Trump vs. Clinton and the Tax Plans We Could End Up With
If someone asked you to explain the differences between the two presidential candidates’ tax plans would you be able give a clear explanation? If you answered “no” most likely you aren’t alone. It’s not uncommon during a presidential election for most voters to be confused at what the candidates are actually promising or proposing. With so much back-and-forth rhetoric, it’s hard to know what each candidate really has in store.
According to Donald Trump, he wants to reduce taxes for everyone in America, especially middle-income Americans. According to numerous reports, Mr. Trump’s plan would reduce the tax system to just three tax brackets, with the top rate dropping from its current mark of 39.6 percent down to 33 percent. He also said that the wealthy would still pay their fair share, but not so much that it hinders the country’s ability to compete.
On the other hand, Hilary Clinton has yet to describe in detail what her tax plans for the middle class would be, or how they would be affected. However, she has made it clear that she wants to raise taxes on the ultra wealthy. Mrs. Clinton has stated that she wants anyone who makes more than a million dollars a year to pay a minimum of 30 percent, whether it’s from income or from capital gains. She would also like anyone who makes more than $5 million to pay an extra 4 percent.
Under Mrs. Clinton’s plan the top 1 percent would end up paying three-fourth’s of the additional taxes being collected, whereas under Mr. Trump’s plan the wealthy would be getting a tax cut of about 5.3 percent. Meantime, both candidates reportedly agree on eliminating the carried interest loophole that offers hedge fund managers a heavily discounted tax rate. Lastly, Mr. Trump wants to eliminate the estate tax completely, while Mrs. Clinton wants to raise it, as well as lower the threshold at which it starts to apply.
http://www.npr.org/2016/09/12/493573601/do-hillary-clinton-and-donald-trumps-tax-proposals-add-up
Many Taxpayers Surprised by Smaller Refunds
Many Taxpayers Surprised by Smaller Refunds Sticker shock in the retail industry is not uncommon. But many taxpayers, this year, have been getting somewhat of a sticker shock when it comes to their tax refunds. That’s because so far this tax season, refunds have been down. Way down. The Tax Cut and Jobs Act came with…
Don’t Expect to Find These Deductions When You File This Year
Don’t Expect to Find These Deductions When You File This Year A lot has been made of the all the tax changes this year, thanks to the Tax Cut and Jobs Act. Many of the laws have been altered and some have been completely eliminated. Certain credits have been cut, while others have been increased.…
Florida Man Tries to Keep Huge Tax Refund That Was A Mistake
Florida Man Tries to Keep Huge Tax Refund That Was A Mistake Just about every taxpayer eagerly waits for his or her tax refund this time of year. No matter what they plan to do with it, taxpayers can’t wait for that fat check from the IRS. But what if you somehow got a huge…
How Much Will Amazon Pay in Taxes on $11.2 Billion in Profit?
You might think a company that makes more than $11 billion in profit would have a huge tax bill. After all, that makes complete sense. However, in the case of Amazon, the online retail giant, their tax bill is quite small. In fact, according to recent reports, the company will be paying a whopping $0…