With the election just weeks away, everyone is trying to analyze exactly what each candidate proposes to do about taxes and how they plan on executing those ideas. While taxes are a complicated topic, most voters know that no matter who is elected, taxes will inevitably go up to help cover the national debt. Even so, here are just a few ways that the candidates want to ammend the tax plan.
- Increase capital gains tax rate to 20 percent on high-earners.
- Exempt estates worth up to $3.5 million and increase estate tax rate to 45%.
- Institute a minimum tax on overseas profits and other international proposals.
- Eliminate taxes on investment income for taxpayers with adjusted gross income of less than $200,000.
- Repeal estate tax permanently. This would enable estates worth any amount to pass from one party to the next with no tax.
- Institute a territorial system that would tax U.S.-source profits of multinational corporations but would exempt profits earned abroad.
As a student in online tax preparer school, who's tax plan do you think will benefit our economy most?