[PDF] [PDF] 2020 PRESIDENTIAL CANDIDATES TAX PROPOSALS - Andersen

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[PDF] 2020 PRESIDENTIAL CANDIDATES TAX PROPOSALS - Andersen

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2020 PRESIDENTIAL CANDIDATES' TAX PROPOSALS -

INDIVIDUALS

1

The following chart summarizes certain tax proposals of the Democratic candidates running for President of the United States that have qualified for either the October or November 2019

debate. This chart is based on plans published by the candidates, public comments, and previous support for legislative proposals (where applicable). A null entry indicates that the

candidate does not currently have a public proposal related to that item at this time. If you have any questions, please contact your Andersen advisor.

As of December 5, 2019 INDIVIDUAL INCOME TAX PROVISIONS Candidate Repeal TCJA Individual Income Tax Rates Treatment of Capital Gains Retirement Savings Present Law N/A Range from 10% up to 37% Subject to a 0-20% rate depending on the taxpayer's income

Various forms of tax-advantaged, or

tax-deferred, savings structures Biden, Joseph Yes Increase top rate to 39.6% for income over $510,000

Tax at ordinary income rates -

however, 39.6% rate would only apply to taxpayers with income over $1 million

Enhance current tax breaks for low-

and middle-income workers Booker, Cory Unspecified increase in the marginal tax rates for “wealthy families"

Tax at ordinary income rates

Buttigieg, Peter Unspecified increase in the marginal tax rates for “high earners" Tax at ordinary income rates for taxpayers in the top 1% Castro, Julian Yes Unspecified increase to the top rate (repeal of Tax Cuts and Jobs Act (TCJA) would increase rate to 39.6%)

Increase the applicable rate to 40%

for taxpayers with income over $400,000

Gabbard, Tulsi

2020 PRESIDENTIAL CANDIDATES' TAX PROPOSALS -

INDIVIDUALS

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INDIVIDUAL INCOME TAX PROVISIONS (CONT.)

Candidate Repeal TCJA Top Individual Income Tax Rate Treatment of Capital Gains Retirement Savings Klobuchar, Amy Increase top rate to 39.6% Tax at ordinary income rates for households with income over $400,000

Require minimum employer

contributions to employee retirement/tax-deferred personal savings accounts of 50 cents per hour worked

First $2,500 of employer

contributions allocated toward tax- deferred emergency savings that employee can access prior to retirement

Employer receives a tax credit for

contributions

Sanders, Bernie Retain bottom six brackets

Increase 35% rate to 40%

Add additional rate brackets of

45% and 50%

Add a top rate of 52% (on income

above $10 million)

Tax at ordinary income rates for

households with income over $250,000

Steyer, Tom Yes

Warren, Elizabeth Increase top rate to 39.6% Tax at ordinary income rates for taxpayers in the top 1%

Allow graduate students to deposit

funds from a stipend or fellowship into an IRA

Yang, Andrew Tax at ordinary income rates

In addition to the increases in income tax rates summarized above,

candidate Sanders would also impose an income-based premium tax equal to 4% on each income tax bracket.

Candidate Klobuchar has proposed a 30% minimum tax on taxpayers earning more than $1 million.

Candidates Sanders and Warren both support retaining the additional 3.8% net investment income tax applicable to individuals with adjusted gross income over $200,000 ($250,000 if

married). In addition,

candidate Warren would revise the definition of net investment income to include gross income and gain from any trades or businesses that are not otherwise

subject to payroll or self-employment taxes (however, see below for discussion of candidate Warren's payroll and self-employment tax proposals). The expanded definition of net

investment income would include distributions received by active S corporation shareholders, active limited partners, and active limited liability company members, as well as the

proceeds from the sale of business property (regardless of whether the recipient was an active or passive business owner).

2020 PRESIDENTIAL CANDIDATES' TAX PROPOSALS -

INDIVIDUALS

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As noted above, a few candidates have expressed support for the full repeal of the TCJA. While not currently specified by the candidates, repeal of the TCJA could result in the following

reversions to prior law: Increase the individual income tax rates to 10%, 15%, 25%, 28%, 33%, 35%, and 39.6% Repeal the 20% deduction for qualified business income, REIT dividends, and PTP income (Sec. 199A) Reduce the alternative minimum tax thresholds to prior-law levels Repeal the excess business loss rules (Sec. 461(l)) Repeal the $10,000 cap on state and local tax itemized deductions Reduce the estate, gift, and generation-skipping tax exemption amounts to prior-law levels

In addition to the above items, several of the candidates have also proposed various expansions of the child tax credit, child and dependent care credit, and the earned income tax credit.

Candidates Biden, Klobuchar and Warren have also proposed credits or other tax benefits aimed at assisting taxpayers with the cost of acquiring long-term care insurance and the cost of

providing long-term care to the elderly, disabled, and family members. Candidates Booker and Castro have proposed refundable tax credits aimed at assisting taxpayers with the cost of

rental housing if the taxpayer's rental payments exceed a specified threshold and if the taxpayer's income is below a defined threshold. Candidates Biden and Sanders have proposed

limiting the tax benefit for itemized deductions to the equivalent of a 28% rate.

Finally, candidate Warren has proposed allowing same-sex couples to file amended returns, and obtain a

tax refund, for the taxable years prior to when they became eligible to use the married filing jointly filing status.

2020 PRESIDENTIAL CANDIDATES' TAX PROPOSALS -

INDIVIDUALS

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INDIVIDUAL NON-INCOME TAX PROVISIONS

Candidate Payroll Tax Self-Employment Tax Wealth Tax

Present Law 6.2% Social Security tax on wages

up to $132,900 (employer and employee)

1.45% Medicare tax on all wages (employer and employee)

0.9% Medicare tax on wages in

excess of $200,000, $250,000 if married (employee only)

12.4% Social Security tax on self-

employment earnings up to $132,900

2.9% Medicare tax on all self-

employment earnings

0.9% Medicare tax on self-

employment earnings in excess of $200,000, $250,000 if married (employee only) N/A Biden, Joseph Subject all wages to the Social Security tax

Booker, Cory Eliminate Social Security tax

exemption for wages above $250,000 (wages between $132,900 and $250,000 would still not be taxed)

Buttigieg, Peter Supports imposing a wealth tax

Castro, Julian

Gabbard, Tulsi Eliminate Social Security tax

exemption for wages above $400,000 (wages between $132,900 and $400,000 would still not be taxed)

Increase Social Security tax rate by

0.05% each year until it reaches

7.4% in 2043 (employer and

employee)

2020 PRESIDENTIAL CANDIDATES' TAX PROPOSALS -

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INDIVIDUAL NON-INCOME TAX PROVISIONS (CONT.)

Candidate Payroll Tax Self-Employment Tax Wealth Tax

Klobuchar, Amy Eliminate Social Security tax

exemption for wages above $250,000 (wages between $132,900 and $250,000 would still not be taxed)

Sanders, Bernie Eliminate Social Security tax

exemption for wages above $250,000 (wages between $132,900 and $250,000 would still not be taxed)

Subject all S corporation income to

self-employment tax, including wages paid by an S corporation to a shareholder-employee Annual tax equal to 1% on net worth above $32 million and increasing as follows:

2% on net worth from $50 - $250 million

3% on net worth from $250 - $500 million

4% on net worth from $500 million - $1 billion

5% on net worth from $1 -$2.5 billion

6% on net worth from $2.5 - $5 billion

7% on net worth from $5 - $10 billion

8% on net worth in excess of $10 billion

Net worth thresholds are halved for single taxpayers Treasury would have authority to prescribe average rates of appreciation for asset classes for taxpayers that do not have an annual valuation Proposal would create a national wealth registry and impose significant third-party reporting requirements Proposal would include mandatory annual audit of 30% of wealth tax returns for those in the 1-4% brackets and a 100% audit rate for billionaires Impose a 40% exit tax on net worth greater than $32 million, and a 60% exit tax on net worth greater than $1 billion, for taxpayers that renounce

U.S. citizenship

Steyer, Tom Annual tax equal to 1% for on total asset value in excess of $20 million

2020 PRESIDENTIAL CANDIDATES' TAX PROPOSALS -

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INDIVIDUAL NON-INCOME TAX PROVISIONS (CONT.)

Candidate Payroll Tax Self-Employment Tax Wealth Tax Warren, Elizabeth Eliminate Social Security payroll tax exemption for wages above $250,000 (wages between $132,900 and $250,000 would still not be taxed)

For wages above $250,000,

increase the Social Security tax rate to 7.4% for the employee and the employer (combined rate of

14.8%)

Subject an owner-employee's

share of S corporation earnings to self-employment tax (equal to the employee plus employer payroll taxes)

Wages paid to the shareholder-

employee by the S corporation remain subject to payroll tax Annual tax equal to 2% on net worth above $50 million and 6% on net worth above $1 billion Net worth is equal to global assets, including residences, businesses, trusts, retirement funds, and personal property worth $50,000 or more.

Net worth includes assets held by minor children

Same net worth thresholds would apply to single and married taxpayers Require minimum audit rates for taxpayers subject to the tax Allow for deferred payment of liability of up to five years for taxpayersquotesdbs_dbs17.pdfusesText_23