Election 2106- Donald Trump’s tax plan vs Hillary Clinton’s tax plan

Tax policy is shaping up to be one of the major issues of the 2016 presidential campaign. The Motley Fool has excellent articles on each candidates’ tax plan.

To read about Trump’s Tax Plan: Click Here

Donald Trump’s tax plan predominantly revolves around the idea of cutting taxes on all Americans, including corporations, to ignite growth. The idea is that if corporations have more disposable cash, they’ll be more likely to hire workers, raise wages, and expand. Inf individuals have access to more jobs, better wages, and are able to keep more of their income, the U.S.’ consumer-based economy should roar higher.

To read about Hillary Clinton’s Tax Plan: Click Here

Hillary Clinton’s tax plan would enact a number of tax policies that would raise taxes on individual and business income. Hillary’s plan combines tax increases on the wealthy with a reduction in the value of deductions. Clinton would cap the value of all itemized deductions at 28%, meaning that wealthier individuals wouldn’t get the benefit of deductions that currently can equate to $0.396 for every dollar. Clinton’s proposal also raises capital gains for the top income earners, with the rate rising to 39.6% from 15% in certain cases. Additionally, among other things, Hillary proposes to reduce the estate tax exemption level to $3.5 million, while raising the estate tax to 45%.