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
Building a Jewelry Company | Stephen Silver
About Stephen Silver Stephen Silver Fine Jewelry is considered one of the United States’ premier jewelry houses. Founder, Stephen Silver, is a gemologist, artist, and philanthropist. Toronto born, Stephen moved to the San Francisco Bay Area as a teenager. Intrigued by science and minerals from a young age, Silver studied geology at San Diego…
Rising from Rubble to Build an Empire | Jerry Brenholtz
About Jerry Brenholtz Jerry Brenholz co-founded ATR International, Inc. in 1988. He has been instrumental in developing ATR into an important provider of contract staffing for Information Technology. In his current role, he is responsible for establishing a corporate-wide vision and defining strategic direction. Prior to ATR, Jerry held various technical positions with General…
Serial Entrepreneur | Aldo Carrascoso
About Aldo Carrascoso Aldo Carrascosois the Founder and COO / CTO of Veem, a company that utilizes Blockchain to allow individuals to make cross border payments in local currencies. The company was conceptualized by Aldo when learned that individuals making cross border payments were having to pay up to 25% of the transfer amount…
Turning Tragedy into Positive Experiences | Gerald Carroll
About Gerald Carroll Gerald Carroll is a partner with Burnham Brown law firm in their Oakland office. He specializes in Construction and Professional Liability Law. Prior to coming to Burnham Brown, Jerry along with his partner ran their own law practice, Hartman and Carroll for 20 years. Jerry graduated with honors in English from…