Where the Candidates Stand On : Taxes
Background: The percentage of income paid in federal income taxes declined in recent years, but eh middle class bore a greater share of he overall tax burden. As a result, candidate George Bush in 1988 vowed no new taxes in his Administration. He abandoned that promise as part of the budget compromise in 1990. Now taxes figure at the center of debates over how to stimulate the economy, deal with the soaring federal deficit and spread the burden of paying for government services more evenly.
President Bush opposes any new taxes and supports a capital gains tax cut to invigorate investments and spur growth.
Patrick J. Buchanan also opposes new taxes and favors a capital gains tax cut.
Bill Clinton would trim income taxes owed by taxpayers in the 15% and 28% tax brackets by 10% each and would raise the new top bracket to 38.5% for any couple with adjusted gross income of more than $200,000. He also supports investment tax credits to encourage corporate spending on new plants and job creation.
Edmund G. (Jerry) Brown Jr. calls for replacing the current tax brackets with a 13% flat tax and a 13% value-added tax. Brown’s plan calls for three deductions: mortgages, rent and charity contributions.
Source: IRS
Get the L.A. Times Politics newsletter
Deeply reported insights into legislation, politics and policy from Sacramento, Washington and beyond. In your inbox three times per week.
You may occasionally receive promotional content from the Los Angeles Times.
