10-13-2016, 07:29 PM
(10-13-2016, 11:48 AM)Duchess Wrote: I read part of an interview where a Trump supporter said she didn't care about the salacious stuff on either side, she cared that Hillary was going to raise her taxes to the extent she would be paying six grand a year and she cared very much that under Hillary's presidency she would be prevented from saying Merry Christmas.
I copied ^ your comment from the "We Don't Give a Fuck - Trump" thread up here for response because I think you touched on something that's an important issue to many Americans. How do Clinton's and Trump's tax plans affect voters' paychecks?
Income...../......Tax Increase/(Decrease) if Clinton / Tax Increase/(Decrease) if Trump
<$24,800...............................,..............($100)......................................($110)
>$24,800 < $48,400...............................($140).......................................($400)
>$48,400< $83,300................................($110).....................................($1,010)
>$83,300< $143,100 ...............................($40).....................................($2,030)
>$143,100 < $208,800.............................. $100......................................($3,270)
>$208,800 < $292,100.............................. $750......................................($5,350)
$292,100 < $699,000 ................................$4,690...................................($18,490)
$699,000 < $3,7649,600 .........................$117,760.................................($214,690)
> $3,749,600 top .01%............................$805,250...............................($1,066,460)
So, unless that woman you saw interviewed is making over $700k per year, she's confused (and she's definitely confused about anyone banning "Merry Christmas").
Trump is promising cuts in tax rates to everyone, especially the very wealthiest like himself. As a result, the government revenue would be cut by $6 trillion in the next ten years. That means, government spending would need to be cut by that amount just to avoid increasing the existing national debt (which would be nearly impossible even if Trump weren't promising substantial spending increases for defense, infrastructure, police, immigration/border control...). It's not reality.
Clinton's plan would keep taxes about the same up to $290,000 and would add about $5,000 in taxes to those pulling between $290,000 and $800,000. Her plan would take away lower tax rates and some tax breaks from the top 10% and the top 1% and put them more on par with everyone else. For those pulling in over $5,000,000, there would be a new 4% surcharge, which is reflected in the numbers in the chart.
The net result of Clinton's tax plan would be a $1.4 trillion dollar increase in government revenue over the next ten years. That would be used to reduce the government debt and fund her proposals for more immigration/border control, education, health care reforms, etc... I don't honestly believe that Congress (unless it's Democratic majority in both houses) would approve all of the tax increases Clinton proposes on the most wealthy, but I think even a Republican Congress would pass some of them at this time when national debt and income inequality are of major focus and issues to be considered by voters in their re-elections.
Calculation refs and more detailed tax comparisons/analysis:
http://apps.urban.org/features/tpccandidate/
http://www.forbes.com/sites/anthonynitti...f0dc61c233