Clinton/Trump economic proposals

CLINTON/ TRUMP ECONOMIC PROPOSALS COMPARED

PART ONE

Time to start looking at the candidates vision for the country. We are going to start by comparing their economic proposals. Trump's economic proposals are clearly stated at his website. Clinton has a statement with goals but little with details. I tried to gather her proposals from speeches etc.  You can check it out for yourself by checking their websites.

 

INDIVIDUAL TAXES

 

Clinton tax brackets                                                                       Trump tax brackets

 

under & $9275.00 -----0%                                                  under $29,0000                  0%

 

$9275 to 37,650.00      15%                                               $29,000 to $54,000             12%

 

$37,650  to $91,150     25%                                               $54,000 to $154,000            25%

 

$91,150 to $190,150      28%                                              over $154,000                      33%

 

$190,150 to $413,350    33%                                              Cap deductions at $100,000 for indiv.

 

$413,350 to  $415,050   35%                                                                            $200,000 for joint

 

$415,050 to 5,000,000    39%

 

over $5,000.000              43.6%

 

Both propose closing tax loopholes and simplifying the tax code.

 

ESTATE TAXES

 

                        CLINTON                                                                      TRUMP

 

Lower federal estate tax exemption to $3.5 million              Eliminate federal inheritance tax

from $5.45 million. Eliminate step up on inherited

assets. Presently assets are valued at the value on

the day of transfer when inherited. Under Clinton

plan if you inherited stocks from a parent you would

need to pay the capital gain from the time they were

purchased to present value. Inheritance tax of 45 to 65%

Many small business's and farms would be devastated

by this proposal.

 

             CORPORATE AND BUSINESS

 

 

                      CLINTON                                                                         TRUMP

 

35% AS NOW                                                                                 15%

 

                                                               This approach is to make the U.S. competitive with the rest

                                                                  of the world. Most are near 20%

                                                                  U.S. based business could fully expense plant and

                                                                  equipment.     

                                                                  would give up ability to deduct interest expense.

                                                                  10% tax on overseas earnings, which would allow those

                                                                  funds to be repatriated to the U.S.

 

End carried interest tax, which                                   End carried interest tax, which benefits hedge

benefits hedge fund managers.                                   fund managers.

 

 

CHILD CARE DEDUCTIONS

 

                 CLINTON                                                                                TRUMP

 

Limit deduction to 28% of cost.                                    full deduction for children up to 13 years of   

                                                                                       age. for average cost.

                                                                                      

 

 

There is more to be covered in these plans but these are the major details. Clinton plan is mostly same as what we have now. Tax corporate and individuals and redistribute the revenue. Trump plan is focused on increasing growth, encouraging business to continue to be based in U.S., encourage new business to start or locate in the U.S. and let taxpayers to keep more of their income to spend and stimulate the economy.