How Each Presidential Candidate Plans to Handle Corporate Taxes

If you follow this blog then you know that corporate taxes are a regular topic discussed in this space. A couple weeks ago we shared some comments from Disney Chief Bob Iger regarding the country’s corporate tax policies. This is a topic that continues to get a lot of airtime in the media as the three candidates still running for president continue to push the issue.
One of the reasons this continues to be front and center is that income from corporate taxes keeps falling. While it still remains a huge source of revenue for the government, over the past several decades that revenue has been declining sharply. In fact, whereas in the 1950s corporate taxes accounted for 30 percent of the country’s tax revenue, in the year 2015 corporate taxes accounted for a mere 11 percent of the total tax base.
There are several reasons for the decline, including corporate tax breaks, a lower corporate tax rate, more profits coming overseas and many loopholes that allow corporations to cut their tax bills legally.
As mentioned, each of the three remaining candidates running for the nation’s top office have their own ideas on how to solve the problem and just as one would expect they differ greatly. In a nutshell, republican Donald Trump wants to cut the corporate tax rate down from 35 percent to 15 percent.
Hilary Clinton, on the other hand wants to close loopholes so corporations can’t avoid their taxes, which increase corporate tax revenues for the government substantially. At the same time she has not made any proposal to cut the corporate tax rate. Bernie Sanders wants to increase the corporate tax revenue by increasing the tax rate even higher and by taxing overseas profits, among other things.
Time will tell who wins the election, and when that person does, whether or not he or she will be able to implement his or her plan.
http://www.reuters.com/article/us-usa-election-taxes-idUSKCN0YS0C7
8 Ways to Save on Car Insurance
8 Ways to Save on Car Insurance By Michael Broach Now that the days of cheap gas are over, people are constantly looking for ways to save a few bucks on their car. Most people will look for ways to make their car more fuel efficient, but another way to save is to lower your…
Ten Things the Average Person Does Not Know About Annuities
Ten Things the Average Person Does Not Know About Annuities By Robert D. Cavanaugh, Clu Deferred annuities possess characteristics found nowhere else. They play an important part in seniors’ portfolios. Seniors hold billions of dollars in deferred annuities. However, my experience is that the average person knows little about the unique advantages of deferred annuities,…
Wealthy Be Aware of Shady Financial Advisors
Wealthy Be Aware of Shady Financial Advisors Despite all the benefits and perks that come with being wealthy, there are also many pitfalls that many wealthy individuals can get caught up in, especially when those wealthy individuals are thrust into their wealth very suddenly, like a professional athlete or entertainer. Many of these wealthy people…
Tax Strategies That The Wealthy Use to Save
Tax Strategies That The Wealthy Use to Save We all want to save money on our taxes, especially ultra-wealthy taxpayers who are hit the hardest by the nation’s highest tax strategies of the wealthy percentages. We know that the country’s richest 1 percent pays nearly a quarter, 24 percent, of all federal income taxes collected…