The Current American Tax Code

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A recent national survey conducted by the Pew Research Center on April 7, 2013 found that 56% of Americans have a negative reaction towards income taxes. For this reason, most presidential candidates of both the Republican and Democratic Party, such as Ben Carson, Donald Trump, Hillary Clinton and Bernie Sanders, maintain a fixed position on the way they think the current tax code should change. With all the issues and criticism the current American tax code faces there is an ongoing debated on how it should be dealt with. This Paper will explore all four, of the previously stated candidates’ tax plans Retired American Neurosurgeon and Republican Presidential Candidate Ben Carson’s tax plan consist of the Income Tax section, which…show more content…
Carson’s spending proposal includes “securing the border” (Ben Carson 2015) which would increase the number of agents at the border and other homeland security enhancements which could cost up to $3.7 billion per year. Additionally, he also plans to create a “guest worker program” for agriculture which would involve an administrative cost $102 million because he plans on maintaining health care protection for individuals who have pre-existing conditions; this would add an extra cost of $2.5 billion per year (Brandy 2015). While Ben Carson’s Tax Plan does not affect the simplicity of the tax system, the extra undefined expenses his revenue system faces may affect the progressivity of the current American tax code. On the other hand, Democratic Presidential Candidate and junior United States Senator Bernie Sanders has no specific proposal on ordinary tax or itemized deductions; however, concerning rates on capital gains, resulting from the sale of capital assets such as stocks, bonds or real estate, and dividends, or profits gained by the ownership of stocks divided by its owners, he does plan to increase the net investment income surtax to 10% (Comparing the 2016 Presidential Tax Reform Proposals, n.d.). Sanders’ plan also includes the termination of the postponement of tax on foreign income, considered as money paid on foreign taxes to a foreign country on a foreign source income which is subject to United Sates tax
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