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
New Jersey Governor Says Enough is Enough on Taxing the Wealthy
New Jersey Governor Says Enough is Enough on Taxing the Wealthy It seems that no tax is a bad tax when it comes to the “left” side of the government. It’s a well-known fact that the wealthiest Americans pay the largest portion of the country’s taxes. However, there are some government leaders that lean “right”…
Clinton’s Using Careful Strategies to Avoid Tax They Support
Clinton’s Using Careful Strategies to Avoid Tax They Support Have you ever wondered what wealthy democrats do when tax laws they support and vote for come back to apply to them? Although people typically associate being wealthy with republicans, there are plenty of rich democrats in the nations’ capitol as well. So just what do…
California Going After Tax-Evaders
We have discussed the federal government’s efforts to track down tax-evaders many times before, but the IRS isn’t the only tax agency looking to crack down on those who don’t pay their fair share of taxes. The California Franchise Tax Board is in the middle of a five-and-a-half-year effort to automatically find and identify noncompliant…
The IRS is Not a Bully, No.4
The IRS is Not a Bully You can poke a bully in the nose. Palo Alto, CA. July 4, 2014 – This is the Fourth installment of “The IRS is Not a Bully” series, identifying taxpayer concerns and the difficult position in which Congress puts the IRS. Namely, applying ever increasing pressure to operate in…