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HOW THE PRESIDENTIAL CANDIDATE’S TAX PLANS AFFECT YOU?
August 22, 2016
We’ve seen lots of twist and turns during the 2016 Presidential Election. With all of the political slants and noise it's hard for the public to comprehend what is factual and how the proposed polices they are hearing really help their financial and family situation.
Recently, both Hillary Clinton and Donald Trump laid out their proposed tax plans. What I found encouraging is the simplicity of Mr. Trump's proposed tax plan that can immediately create a positive impact on millions of everyday families.
When most political commercials and rhetoric paint the picture that any change to the current tax code only helps the wealthiest, it is important to look into the actual policies put forth by the candidates. Sometimes political noise makes it hard to see how much the average taxpayer would benefit from common sense tax reform.
Under Mrs. Clinton’s plan she proposes an increase to individual taxes. Under Mr. Trump's proposed tax changes, he will give an across the board tax cut.
There are very stark differences between the Clinton and Trump tax plan proposals. Look at this visually with the side-by-side tax chart comparison below. It does not take a rocket scientist to realize that the smaller, simpler, flatter tax plan will be easily understandable and reasonable to help families keep more of what they earn.
Hillary Clinton Tax Plan
| TAX RATE SINGLE FILERS | |
| 10% | 0 to $9,275 |
| 15% | $9,276 to $37,650 |
| 25% | $37,651 to $91,150 |
| 28% | $91,151 to $190,150 |
| 33% | $190,151 to $413,350 |
| 35% | $413,351 to $415,050 |
Donald Trump Tax Plan
| TAX RATE SINGLE FILERS | |
| 0-12% | 0 to $37,450 |
| 25% | $37,451 to $189,300 |
| 33% | $189,301 + |
Just think, if the American taxpayer has lived under a complicated and onerous tax structure that has depleted income from them, why should they embrace keeping it in place and adding more regulations?
While Donald Trump cuts and simplifies the tax code – Hillary Clinton’s plan adds more tax brackets and more ways for the government to reach even deeper into our pockets.
While Clinton will raise taxes immediately - Trump would cut our taxes by 2%. Money we can spend on our families. Imagine the debts that can be paid off, savings that can be accrued and vacations that could be taken with thousands of extra dollars in our pockets.
Also, for all of Clintons’ rhetoric about taxing the wealthy, the Wall Street banks, hedge funds and political elite are overwhelming supporting her candidacy, and it’s not because they want her to tax them more. Trump is demonstrating with a tax cut that benefits the average tax payer that he’s the candidate of the middle class, not the special interests.
Clintons’ plan is quite simple for small businesses as well - they will keep paying more taxes and cripple their future and ours. Trump’s tax plan proposes to reduce the corporate tax rate (which will also apply to small business) to 15% - down from 35%, which remains the highest in the world!
Less taxes for local business means access to more jobs - our families having more opportunities.
Trump’s plan levels the playing field, giving an advantage that helps local communities; we cannot be advocates for small business while proposing the same regulation and taxation that has driven them out of existence.
As a former small business owner I know Donald Trump’s plan is music to the ears of struggling, ambitious entrepreneurs in our communities.
It’s time to try something new for the Middle America. It's not hard the see which tax plan will help you make your American dream come true.
Jennifer Carroll
Former Lieutenant Governor