Rates for corporations would fall to 25 percent, and they would still be able to deduct the full cost of their capital expenses. Individuals would be subject to just two rates: 15 percent for those earning under $75,000, and 35 percent for those earning above that. Capital gains taxes would be erased.
Cruz is a proponent of a simpler tax code (with no IRS). As part of that, he would end some current tax breaks and lower tax rates. In the case of corporations, he would lower their current maximum rate of 35 percent (with deductions) to 15 percent (with fewer or no deductions).
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| 2016 Presidential contenders on Corporations: | |||
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Republicans:
Sen.Ted Cruz(TX) Carly Fiorina(CA) Gov.John Kasich(OH) Sen.Marco Rubio(FL) Donald Trump(NY) |
Democrats:
Secy.Hillary Clinton(NY) Sen.Bernie Sanders(VT) 2016 Third Party Candidates: Roseanne Barr(PF-HI) Robert Steele(L-NY) Dr.Jill Stein(G,MA) | ||
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