ted Cruz• Ted Cruz has one of

the more radical tax plans of the candidates.

• Essentially, he wants to get rid of the IRS in its current form and dramatically simplify the tax code.

May 3, 2023

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• The current seven tax brackets will be replaced by a single 10% tax rate.

• For a family of four, the first $36,000 will be tax-free.

• The Child Tax Credit will remain and the Earned Income Tax Credit will be expanded and modernized.

• The payroll tax will be eliminated – rather, Social Security and Medicare will be paid for with income tax revenue.

Cruz’s Specific Plans

May 3, 2023

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• The corporate income tax will be replaced with a 16% flat-rate business tax.

• Most people will be able to file their taxes with a postcard or phone app.

• There will be no death tax or alternative minimum tax, and loopholes will be closed.

• Cruz also wants people to be able to invest a portion of their taxes in a personal account.

Cruz’s Specific Plans (Continued)

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May 3, 2023

3. Sen. Marco RubioRubio’s main goals:• Cut taxes and simplify

the tax code• Strengthen American

families through tax incentives

• Encourage saving and investment

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• There will be three tax brackets (15%, 25%, 35%).

• The plan keeps the mortgage insurance and charitable contribution deductions.

• The standard deduction will be replaced with a $2,000(singles)/$4,000(married) tax credit.

• The marriage penalty and Alternative Minimum Tax will be eliminated.

Rubio’s Specific Plans

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• The plan simplifies the higher education tax breaks.

• Creates a new $2,500 Child Tax Credit, in addition to the current credit.

• Provides tax incentives to employers who provide paid family leave.

• Reduces the top corporate tax rate to 25%.• Eliminates taxes on dividends, capital gains,

interest income, and estates.

Rubio’s Specific Plans (Continued)

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May 3, 2023

4. Dr. Ben CarsonCarson’s main ideas:• Replace the current

tax code with a simple flat tax

• Protect low-income Americans

Photo: Gage Skidmore

May 3, 2023

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• Carson’s plan replaces the current tax code with a 14.9% flat tax.

• No deductions, no tax shelters, and no loopholes will be available.

• The income tax will only apply to income above 150% of the Federal Poverty Level ($36,375 for a family of four).

• Eliminate capital gains, dividend, and interest income taxes at the personal level.

Carson’s Specific Plans

May 3, 2023

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• The death tax will be eliminated. • Deductions will be eliminated, including

the following:– Mortgage interest– Charitable giving– State and local taxes

Carson’s Specific Plans (Continued)

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May 3, 2023

5. Gov. Jeb BushBush’s main ideas:• Lower taxes for most

Americans• Make the tax code

simple, fair, and clear.

Photo: Gage Skidmore

May 3, 2023

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• Bush wants to reduce the seven tax brackets to three (10%, 25%, and 28%).

• 15 million Americans will no longer have any income tax liability.

• The plan doubles the standard deduction amounts taken by most filers.

• It eliminates the marriage penalty, death tax, and Alternative Minimum Tax.

Bush’s Specific Plans

May 3, 2023

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• The Earned Income Tax Credit will be expanded.

• Loopholes for the wealthy will be eliminated.

• The corporate tax rate will be cut from 35% to 20%.

• Overseas corporate profits can be repatriated at a one-time tax rate of 8.75%, payable over 10 years.

Bush’s Specific Plans (Continued)

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May 3, 2023

6. Gov. John Kasich• The main goal of

Kasich’s plan is to balance the federal budget within eight years.

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• Kasich wants to lower the top tax rate to 28%.

• The plan would eliminate the estate tax and would reduce the top long-term capital gains tax rate to 15%.

• The top business tax rate would drop from 35% to 25%.

Kasich’s Specific Plans

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• For lower-income taxpayers, the Earned Income Tax Credit would increase by 10%.

• The deductions for mortgage interest and charitable donations would remain.

Kasich’s Specific Plans (Continued)

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