This post is meant to be 100% fair and balanced. We simply did our homework to find out what the specific tax plans were of both candidates, Hillary Clinton and Donald Trump. Here is what we found:
Hillary Clinton’s Tax Plan
Hillary’s plan will increase federal tax revenue by $1.3 Trillion per year by doing the following:
-Increasing capital gains tax from 15% up to 45%
-Increasing Payroll taxes for employers (will make it more expensive for employers to give their employees raises)
-Implementing a national Soda Tax on all soft drink sales (Hillary’s proposed soda tax: $0.03 per ounce = 12 oz can $0.36 tax)
-Implementing a 25% national tax on all gun sales (A $1,000 gun will now cost $1,250 not including state sales tax, background fees, transfer fees etc which are already very high)
-Increasing the national death tax (aka estate tax). When someone dies, all of their children’s inheritance is taxed (which are currently up to 40%)
-Implementing a national Stock trading tax . A new tax on all stocks that are bought or sold (this will directly affect everyone’s retirement accounts like 401(k)s and pensions).
-Implementing a national Carbon Tax. An new additional tax on any and all fossil fuels like gasoline, coal, natural gas (will make gas prices go way up)
Donald Trump’s Tax Plan:
Donald Trump’s plan will reform federal income taxes:
-If are single and you earn $25,000, or married and earn $50,000 or less, you pay Zero income taxes
-All other Americans will get a simpler tax code with four brackets – 0%, 10%, 20% and 25% – instead of the current seven. This new tax code eliminates the marriage penalty and the Alternative Minimum Tax (AMT) while providing the lowest tax rate since before World War II.
(current tax brackets are 10%, 15%, 25%, 28%, 33%, 35%, 39.6%. The 10% bracket starts for people earning $0 to $18,550…. the 39.6% bracket starts at earnings of $415,051).
-No business of any size, from a Fortune 500 to a mom and pop shop to a freelancer living job to job, will pay more than 15% of their business income in taxes. This lower rate makes corporate inversions unnecessary by making America’s tax rate one of the best in the world. Current corporate taxes are up to 39%. This will make leaving the country no longer desirable for big corporations because of a competitive tax rate…. this will help drive the economy
-Will ELIMINATE the death tax all together. No family will have to pay the death tax. You earned and saved that money for your family, not the government. You paid taxes on it when you earned it.
Which Tax Plan Do You Think Will Help The Economy?
Hillary Clinton wants to raise taxes across the board, including inplementing several new taxes that do not currently exist.
Donald Trump plans to simplify and cut income taxes, cut business taxes, and completely eliminate some taxes that are currently in place.
Which tax plan do you agree with?