2016 Presidential Candidates’ Economic Plans, Compared

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Information about 2016 Presidential Candidates’ Economic Plans, Compared

Published on January 11, 2016

Author: biannagolodryga

Source: slideshare.net

1. 2016 Presidential Candidates’ Economic Plans, Compared ! by Bianna Golodryga | Dec 14, 2015 | Current Events, Economics ! ! With seventeen candidates vying to be leader of the free world, the United States is knee-deep in a convoluted mudpit of a race toward the 2016 presidential election. A colorful cast of talking heads babbles from TV sets and news feeds, their sweet promises of tax cuts and reforms leaking into public consciousness like water from a busted pipe. ! It’s no news that politicians (or politician wannabes) from all parties have historically earned voters’ mistrust. It can be difficult for even the well-informed populace to grasp what’s in their best interest, and what’s a crock of baloney, spewed from the mouths of pandering puppets. ! It would take days to get into the nitty gritty of every candidate’s economic plans; for the sake of your time and mine, we’ll take a peek at each party’s top polling candidates, and what the experts have to say about their plans thus far. !

2. Donald Trump ! Republican frontrunner Donald Trump inspired emotions ranging from amusement to outrage. But is his tax plan as funny or outrageous as his traits and viewpoints? Trump has released a detailed plan that promises to consolidate tax brackets from seven to four, cut corporate income tax rates, and create a substantial zero bracket for lower income individuals. ! According to the Tax Foundation, Trump’s plan would, through lower marginal tax rates on individuals and lower capital costs, greatly increase the US economy’s size in the long run. 5.3 million jobs would be added and wages grown by 6.5 percent, but the federal government’s deficit would increase by $10 trillion. And that’s not including the cost of the alleged wall, should Mexico refuse to pay for it. ! Ben Carson ! Skilled neurosurgeon and inept historian Ben Carson has held a steady number two spot in the polls until recently. Are his economic plans as shaky as his political experience? Carson has not released a detailed proposal, but we know from his statements that he is in favor of cutting every federal agency by 10 percent, a principle based on religious tithing. This would increase the deficit by $3 trillion in one year. ! Carson has also called for a Balanced Budget Amendment to require a balanced budget every year and ban borrowing. Analysts say this amendment along with his flat tax could leave a hole in government spending the size of Social Security, Medicare, Medicaid food stamps and the entire military combined. ! Ted Cruz ! Texas senator and designated driver Ted Cruz has released an ambitious tax plan, too — one that would enact a flat 10 percent tax on individual income and a 16 percent “business transfer tax” on payroll (essentially a sales tax). The Tax Foundation says that the plan would dramatically alter the federal tax code, and as a result incentivize work and investment, grow jobs by $4.9 million and the GDP by 13 percent in 10 years. Others say it would hit the middle class, lower class and elderly citizens especially hard. ! Without the Tax Foundation’s assumptions about growth, lower bracket individuals would be boosted by 4.3 percent, and the top 1 percent by 26 percent — a fairly large disparity. The cost of Cruz’ tax plan would be a $3.6 trillion increase to the federal deficit. (For the record, Rand Paul is the only Republican candidate whose plan does not increase the deficit.) ! Jeb Bush

3. ! Former Florida governor and punctuation enthusiast Jeb(!) Bush has released a tax plan that would reduce brackets from seven to three, cut the top corporate tax rate from 35 to 20, and cap the total value of tax deductions at 2 percent of a filer’s income. The Tax Foundation says the plan would significantly reduce marginal tax rates and the cost of capital, leading to GDP growth, 7.4 percent higher wages, and 2.7 million more jobs. ! Bush’s plan would be costly at about $1.6 trillion, assuming growth, or a $3.6 trillion deficit without that assumption. The plan is, however, more generous than some of his competitors’ to lower-income Americans and the middle class, in spite of the biggest cuts going to the top of the totem pole. ! Marco Rubio ! Florida Senator Marco Rubio, the youngest candidate at 44, calls his tax plan pro-family and pro- growth. The reform would reduce tax brackets to three, reduce the top tax rate to 35 percent, and create a child tax credit of $2,500 to give families a boost. The Tax Foundation says the reform could grow the economy by 15 percent, boost wages by 12.5 percent, and add 2.7 million jobs to the economy. ! The plan is not without its caveats, however. It would increase the deficit by about $6 trillion or $2.4 trillion assuming growth. The middle class benefits less than the rich from Rubio’s plan, and critics say the poor would hardly benefit at all. ! Hillary Clinton ! Divisive Democratic frontrunner Hillary Clinton has not released any formal tax proposal, but has given us plenty of information on what to expect. While Republicans operate on the assumption that cutting taxes will unleash growth for all, Clinton and her contemporaries are focusing on policies that would raise wages to lift up families, reallocating excess wealth by eliminating tax loopholes and raising taxes on top earners. ! Clinton has a fairly moderate economic viewpoint when it comes to the minimum wage, suggesting a gradual rise instead of a potentially destabilizing hike to $15, as her competitors have proposed. Clinton has advocated for middle-class tax credits, paid for by higher taxes on wealthier households, and several taxes meant to reign in Wall Street. ! Clinton has also proposed about $1 trillion in federal spending on initiatives addressing education, infrastructure, and family care. She’s stated that this won’t add to the deficit, but hasn’t detailed exactly how. ! Bernie Sanders

4. ! Bernie Sanders may not have a Super Pac or a backpack, but what he does have is a fiery distaste for economic inequality that has progressives and young people rallying in droves. SNL parodied that Sanders is offering a “golden goose” to Clinton’s “chicken that will do,” and with promises of free education, universal healthcare, wage hikes and infrastructure repair, it’s easy to assume as much. ! Indeed, some have criticized Bernie’s proposals, which he says will be paid for by Wall Street and top earners under the presumption that the system is rigged in favor of the billionaire class. The Wall Street Journal estimated Bernie’s domestic policy plan would cost $18 trillion over 10 years. As this estimate includes $15 trillion in universal healthcare (more of a reallocation than a cost), the actual figure may be closer to $3.4 trillion. ! At the end of the day, there is no candidate that won’t be spending a fair amount of money to enact the policies they think will be best for the country. As the rhetoric streams keep flowing in and out of eyes, ears and mouths of politicians and their spokespeople, it’s our responsibility not to drown in the overflow, but do our research and vote for who we believe is in ours and the nation’s best interest. ! Photo: Michael Vadon via Flickr.

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