Where Do the Candidates Stand on Taxes? Some of Donald Trumps Tax Proposals...

 

Donald Trump (R)

Donald Trump would impose a universal baseline tariff on all U.S. imports, impose a 60 percent tariff on all U.S. imports from China, make the individual and estate tax cuts of the TCJA permanent, lower the corporate income tax rate from 21 percent to 20 percent, tax large private university endowments, and consider replacing the income tax with tariffs.

Business Taxes: 

  • Lower the corporate income tax rate from 21 percent to 20 percent. 

Credits, Deductions, and Exemptions: 

  • No tax policies proposed 

Estate and Wealth Taxes: 

  • Make the expiring estate tax cuts from the 2017 Tax Cuts and Jobs Act permanent. 

Excise Taxes: 

  • Tax large private university endowments. 

Individual Income Taxes: 

  • Make the expiring individual income tax cuts from the 2017 Tax Cuts and Jobs Act permanent. 
  • Consider replacing personal income taxes with increased tariffs. 
  • Exempt tips from income taxes. In 2018, IRS W-2 data indicates 6.1 million taxpayers reported a total of $38.3 billion in taxable tip income, for an average of $6,249 per taxpayer. 

Payroll Taxes: 

  • No tax policies proposed 

Tariffs and Trade: 

  • Impose a universal baseline tariff on all U.S. imports. 
  • Impose a 60 percent tariff on all U.S. imports from China. 
  • Consider replacing personal income taxes with increased tariffs. 
Location: Omaha, NE, USA

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