Seven tax brackets: 10%, 12%, 22%, 24%, 32%, 35%,and 37% applicable to tax years beginning after Dec.31, 2017, and before Jan. 1, 2026.

Considering 10% middle class tax cut. Otherwise, Fiscal Year 2021 Budget would extend 20l7TCJA provisions past 2025. Would make the rates permanent.

Increase top rate to 39.6%. Taxpayers making more than $400,000 would see taxes increase.

Top rate is 20%. Net investment income tax adds 3.8% rate to households earning over $250,000 for joint filers and $200,000 for other taxpayers. Taxpayers in the 10% and 12% tax brackets pay 0%. Taxpayers between 12% and top rate pay 15% rate.

Taxpayers may elect to defer recognition of, and avoid recognition of future appreciation related to, capital gain from certain sales or exchanges of property by investing the gain in a qualified opportunity fund (OOF)

Seeking to cut capital gains rate by executive action. Would cut maximum capital gains rate to 15% if re-elected.

Would consider indexing capital gains to inflation. Otherwise, Fiscal Year 2021 Budget would extend 2017 TCJA provisions past 2025.

Potentially doubling of the number of opportunity zones eligible for tax breaks. Would seek timing extensions of when investments must be made.

Tax at top ordinary income rate (39.6%) for taxpayers with over$l million income.15%

Would reform opportunity zones by:

Incentivizing Opportunity Funds to partner with non-profit or community-oriented organizations, and jointly produce a community-benefit plan for each investment, with a focus on creating jobs for low-income residents and otherwise providing a direct financial impact to households within the Opportunity Zones.

Directing that Opportunity Zone benefits be reviewed bythe DepartmentofTreasury to ensure these tax benefits are only being allowed where there are clear economic, social, and environmental benefits to a community, and not just high returns -- like those from luxury apartments or luxury hotels -to investors.

Introducing transparency by requiring recipients of the Opportunity Zone tax break to provide detailed reporting and public disclosure on their Opportunity Zone investments and the impact on local residents, including poverty status, housing affordability, and job creation.

No taxation on accumulation of wealth; IRS is required to assess the net worth of the wealthiest Americans when they pass away, to calculate estate tax liability.

No wealth tax.

Generally does not support.

The earned income tax credit (EITC) is a refundable personal credit available for any eligible individual who has a qualifying child for the tax year, or any other eligible individual without children who satisfies certain conditions. A taxpayer may claim a $2,000 credit with respect to each qualifying child of the taxpayer and $500 for nonqualifying children and other dependents. The credit is phased out at higher incomes. A portion of the credit is refundable.

Fiscal Year 2021 Budget would extend 2017 TCJA provisions past 2025 and would require a valid Social Security Numberfor work in order to claim certain tax credits.

Expand EITC to older workers. Expand dependent care credit to $8,000. Families will get back as a tax credit as much as half of their spending on childcare for children under age 13, up to a total of $8,000 for one child or $16,000 for two or more children. The tax credit will be refundable and will explore ways to make it advanced. The full 50% reimbursement will be available to families making less than $125,000 a year. All families making between $125,000 and $400,000 will receive a partial credit ensuring that in no case will they get less than they are eligible for today.

Raise the child tax credit to $3,000 per child for children ages 6 to l7 and $3,600 for children under 6 for 2021 or as long as economic condition require. Make credit fully refundable.

Taxpayers are allowed to take eligible deductions and credits against their income tax liability. The itemized deduction for state and local taxes (SALT) is capped at $10,000.

Fiscal Year 2021 Budget would extend 2017 TCJA provisions past 2025.

Cap itemized deductions at 28%. Restore PEASE for incomes above $400,000. End SALT cap.

Supports a $3,000 tax credit allowing family caregivers to defray some of what they spend to assist their loved ones.

Loan forgiveness is generally included in income unless an exception applies. Student loan forgiveness is includible in income unless the individual worked for a certain period of time in certain professions for any of a broad class of employers.

Fiscal Year 2021 Budget would extend 2017 TCJA provisions past 2025.

Supports passage of school choice legislation (H.R. 1434; S. 634)that would spend $5 billion a year on tax credits for donations to private school scholarships.

Student loans will be cancelled, tax-free, after borrowers have been enrolled in the income-based repayment plan for 20 years.

Income that flows to the general partner of a private investmentfund, known as carried interest, is taxed at the lower capital gains rates. Three-year holding period requirement for long-term capital gain and loss for certain service-based partnership interests.

Eliminate carried interest

Eliminate carried interest

Virtual currencies are treated as property for tax purposes. The IRS requires taxpayers to report on their Form 1040 if they own virtual currencies.

Tweeted "not a fan" of cryptocurrencies.

No specific plan announced.

There is no tax on entering into a financial transaction such as buying or selling stocks, bonds and/or derivatives.

No plan.

Supports.

Payroll tax applied on worker's wages up to $137,700 for 2020. FICA tax of 12.4% split between employer and employee.

Most workers can contribute and get preferential tax treatment on up to $19,500 a year in a 401(k) account (extra $6,500 if age 50 or higher) in 2020. Highly paid executives can contribute an unlimited amount in certain tax advantaged plans.

Through Executive Order optional deferment of payroll taxes from Sept. l through Dec. 31 for workers earning up to $104,000 a year. Treasury Secretary Mnuchin believes many businesses will continue to collect payroll taxes despite the order.

End employers intentionally misclassifying their employees as independent contractors to avoid paying employment taxes. Lift social security taxable wage base cap on high earners (taxpayers making more than $400,000).

Eligible employees can contribute a portion of their salary to a qualified retirement plan (401(k), 403(b), 457, etc.). The deferred salary is not included in taxable income until withdrawn. Penalties apply for early withdrawal. No all employers offer qualified retirement plans. Minimum distributions required when taxpayer turns 72

Fiscal Year 2021 Budget would extend 2017 TCJA provisions past 2025.

Create "automatic 401( k)" for workers without access to pension or 401(k) plans. Allow 401(k) plans to offer hardship withdrawals for survivors of domestic violence or sexual assault and allow penalty-free distributions for such persons. Equalize the tax benefits of defined contribution plans across the income scale. Allow caregivers to make "catch-up" contributions to retirement accounts, even if they're not earning income in the formal labor market. Offer tax credits to small businesses to offset much of the cost of starting or maintaining retirement plans.

Tax credits are available to lower income taxpayers to help pay premiums for purchasing health insurance in an Exchange under the Affordable Care Act. Long-term care insurance premiumsare eligible medical care expenses for purposes of the medical deduction.

Would repeal the Affordable Care Act. The 2017 TCJA repealed the individual mandate setting the penalty for not having health care at $0.

Eliminate the 400% income cap on tax credit eligibility for the premium tax credit. Base tax credits on gold plan (not silver). Impose a tax penalty on drug manufacturers that increase the costs of their brand, biotech, or abusively priced generic over the general inflation rate. Terminate pharmaceutical corporations' tax deduction for advertisement spending. Create a $5,000 tax credit for using informal caregivers, including family members. Increase tax benefits for older Americans who buy long-term care insurance and pay for it using their savings for retirement.

Expand access to refundable health premium tax credits so that no family spends more than 8.5% of their income on health insurance.

21%.

No change.

28% with 15% minimum book tax on companies reporting more than $100 million in the U.S. but paid zero or negative federal income taxes. Credit for foreign taxes paid and carryovers allowed

10% offshoring penalty surtax on the profits from any production by a U.S. company overseas for sale on American soil, making the overall tax rate on those profits 30.8%

The United States does not place a tax on fuels that emitgreenhouse gases into the atmosphere.

Backed carbon capture efforts under pro-coal agenda.

Supports, but may not push for carbon tax as part of climate change plan.

A taxpayer who holds a qualified equity investment on a credit allowance date that occurs during the tax year is allowed to claim a new markets tax credit for the taxable year. The NMTC limitation for 2020 is $5 billion. There is no allocation after 2020.

Fiscal Year 2020 Federal Budget would end funding for the Community Development Financial Institutions Fund discretionary grant and direct loan programs.

Expand the new markets tax credit program to provide $5 billion in support every year, and make the program permanent. Enact a manufacturing community tax credit.

Businesses enjoy a nonrefundable tax credit for a portion of wages paid to certain new employees who qualify as members of disadvantaged groups

No specific plan announced.

Expanding the work opportunity tax credit to include military spouses. Impose a tax penalty on drug manufacturers that increase the costs of their brand, biotech, or abusively priced generic over the general inflation rate. Term in ate pharmaceutical corporations' tax deduction for advertisement spending. Create a new childcare construction tax credit to encourage businesses to build childcare facilities at places of work. Employers will receive 50% of the first $1 million of construction costs per facility.

A 10% "Made in America" tax credit for companies that create jobs for American workers. Available for revitalizing closed or nearly closed facilities, retooling or expanding facilities, and bringing production or service jobs back to the U.S. and creating U.S. jobs. It will also apply when a company is increasing manufacturing wages above the pre-Covid baseline for jobs paying up to $100,000.

Taxpayers can take a depreciation deduction as a mechanism for recovering the capital invested in an asset. Eligible property can be expensed entirely in the first-year placed in service.

Fiscal Year 2021 Budget would extend 2017 TCJA provisions past 2025.

No specific plan announced.

Several deductions and other incentives appear in the I.R.C. for businesses to invest in fossil fuels. The primary incentive is a deduction for intangible drilling costs paid or incurred by operators of oil and gas wells. The Code also allows for a deduction for the depletion of minerals and oil and gas extraction.

Supports tax breaks for fossil fuel companies.

End fossil fuel subsidies(e.g., deductions for drilling wells, depletion of oil and gas deposits, domestic manufacturing)

Repealed for tax years beginning after December 3l, 2017, businesses were entitled to a 9% deduction for domestic production activities

Fiscal Year 2021 Budget does not include any planned change to current law.

Enact a manufacturing communities tax credit. Impose a tax penalty on drug manufacturers that increase the costs of their brand, biotech, or abusively priced generic over the general inflation rate.

Create a 10% tax penalty on companies that move operations overseas and a 10% tax credit for companies that create jobs in the U.S. to incentivize manufacturing (see U.S. Business Taxes - Credits and Incentives, above).

Taxpayers other than C corporations generally are allowed to deduct20%of qualified business income (0BI)from a partnership, S corporation, or sole proprietorship, as well as 20% of qualified REIT dividends and qualified publicly traded partnership income.

Fiscal Year 2021Budget does not include any planned change to current law.

End special qualifying rules, including those for real estate investors. Allow deduction to taxpayers making $400,000 and under.

Taxpayers are allowed an investment tax credit for certain investments in renewable energy, such as solar and wind. A tax credit exists for biodiesel and renewable diesel used as a fuel during the tax year.

No specific plan but favors fossil fuel energy benefits.

Restore the full electric-vehicle tax credit; reinstate tax credits for residential energy efficiency; expand tax deductions for energy retrofits, smart metering systems, and other emissions-reducing investments in commercial buildings; reinstate the solar Investment Tax Credit (ITC); tax benefits for carbon capture, use and storage

Taxes on gains of real property are deferred if the property is exchanged for that of "like-kind." Owners of certain residential rental property occupied by low income tenants may claim a tax credit of a percentage of the qualified basis of the property over a 10-year period

Fiscal Year 2021 Budget would extend 2017 TCJA provisions past 2025

Roll "back unproductive and unequal tax breaks for real estate investors with incomes over $400,000."

End qualified business income deduction for real estate investors. Would take aim at like-kind exchanges and prevent investors from using real-estate losses to lower their income tax bills.

Create new refundable, advanceable tax credit of up to $15,000 to assist buying first-home. Credit paid upon purchase, not when filing tax return.

Tax credits to renovate distressed properties in distressed communities, called Neighborhood Home Credit as part of general business credit.

Enact renter's tax credit.

Effective minimum rate of 10.5% on "global intangible low-taxed income"(GILTI) of U.S. shareholders of CFCs, with a deduction of 37.5% (and 21.875% for tax year beginning after 2025)for foreign-derived intangible income (FDII) plus 50% (37.5% for tax years beginning after 2025) of the GILTI. Minimum base erosion anti• abuse tax (BEAT) for certain taxpayers of 10% and 12.5% for tax years beg inning after 2025.

Fiscal Year 2021 Budget would extend 2017 TCJA provisions past 2025.

Raise minimum GILTI rate to 21%.

A special "mark-to-market" tax regime may apply to U.S. citizens who renounce their citizenship and to certain long-term resident aliens who terminate their resident status.

Fiscal Year 2021 Budget would extend 2017 TCJA provisions past 2025.

No specific plan announced.

Inversion transactions usually involve the transfer of stock of a corporation by one or more shareholders to a wholly or partly owned subsidiary of that corporation in exchange for newly issued shares of the subsidiary's stock. Under 87874 generally, if the domestic corporation's shareholders own at least 80% of the new foreign parent corporation's stock after the inversion transaction (whether by stock or asset transfer, or any combination of the two), the new foreign parent corporation is treated as a domestic corporation for all federal tax purposes for a period of lO years

Fiscal Year 2021 Budget would extend 2017 TCJA provisions past 2025.

Would tighten anti-inversion rules.

American corporations can defer paying U.S. income tax on profits of their offshore subsidiaries until those profits are "repatriated." A one-time repatriation tax of past profits of U.S. corporations' foreign subsidiaries with a credit for foreign taxes paid on that income

Fiscal Year 2021 Budget would extend 2017 TCJA provisions past 2025.

Would end incentives in the 2017 TCJA that allow multinationals to dramatically lower taxes on income earned overseas and allow the largest, most profitable companies to pay no tax at al I. Establish a "claw-back" provision to force a company to return public investments and tax benefits when they close down jobs here and send them overseas

The IRS is empowered under §482 to re-allocate income and other items among related parties to prevent evasion of tax or to clearly reflect income

No specific plan announced. Supreme Court, in denying certiorari in Altera Corp. v. Commissioner, upheld appellate court opinion holding transfer pricing stock-based compensation regulations valid.

No specific plan announced.

Exemption amount $11.58 million (for 2020). Assets passed through at death get a basis step-up to fair market value for the recipient. Increased exemption amount reverts back to $5 million after 2025

Fiscal Year 2021 Budget would extend 2017 TCJA provisions past 2025.

Eliminate stepped-up basis rule that allows people to pass capital gains to heirs without tax after death.

Tax compliance runs on a voluntary system requiring taxpayers to file yearly tax returns. A tax gap, the difference between what is estimated to be owed and what the IRS collects, stands at approximately $440 billion per year.

Fiscal Year 2021Federal Budget would ensure that taxpayers comply with their obligations and that tax refunds are only paid to those who are eligible, including: improving oversight of paid tax preparers; giving IRS the authority to correct more errors on tax returns before refunds are issued; requiring a valid Social Security Number for work in order to claim certain tax credits; and increasing wage and information reporting.

No specific plan announced.