Guest AuthorLast week marked Democratic presidential candidate Hillary Clinton’s third public appearance in the Sunshine State and the Republican Party of Florida’s announcement that four Republican presidential candidates will be attending the party’s Orlando summit next month.
Florida has long been a battleground state in presidential elections, with Hispanic voters playing a vital role in determining the outcome.
In a survey conducted by the Pew Hispanic Center, which was released prior to the last presidential election, the majority of Hispanic voters felt that jobs and the economy were “extremely important” to them. Yet only 34 percent said the same about immigration. Four years later, a poll conducted by Latino Decisions for the National Council of La Raza found that 53 percent of Hispanic registered voters are very or somewhat concerned that someone in their household will lose their job and face unemployment.
Now, more than ever, proposals for improving the economy and fostering small business growth in order to generate jobs will be an important issue in the 2016 presidential campaign.
Candidates on both sides of the aisle will need to clearly define their strategy to develop the economy. A key concern for primary voters, including Hispanic voters, will be a solid plan for modernizing the U.S. tax code in order to create economic opportunity.
Candidates are catching on to the importance of this message.
Former Secretary of State Clinton and former Florida Gov. Jeb Bush will even admit that they share commonalities. The names themselves, “Clinton” and “Bush,” invoke presidential legacies. But setting aside the past and looking ahead to 2016, both Clinton and Bush espouse economic plans that begin with a desire for comprehensive tax reform.
This past summer both Clinton and Bush released concrete plans aimed at reforming the U.S. tax code. Clinton proposed new taxes on multinationals that benefit from “overseas loopholes” and Bush proposed a one-time tax on corporate cash held overseas, according to news reports.
U.S. businesses of all sizes deserve the opportunity to compete on a level playing field abroad, while fostering increased investment and job growth right here at home. Both candidates acknowledge that this notion can become reality through comprehensive tax reform.
While both share a desire to make tax reform happen sooner rather than later, it’s important to note they have differences.
In addition to ridding the tax code of loopholes, which continue to cost the U.S. jobs and revenue, Bush makes clear in an op-ed he wrote in The Wall Street Journal that his first order of business will be to lower taxes and to make the tax code simple, clear and fair. He proposes three set and competitive tax rates of 28 percent, 25 percent and 10 percent, citing a return to the highest tax bracket that prevailed under former Republican President Ronald Reagan.
On the other hand, Clinton places an emphasis on relief for the American middle class. She also stresses the importance of building an environment for long-term economic growth, proposing an increase to the capital-gains tax for investments held less than six years in duration. It’s at the core of her plan.
Passing legislation that will finally reform the U.S. tax code is going to take time, cooperation and patience. This is all the more reason why presidential candidates, both Democrats and Republicans, should commit to a timeline for tax reform. Whoever the next president is, they will have an opportunity to create a lasting legacy by keeping their promises to U.S. citizens to modernize our tax code during their time in office.
As residents of one of the most influential primary and general election swing states, Floridians will have an opportunity to vet presidential candidates as they campaign in our state. This responsibility shouldn’t be taken lightly. Let’s make sure that Republican and Democratic presidential candidates alike include a timeline for comprehensive tax reform.
Julio Fuentes is president of the Florida State Hispanic Chamber of Commerce. Column courtesy of Context Florida.
