How Will the New President Change Taxes for the Wealthy?

So which side are you on? Trump, Cruz, Clinton, Sanders, a write-in candidate, or are you still hoping for an optional third-party independent candidate? The fact is, when it comes to taxes, no matter which candidate you vote for, things will likely be changing for the nation’s wealthiest taxpayers in 2017. Whether or not you see those changes as positive or negative depends on which side you fall on.
The Tax Policy Center has released some interesting numbers that give a good picture of how the wealthy will be affected based on who is elected as our country’s next president. The general picture is that if a democrat candidate is chosen then the tax system would become more progressive and the wealthy would be hit harder. On the flip side, if a republican wins the nomination then revenue would be cut and the tax system would take on a more regressive approach.
Here is how the top candidates’ plans would affect the wealthy:
- Bernie Sanders – households that fall into the top 0.1 percent would see an increase of more than $3 million in taxes on average in 2017.
- Hillary Clinton – households in the same income level would pay an additional $500,000 more.
- Ted Cruz – households in the top 0.1 percent would see taxes cut by $2 million.
- Donald Trump – households in the highest income level would see taxes cut by $1.3 million.
Whoever the country elects as its next commander in chief, the majority of taxpayers will be affected one way or another. If you count yourself among the nation’s wealthiest, then you will feel that change even more, for better or for worse.
Professional Athletes Could Be Getting a Big Tax Victory in Cleveland
Professional Athletes Could Be Getting a Big Tax Victory in Cleveland Millions of sports fans all over the country love their favorite teams and athletes. A large majority of professional athletes from all walks of the sporting world make a lot of money and are some of the highest paid individuals in the country. While…
How to Choose an Investment Advisor
How to Choose an Investment Advisor Finding a reliable source for investment advice has always been a challenge. It’s especially difficult in today’s investment environment. There’s no shortage of places to turn for advice. The shelves at the bookstores are filled with “experts” offering their perspectives on how and where to invest. The financial pages…
Here’s a 15-item checklist of low-hanging tax tips for financial advisors
Here’s a 15-item checklist of low-hanging tax tips for financial advisors It’s tempting to put April 15th behind you, but here’s how you can plan for next year: With April 15th behind us, many people put tax issues onto the back burner until they’re staring at the next deadline. Alan Olsen, managing partner at Greenstein,…
How To Stay In Control Of Your Company
How To Stay In Control Of Your Company Have you ever watched the popular ABC program Shark Tank? This “reality” show allows entrepreneurs and business owners to pitch their business ideas or products to five extremely wealthy investors who are successful entrepreneurs in their own right. The panel of “shark” investors even includes Dallas Mavericks’…