GJM’s Charlie Heid Summarizes Presidential Tax Plans

GJM Tax Partner Charlie Heid recently appeared on WTOL/Fox Toledo News with a look at the tax plans outlined by presidential candidates Hillary Clinton and Donald Trump. Both candidates recently updated their plans during speeches outlining their economic platforms. The summary looks at key components to each plan, including individual taxes, corporate taxes and capital gains.

Individual Income Tax Rates

Current:

10%, 15%, 25%, 28%, 33%, 35%, 39.6

 

Clinton Plan:

Keep these, but add 43.6% bracket for those with income above $5M

Keep ACA (3.8% surtax)

 

Trump Plan:

12%, 25%, 33%

Repeal ACA

 

Capital Gains/Qualified Dividends:

Current: 0-20% (depending on tax bracket)

 

Clinton Plan:

47.40%

 

Trump Plan:

No mention of any changes

 

Estate Tax Rate

Current: 40%, $5.45M exclusion

 

Clinton Plan:

45%, $3.5M exclusion

 

Trump Plan:

0%

 

Corporate Tax Rate:

Current: tops out at 35%

 

Clinton Plan: no mention of any changes

 

Trump Plan: 15%

 

Charlie Heid specializes in tax, serving clients across many industries. He heads up the Gilmore Jasion Mahler Manufacturing Specialist group as lead tax partner. Charlie appears monthly on Fox Toledo News, sharing tax and money information with the station’s viewers.

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