A Comparison of the 2016 Presidential Candidates Tax Proposals
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1 A Comparison of the 2016 Presidential Candidates Tax Proposals Caveat: The plans outlined in this summary are based on each candidate s tax policy proposal. Tax positions on a candidate s website are aspirational, and it s important to keep in mind that as the presidential campaign continues, tax proposals may evolve. Both candidates released substantial changes to their proposals in September The newly elected president will need to work with Congress to implement a tax reform package. Success will depend on a variety of factors, including the composition of Congress. September 23, 2016
2 A Comparison of the 2016 Presidential Candidates Tax Proposals 2016 Hillary Clinton Donald Trump Rates on Ordinary Income 7 brackets with a top rate of 39.6% No change on current brackets 4% surtax on adjusted gross income (AGI) over $5 3 brackets with a top rate of 33% Phase Out of Itemized Deductions & Personal Exemptions Applies to AGI over: $311,300 (married), $259,400 (single) Cap benefit of most deductions (excluding charitable) to 28% tax rate Limit on itemized deductions, $100,000(single), $200,000 (married) Alternative Minimum Tax 28% minimum rate, with exemption amount of $53,900 (single) $83,800 (married) $23,900 Trusts In addition to AMT, 30% minimum tax on individuals with an AGI over $1 Buffet Rule Eliminates Rates on Capital Gains/Dividends Top rate of 20%, 1-year holding period New category of mid-term capital gains with declining rates from 39.6% to 20% over 6-year holding period Top rate of 20%, 1-year holding period Surtax on Net Investment Income 3.8%, above $200,000 AGI (single), $250,000 (married) Trusts with income over $12, %, above $200,000 AGI (single), $250,000 (married) Trusts with income over $12,400 Eliminates Retirement Accounts No limit on lifetime contributions Lifetime contributions limited to $3.4 in tax-favored accounts Sources: Candidates tax proposals as provided on their websites, The Tax Foundation website (as of 9/1/2016); An Analysis of Hillary Clinton s Tax Proposals dated March 6, 2016; Committee for a Responsible Federal Budget, September 22, 2016, "Clinton Proposed New Taxes to Offset Proposals; " and An Analysis of Donald Trump s Tax Proposals dated December 22, 2015 by The Tax Policy Center
3 2016 Hillary Clinton Donald Trump A Comparison of the Presidential Candidates Tax Proposals Estate Tax $5,450,000, as adjusted for inflation, with top tax rate of 40% $3.5 exemption (per person) with no adjustment for inflation; Top rates of : 45% for estates under $10 50% for estates from $10 to $50 55% for estates from $50 to $500 65% for estates over $500 Eliminates estate tax Portability of Estate and Gift Tax Exemption Unused exemption of deceased spouse available (with limitations) Eliminates estate and gift tax Lifetime Gift Tax Exemption $5,450,000, adjusted for inflation $1, with no adjustment for inflation Eliminates gift tax Basis of Inherited Assets Stepped up to fair market value at death Capital gains taxed at death with unspecified exemptions for middle class families and protections and flexibility for small and closely-held businesses, farms and homes, and personal property and family heirlooms. Capital gains held until death taxed, with first $10 tax-free to exempt small businesses and family farms. Disallows contributions of appreciated assets into a private charity established by decedent or decedent s family Gift Tax Annual Exclusion $14,000 per donee as indexed for inflation Eliminates gift tax Sources: Candidates tax proposals as provided on their websites, The Tax Foundation website (as of 9/1/2016); An Analysis of Hillary Clinton s Tax Proposals dated March 6, 2016; Committee for a Responsible Federal Budget, September 22, 2016, "Clinton Proposed New Taxes to Offset Proposals; " and An Analysis of Donald Trump s Tax Proposals dated December 22, 2015 by The Tax Policy Center
4 Business Taxes 2016 Hillary Clinton Donald Trump Corporate Income Tax Top rate of 35% Top rate of 15% Pass-Through Business Income Top rate of 39.6% Top rate of 15% Sources: Candidates tax proposals as provided on their websites, The Tax Foundation website (as of 9/1/2016); An Analysis of Hillary Clinton s Tax Proposals dated March 6, 2016; Committee for a Responsible Federal Budget, September 22, 2016, "Clinton Proposed New Taxes to Offset Proposals; " and An Analysis of Donald Trump s Tax Proposals dated December 22, 2015 by The Tax Policy Center Wilmington Trust Corporation and its affiliates. All rights reserved.
5 Disclosures This document is for informational purposes only and is not intended as an offer or solicitation for the sale of any financial product or service. It is not designed or intended to provide financial, tax, legal, accounting, investment, or other professional advice since such advice always requires consideration of individual circumstances. If professional advice is needed, the services of a professional advisor should be sought. Wilmington Trust is a registered service mark. Wilmington Trust Corporation is a wholly owned subsidiary of M&T Bank Corporation. Investment management and fiduciary services are provided by Wilmington Trust Company, operating in Delaware only, and Wilmington Trust, N.A., a national bank. Loans, retail and business deposits, and other personal and business banking services and products are offered by M&T Bank, member FDIC Wilmington Trust Corporation and its affiliates. All rights reserved.
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