For small businesses, two topics are consistently near and dear to our hearts in presidential elections: taxes and health care costs.
There’s been heated debate on the issues during this election (and most for that matter). And while I’m no political expert, I’m confident our new president will push for changes that affect the small business community – both good and bad.
To help sort through negative ads, debate & media circuses, and smear campaigns, I’ve compiled the remaining candidates’ positions on taxes and health care.
I’ve sorted them by where each falls on the political spectrum with regard to their tax policies. We’ll start with most conservative, and work our way toward the most liberal.
Ted Cruz has notably emerged as a proponent for a flat tax. Cruz wants to tax all personal income and wages at 10%, and eliminate the estate tax and alternative minimum tax entirely.
On the theme of a flat tax, Cruz wants to replace the payroll and corporate income taxes with a 16% flat business tax. He also wants to eliminate tax on business profits earned abroad.
Cruz’s position is the most radical of the republican candidates, but the camp still claims that social security and medicare would remain fully funded after implementing his measures.
Interestingly the Tax Foundation, which is a group that supports lower tax rates, claims that Cruz’s plan would increase the federal deficit by up to $3.6 trillion over the next 10 years. With potential economic growth, that number decreases to $768 billion.
Cruz has also been outspoken against the IRS, and wants to relegate tax collection and enforcement to another arm of the treasury. He’s been critical of the IRS since their targeting scandal, and believes they should be made irrelevant through his tax plan.