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With the election for the 45th President of the United States only weeks away, tax policy seems to be the major issue on Americans’ minds. Depending on how the polls sway during the November 8 elections, your individual and business taxes for 2017 and beyond may be significantly different depending on who claims the White House as their new home.
Much of today’s tax policy is a carry-over from the early 2000s. George W. Bush’s administration phased in temporary, but significant income tax cuts and reduced taxes on investment income. Although President Obama attempted to end some of the Bush-era tax cuts in the late 2000s, opposition by Capitol Hill due to the economic downturn was overwhelming. As a result, the Obama administration indefinitely extended nearly all of the Bush tax cuts that were set to expire, and left cuts set to expire at the end of 2017 for the next president to deal with.
It is likely the next president will take up tax reform in a big way. Although, each major party candidate is proposing to alter our tax code, the approach taken by each candidate differs tremendously. Doeren Mayhew has compiled the proposed tax legislation of the two major party candidates, Hilary Clinton (Democrat) and Donald Trump (Republican).
Individual Income Tax
Corporate/Business Income Tax
Affordable Care Act
Individual Income Tax
Corporate/Business Income Tax
Affordable Care Act
Positions of candidates may change between publication date and election date. Doeren Mayhew has composed this article with nonpartisan and unbiased information.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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