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
Should You Buy a Private Island?
Should You Buy a Private Island? From private yachts to private hotels and from private jets to private concerts, the world’s richest people can afford and enjoy some of life’s most luxurious splurges. So what buy private island? Have you ever considered owning your own piece of heaven? The private island market is not a…
Tech ETFs Were a Hot Commodity in January Trading
Tech ETFs Were a Hot Commodity in January Trading No matter what happens in the stock market, it seems that technology always plays a huge role in investing. Tech stocks are often some of the most popular stocks available and many fortunes have been earned and/or lost through investments in technology. In fact, recently, it…
Are Republicans Reconsidering Tax Cuts for the Wealthy?
Are Republicans Reconsidering Tax Cuts for the Wealthy? While Republicans continue to promise tax cuts for everyone, most media pundits and Democrats claim that those plans will only help the wealthy. That’s an argument that will never end, but could it be possible that Republicans are changing their tune? There is growing speculation that Republicans…
Gouging the Rich With Higher Taxes is Not Working in Connecticut
Gouging the Rich With Higher Taxes is Not Working in Connecticut It’s no secret that our nation’s tax code is designed to get more from the rich than from the other working classes. Federal tax rates are higher for the wealthy, as are many states’ income tax laws. In fact, many states take direct aim…