Trump vs Clinton
Who’s right for your (and America’s) pocketbook?
If the fight for the presidency comes down to economics (and pocketbook issues) this election day, Hillary Clinton and Donald Trump are offering two philosophically different ways to move America forward.
GOP contender Donald Trump believes that tax simplification and sound trade policies are the keys to economic growth. While Democrat Hillary Clinton believes in more infrastructure, reduced child care and free college , coupled with a progressive tax system.
Let’s first get an idea on what both have proposed.
Donald Trump wants to reshape America’s tax system. His plan has just three tax brackets and would limit taxes on all forms of business income to 15 percent, would end the estate tax and would “exclude childcare expenses from taxation.”
He says he is proposing an across-the-board income tax reduction, especially for middle-income Americans. This will lead to millions of new and really good-paying jobs.
His plan will reduce the current number of brackets from 7 to 3 and dramatically streamline the process. The brackets will be: 12, 25 and 33 percent.
Tax simplification will be a major feature of his plan. Our current tax code is so burdensome and complex , Donald claims, that we waste 9 billion hours a year in tax code compliance.
As for trade, which has been a centerpiece of his economic agenda, Trump reiterated calls for the U.S. to pull out of the Trans Pacific Partnership trade deal and for NAFTA to be renegotiated. He said would appoint trade negotiators whose goal will be to “win for America,” and he would apply tariffs on countries that cheat.
Other highlights include a proposed moratorium on all new federal regulations and would “remove bureaucrats who only know how to kill jobs”.
Hillary Clinton takes a different approach
Hillary Clinton wants a more progressive approach to corporate taxes that puts American jobs first.
Clinton supports the Buffett Rule because she believes multi-millionaires should not be able to pay a lower tax rate than their secretaries. She also wants to add a new taxes on multi-millionaires, crack down on tax gaming by corporations, and close the carried interest loophole.
“Right now,” Hillary says, ” when a corporation outsources jobs and production, it can write off the costs. We should stop that, and instead make them give back tax breaks they received here at home. For those that move their headquarters overseas to avoid paying their fair share of taxes, they should pay a new exit tax. And Wall Street, corporations, and the super-rich should finally pay their fair share of taxes.”
She proposes to add a new tax credit intended to encourage more companies to share profits with workers.
She also wants to invest $10 billion in “Make it in America” partnerships to support American manufacturing and recommit to scientific research that can create entire new industries.
Clinton says she will put Americans to work building and modernizing our roads, our bridges, our tunnels, our railways, our ports, our airports. She believes that this will produce more new and good-paying jobs since World War II.
Her plan would create an infrastructure bank to get private funds off the sidelines and complement our public investments. under her plan the infrastructure bank would get $25 billion in government seed funding to move the nation to a sound infrastructure plan.
Next week: Their tax plans and our economy: Who wins, who loses!
Anthony Rivieccio is the founder & the CEO of The Financial Advisors Group, celebrating its 20th year asafee-only financial planning firm specializing in solving financial problems. Anthony, a recognized financial expert since 1986, has been featured by many national and local media including: Klipingers Personal Finance, The New York Post, News12 The Bronx, Bloomberg News Radio, Bronxnet, The Norwood News, The West Side Manhattan Gazette, Labor Press Magazine, Financial Planning Magazine, WINS 1010 Radio, The Bronx News and The Bronx Chronicle.
For financial assistance or a FREE 2016 InvestmentAnalysis. Anthony can be reached at (347) 575 5045.