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Tax Plans of the Presidential Candidates

2012 Presidential Candidate Tax Plan Comparison Confused about the proposed tax reform from each of the presidential candidates? Be confused no more. ATR has compiled a single chart that covers the essential differences between each candidate's plans. As proposals change, this chart will be updated, so be sure to download it and email it to your friends. Gingrich Paul Romney Obama Huntsman Perry Santorum Taxpayer Protection Pledge Signer No Yes No Yes Yes Yes Yes Individual Income Tax Rates Obama Gingrich Santorum Huntsman Paul Perry Romney 15% Flat 20% Flat 8-23% 10-35% Optional 10-39.6% Optional 10-35% 10-28% Business Tax Obama Gingrich Huntsman Paul Perry Romney Santorum 35% 12.5% 25% 15% 20% 25% 17.5% Corp Corp Corp Corp Corp Corp 28% Small 39.6% 15% 15% 35% 35% Biz Small Biz Small Small Small Small 0% Biz Biz Biz Biz Manufacturing National Sales Tax Obama Gingrich Huntsman Paul Perry Romney Santorum No No No No No No No $ Capital Gains / Dividends Tax Rate Obama Gingrich Huntsman Paul Perry Romney Santorum 15%/0% 23.8% 0% 0% 0% 0% <200k 12% Income Payroll Tax Obama Gingrich Huntsman Paul Perry Romney Santorum Optional Personal Opt-out Optional Personal Account 2% No No No Holiday Change Change Change Accounts Medicare Payroll Tax Hike from 2.9 to 3.8% Death Tax Obama Gingrich Huntsman Paul Perry Romney Santorum 45% Top Rate Killed 35% Killed Killed Killed Killed $5-10M Exemption Full Business Expensing Obama Gingrich Huntsman Paul Perry Romney Santorum Yes Yes No Yes Yes No Yes Territoriality Obama Gingrich Huntsman Paul Perry Romney Santorum No Yes Yes Just Yes Yes Just Repatriation Repatriation Column Definitions Tax Pledge: Has the candidate signed the "Taxpayer Protection Pledge" sponsored by Americans for Tax Reform? Individual Rates: What tax rate or tax rate range does the candidate want the individual income tax to have? Business Tax: At what marginal tax rate would the candidate tax corporate and small business profits? National Sales Tax: Has the candidate endorsed any form of a national sales tax, including a VAT? Cap Gains: At what marginal tax rate would the candidate tax capital gains and dividends? Payroll Tax: What, if any, changes would the candidate make to the Social Security and Medicare payroll tax system? The payroll tax is currently 15.3% (12.4% for Social Security, 2.9% for Medicare) notionally split evenly between employers and employees. A wage and self-employment cap of $106,800 exists for the Social Security tax. The Medicare tax applies to all wages and self-employment profits. Death Tax: What, if any, changes would the candidate make to the death tax? Full Business Expensing: Is the candidate in favor of letting all businesses deduct all purchases the first year? Territoriality: Does the candidate support ending the double taxation of income earned overseas? Americans for Tax Reform Chart Citations: Romney: http://mittromney.com/blogs/mitts- view/2011/09/believe-- america-mitt-romneys-plan-jobs-and-economic-growth Perry: http://www.rickperry.org/content/uploads/2011/10/Cut- Balance-and-Grow-Summary.pdf Paul: http://www.ronpaul2012.com/the-issues/taxes/ Gingrich: http://www.newt.org/contract/legislative- proposalseTwo Santorum: ATR staff communication with Santorum staffHuntsman: http://jon2012.com/issues/jobs- economy-tax-reform 722 12th ST NW Suite 400 Washington, DC 20005 202.785.0266 (P) 202.785.0261 (F) AMERICANS Obama: AIR Copyright © 2011 http://www.atr.org http://www.whitehouse.gov/sites/default/files/omb/bud get/fy2012/assets /tables.pdf Twitter: @taxreformer

Tax Plans of the Presidential Candidates

shared by kcatoto on Mar 27
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This came off the Americans for Tax Reform website. They are actively promoting the distribution of this chart because they think it will strengthen their case for tax reform. By the way, the ATR’s ...

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