Democrat Hillary Clinton, hoping to win over skeptical and struggling voters, is proposing a new tax cut that would give an additional $1,000 a year or more to millions of parents of young children. Trump's plan, meanwhile, would decrease federal revenue by $6.2 trillion over that period, with the top 1 percent getting nearly half the benefit. Clinton's plan would actually make it even more valuable to the poorest families, by increasing its value at very low incomes.
Trump is correct in that when he says he would cut taxes for everyone, he would cut the tax rates for everyone. The Trump campaign said the analysis is worthless because it lacks critical calculations.
Instead, numerous changes Trump has proposed would actually reduce his tax bill - if he ever had one, that is.
Trump has said he will spend twice as much on building and repairing roads, airports and other infrastructure as Clinton would. However, the analysts noted that Clinton has proposed new spending that could offset some of the negative economic impact of high-end tax increases. And those earning more than $1 million a year would be subject to a minimum 30 percent tax rate.
Clinton's plan would increase tax revenues by $1.4 trillion with almost all the increase coming from people with incomes in the highest 1 percent.
By contrast, Trump would cut taxes for most, but not all, Americans. But those in the top 0.1 percent would have their bill reduced by 14 percent, or $1.1 million.
Donald Trump deflected questions about how he reduced his tax bill by accusing Buffett of doing the same
Buffett, whose criticism of carried interest is well known, told CNBC on Monday that while he had used the provision, he had always paid federal income taxes. (The House plan allows businesses to expense their investments instead.) That would be a big hit to debt-dependent real estate tycoons like Trump and - surprise, surprise - he refused to get on board with that proposal.
It should not have taken a leak of part of Donald Trump's 20-year-old tax returns to highlight what's wrong with America's tax system.
"Our plan has explicit safeguards to keep hedge funds from abusing the business rate - it's Hillary who plans secret benefits for Wall Street, not us", Trump national policy director Stephen Miller said in a statement. The Trump campaign disputes this conclusion and said it would ensure no household pays more.
Where Clinton would increase taxes on corporations and investors, Trump would drastically reduce them. Clinton's plan would double the child tax credit for parents of young children to up to $2,000 per child and make the credit refundable, meaning parents who did not earn enough to pay federal income tax would still get the money. She's also proposed hiking capital gains taxes as well as increasing the estate tax on large inheritances to 65 percent.
That would be well below Trump's proposed top income tax rate of 33 percent and less than the 23.8 percent rate that funds now pay under carried interest rules.
Mr. Strain said his concern about Mrs. Clinton's plan is that it comes in addition to proposals to increase child-care subsidies, expand paid family leave and provide assistance for college tuition.
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