PolitiFact's guide to 2016 presidential candidates' tax plans
As you begrudgingly finish this year’s tax returns, the last thing you want to do is think about tax days to come. But after 2017, your taxes may be significantly different depending on who’s in the White House.
Republicans Donald Trump and Ted Cruz are both promising significant tax cuts across the board, largely benefitting the wealthy. Trump also wants to use the tax code to encourage companies to do business at home, while Cruz is for a one-rate-fits-all approach. John Kasich hasn’t released a formal tax plan or enough details for analysis.
On the Democratic side, Bernie Sanders is also advocating radical changes to the tax code, but he wants higher taxes on the super rich and to fund new government programs. Hillary Clinton targets the top income earners for tax increases through policy-specific tweaks, but her plan is hardly a revolution.
The Democrats’ plans, according to analysis by the free market-oriented Tax Foundation and the nonpartisan Tax Policy Center, would bring in revenue, but not necessarily economic growth. Conversely, the Republicans’ plans might stimulate the economy, but they would also bloat the deficit.
So what exactly are the remaining presidential candidates proposing and how will their plans affect you?
See what Linda Qiu of PolitiFact found.