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
President’s Tax Plan Changes Back at Square One
Taxes, taxes, taxes! It was arguably the number one issue during the recent presidential election and President Trump made it very clear that he planned to make some major changes to our country’s tax code. With the republican-led House and Senate in place, it seemed like it would just be a matter of time…
Tax Policy Center Claims Trump Child Care Plan Favors the Rich
Although most of President Trump’s policies have greatly divided the country, one policy that everyone can agree upon is lowering the cost of childcare. However, what they don’t agree on is how to make that happen. So far, his proposals have been well received by the right and not so much by the left.…
Making the Most of Corporate Tax Reform
Although nothing major has happened yet, rest assured that corporate tax reform is on the way. The Trump administration has made big promises and at some point they are coming. So far, the president has proposed reducing the corporate tax rate from 35 percent to 15 percent, while republican leaders in Congress have proposed…
These Tax Breaks Are a Big Boost to the Wealthy
Even though the new presidential administration has already made several tax cut promises that would greatly benefit the wealthy, the fact is, high net worth individuals already benefit from several tax breaks that favor the rich. In fact, there are numerous ways that the wealthy can, and are already saving on their tax bill.…