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Taxes in the News

In: Business and Management

Submitted By cgarner
Words 1107
Pages 5
Experiential Component – Taxes in the News

On Tuesday, November 6, 2012 one of the most crucial presidential elections will take place in our history. The candidates for this upcoming election are as follows: democrat party, current President Barack Obama (president) and Joe Biden (vice); republican party, Mitt Romney (president) and Paul Ryan (vice president); independent/ 3rd party candidates are Virgil Goode, Gary Johnson, and Jill Stein. As the final hours of the most anticipated election approaches, it is important that one is knowledgeable regarding both parties and their intentions for America, if elected for president.
Each presidential candidate and their values regarding our country and how to achieve overall forward American growth differ in various ways. The most important aspects of the election include women’s health and rights, senior and overall healthcare, college loans and tuition for students, employment rates and the tax policy. Focusing on the two most popular candidates, Barack Obama and Mitt Romney, and the role tax policy plays in the election, we will further explore how

electing one candidate versus the opposing one will effect the upcoming four years in relation to taxation.
The presidential election will definitely have major implications on the tax code. According to the Grant Thornton organization, a globalized financial accounting and consulting firm, several circumstances will force lawmakers to make decisions that could dramatically reshape tax policy. This includes, the expiration of the 2001 and 2003 income tax cuts; the expiration of the estate and gift tax rules enacted in late 2010; spending “sequestration,” scheduled to take effect in 2013 as federal debt reaches the statutory debt limit; and alternative minimum tax relief and “tax extenders,” which expired in 2011. Each candidate’s plan for how to handle...

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