How Would Proposed Tax Plans Affect the Country’s Economy?
We’re just days away from the election and it’s likely that most Americans will just be happy that it’s finally over, no matter whom or what they voted for. However, there are some very important things at stake in this election, including how each candidate’s tax proposals would affect our nation’s economy, as well as the affect on individual taxpayers’ pocket books.
The overwhelming belief is that Donald Trump’s tax plan would be simpler than the current code and that it would help the wealthy, while increasing the national debt. As you might expect, Hillary Clinton’s proposals would be basically the opposite. Her tax plan is reportedly more complex and it’s expected to increase taxes on just about everyone, with the wealthiest taxpayers absorbing the brunt of the increase.
However, that being said, neither candidate has to stick to his or her proposed plans if elected. Additionally, the bigger question is how would these plans really affect the economy if they were implemented? The nation’s debt is rising and it will likely continue to raise no matter which candidate is elected. That means people and businesses, especially small ones, will be footing the bill.
According to the Tax Foundation, which typically opposes tax hikes on the wealthy, Clinton’s plan to increase taxes on investment and businesses would likely reduce the size of economy by about 2.6 percent over 10 years. Much of that would come from her desire to increase the estate tax. According to the Tax Foundation that increase would likely cause wealthy taxpayers to invest lest money and thus would hold down the entire economy. That, in turn, would force the average income in the country to go down.
On the other hand, those who believe tax increases on the wealthy are favorable to the economy claim that the Tax Foundation’s estimates are exaggerated and that the economy would not be significantly damaged by Clinton’s proposals.
You also might like the article Trump, Clinton and the Wealthy—What’s at Stake
https://www.washingtonpost.com/news/wonk/wp/2016/10/13/what-hillary-clintons-tax-plan-would-really-do-to-the-economy/
http://www.forbes.com/sites/garrettgunderson/2016/10/13/clinton-versus-trump-how-their-tax-plans-will-affect-you/#76f963cd3346
Chris Kowalik: Simplifying Retirement Education
In this episode of American Dreams, we sit down with Chris Kowalik, founder and CEO of ProFeds, to discuss her inspiring journey from serving as a Marine Corps Arabic linguist to becoming a leader in retirement education for federal employees. Chris shares her insights on simplifying complex government benefits, empowering federal workers to make informed…
Happy Holidays 2024!
Happy Holidays 2024! As the holiday season approaches, on behalf of Alan Olsen, we at GROCO, Legacy Builders, and the American Dreams show want to take a moment to express our heartfelt gratitude to you—our valued friends, clients, partners, and subscribers. This time of year offers a unique opportunity to reflect on the moments that…
Dr. Kal Mentak: Eliminating Preventable Blindness
Dr. Kal Mentak: Eliminating Preventable Blindness This week we sit down with the Dr. Khalid “Kal” Mentak, a visionary in global eye care innovation. With over 45 technology patents and groundbreaking contributions to cataract surgery and ocular implant technologies, Dr. Mentak’s work has transformed lives worldwide. Now Dr. Mentak is spearheading a global humanitarian effort…
Bob Haney
Bob Haney, Creator of Heavenly Waffles Interview Transcript: Alan Olsen This is Alan Olsen, and welcome to American dreams. My guest today is Bob Haney. Actually, I should correct that the chef Bob Haney, he is the founder and the creator of Heavenly Waffles. Bob, welcome to today’s show. Bob Haney Alan, thanks so much…