Washington, DC–(ENEWSPF)–October 11, 2016. The Tax Policy Center has performed an independent analysis of the proposed Clinton and Trump tax plans and determined the following:
Clinton Tax Plan
Hillary Clinton’s tax proposals, which would raise taxes on high-income taxpayers, increase the child tax credit, modify taxation of multinational corporations, reform capital gains taxes, and increase estate and gift taxes. Her proposals would increase revenue by $1.4 trillion over the next decade. Nearly all of the tax increases would fall on the highest-income 1 percent; on average, low- and middle-income households would see small increases in after-tax income. Marginal tax rates would increase for high-income filers, reducing incentives to work, save, and invest, and the tax code would become more complex.
Read the entire report on the Clinton Tax Plan here.
Trump Tax Plan
Donald Trump’s revised tax proposal, which would significantly reduce marginal tax rates, increase standard deduction amounts, repeal personal exemptions, cap itemized deductions, and allow businesses to elect to expense new investment and not deduct interest expense. His proposal would cut taxes at all income levels, although the largest benefits, in dollar and percentage terms, would go to the highest-income households. Federal revenues would fall by $6.2 trillion over the first decade before accounting for added interest costs. Including interest costs, the federal debt would rise by $7.2 trillion over the first decade and by $20.9 trillion by 2036.
Read the entire report on the Trump Tax Plan here.
Statement from Hillary for America:
“This report is further evidence of the clear choice for voters in this election. According to an independent analysis, Hillary Clinton’s plan would provide middle-class tax relief and pay for investments in good-paying jobs by requiring the wealthy, Wall Street and large corporations to pay their fair share. Donald Trump’s plan is the most extreme form of trickle-down economics: adding more than $20 trillion to the debt over the next two decades by providing massive giveaways to the richest Americans. In fact, the report shows Trump will give as much tax relief to the top 1% as everyone else combined – even as he raises taxes on millions of working families with children. And what’s more, the Tax Policy Center has exposed a lie Trump told at Sunday night’s debate: while Clinton would close the carried interest loophole that allows Wall Street money managers to pay a lower rate than many middle-class families, Trump’s plan would actually make that loophole even worse.”