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Saturday October 3, 2015

Washington News

Washington Hotline

Clinton and Fiorina on Taxes

With the presidential campaign at full speed, candidates Hillary Clinton and Carly Fiorina recently published several tax proposals.

Clinton focused on healthcare. Many individuals are now making substantial out-of-pocket payments for healthcare costs that are not covered by insurance. To assist individuals with substantial costs, Clinton proposes a healthcare tax credit. If you have healthcare expenses that exceed 5% of income, there would be a $2,500 credit for single persons or a $5,000 credit per family.

The Clinton campaign stated, “This refundable, progressive credit will help middle-class Americans who may not benefit as much from currently available deductions for medical expenses.”

While the Clinton campaign was not specific on how the credit costs would be covered, it indicated that there will be higher taxes on upper-income persons and new fees paid by medical companies.

Fiorina was conducting an online media presentation this week and was asked about the income tax code. She commented, “Our tax code is now 70,000 pages long. Only big companies and wealthy, powerful, well-connected people can understand that tax code and hire the accountants and lawyers to take advantage of all that complexity. So we need to go from a 70,000-page tax code to about a three-page tax code.”

The 70,000 pages referred to by Fiorina include the Internal Revenue Code, Treasury Regulations and the Congressional legislative history. The Fiorina campaign has not yet published specifics on how the tax code could be reduced to three pages.

Editor’s Note: As a public service to our readers, your editor will periodically share tax proposals from candidates of both parties.

Published September 25, 2015

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