Clinton vs Trump – Taxes

 

As we near the finish line if you have not thought about the policies Trump and Clinton have developed for their reasons to be elected, you really should be checking them out.  Do Not rely on what mainstream media and others have to say.

For a very long time businesses and individuals have lamented the ever-increasing rules, regulations, and penalties that those in Congress and coincidentally those at IRS have been creating.  Nearly every year, there are mutterings of changing, simplifying, and reining in IRS.  There are also volumes of weighty papers and articles expressing economists, financial views, political views and more from the first years the Internal Revenue began operation in July 1862 when President Lincoln signed it into law.   If you are one to like to look up historical facts, you can find a highlights timeline by IRS HERE.

The tax codes have undergone renovations, recalculations, repeals, and reforms many times over.  The one thing however which has become obvious is the tax collectors and special interests have made sure to confound, confuse, intimidate, and harass average citizens to the benefit of those determined to manipulate the system to their own ends.

Personally, I have no problem from the least to the greatest applying a five percent tax to income across the board for individuals and a twenty percent tax across the board for all businesses including those hiding behind the 501c tax exempt status now.  At least that way everyone has some skin in the game and is contributing to the overall country.

The point being no one is allowed weird deductions or back-door deals in order to make sure they spent the least possible in taxes. No one gets a headache or nearly has a heart attack as they rush to meet tax deadlines. Most importantly, a monstrous, feared enforcer department in the executive branch of the federal government can be reduced to minor league and a small group of accountants saving our country enormous amounts of stress and money per year.  I know, I know that is a deplorable view and definitely oversimplified but I can dream can’t I.

So every election, every politician spews lots of promises about change and taxes being reduced or simplified but once elected nothing ever changes.  Why?  Because they have been bought off by special interest groups, lobbyists, and back room swindles (er um swaps of votes) with the other good old boys who say “vote this way on my deal and I will vote your way on your deal.”  Sickening and an absolute sell out of our hardworking citizens and their rights at every turn.

Enter the one person who is mostly funding his own campaign, says he is business minded not political and now the raving pack of wolves in DC are terrified.  Why?  Because he can make deals?  Because he wants to streamline government and make it more efficient?  Because he fights back and refuses to play the political games of slimy politicians?  Because he represents those deplorable multitude of citizens who have been forced to endure the fraud, corruption, and enslavement of their lives?

All of the above.  Oh, and one more very important one – by challenging the status quo, he exposes all these for the snake oil selling “good old boys”  that they are.

So on to Policies that these two have on their websites. Read them HERE for Trump and HERE for Clinton. Typical Democrat that she is, Hillary has a ton of minutia and drivel on every social issue.  One has only to read a few words to know that the info on that site will raise the debt ceiling enormously.  It is geared to UN takeover of our governance.  It will inevitably reduce the rights guaranteed in our constitution perhaps even to dismantling it entirely.

Take the hot button issue of Taxes: (remember this is Directly from each of their websites)

Hillary Clinton – Restoring Basic Fairness to Our Tax Code

1. Implementing a multi-millionaire “Fair Share Surcharge.” Hillary will call for imposing a 4 percent “Fair Share Surcharge” on the 2 out of every 10,000 taxpayers making more than $5 million per year – who are the most likely to benefit from tax planning.   4 percent multi-millionaire “Fair Share Surcharge” on the top 0.02 percent of taxpayers on their income above $5 million per year – affecting roughly 2 out of every 10,000 taxpayers. 

2. Shutting down the “private tax system” for the most fortunate, starting by immediately closing egregious loopholes. No longer game the system by sheltering their income or using exotic tax gaming to avoid paying their fair share. 

3. Close the “Romney Loophole” that allows sheltering multiple millions in retirement accounts.  limiting the ability of the very wealthiest to game the system by sheltering large incomes in tax-preferred accounts

4. Impose a “risk fee” on the largest financial institutions. charge a graduated risk fee every year on the liabilities of banks with more than $50 billion in assets and other financial institutions that are designated by regulators for enhanced oversight

5. Close the “carried interest” loophole which allows hedge fund, private equity, and other Wall Street money managers to avoid paying ordinary income rates on their earnings.

6. Commit to tax fairness beyond closing these specific loopholes – especially on capital income. prevent high-income taxpayers from misclassifying income as capital gains or avoiding paying tax on some income at all.

7. Restoring fair taxation on multi-million dollar estates. Move back to Estate Tax to 2009 parameters, and lower the exemption for the Estate Tax from almost $11 million today, while raising the Estate Tax rate 

8. Ensuring millionaires can no longer pay a lower rate than their secretary. Buffett Rule, which ensures that millionaires must pay at least a 30 percent effective rate

Trump Tax Plan

1. Every income group receives a tax cut under the Trump plan, with million more being removed from the income tax rolls and low-income Americans paying no income tax at all. The greatest percentage reduction in tax bill goes to working and middle class taxpayers. Tax brackets in the individual income tax will be reduced from 7 to 3. Tax rates will be 12%, 25% or 33%, with thresholds very similar to the House GOP plan. The standard deduction will be $30,000 dollars for married couples and $15,000 dollars for single individuals. Most taxpayers will have no need to itemize, simplifying their tax returns and making it easier to file.

2. The plan lowers the business tax rate to 15%. The current business rate 35% rate is one of the highest in the world, making domestic investment unattractive. It includes a 10% tax on repatriation.

3. The plan also allows U.S.-based manufacturers to elect full expensing of plant and equipment, an invitation to massive investment. If they elect this approach, they will give up the ability to deduct interest expense.

4. The plan will close special interest tax breaks and cap deductions at $100,000 for single filers and $200,000 for married filers, eliminating many costly tax loopholes while stimulating growth.

5. The plan provides a child care deduction for children up to 13 years of age for average child care expense. There’s an income cap, so the new deductions don’t apply to the rich.

6. Finally, the plan eliminates the carried interest loophole for Wall Street and the death tax, which falls especially hard on small businesses and farmers.

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Like I said – worlds apart.  Hillary is for MORE spending, LABOR union dictators, MORE regulations heaped on top of what we already are staggering under, and MORE taxes for those that fund much of our country in business and social activities.

According to CNBC, the U.S. added 300,000 new millionaires in 2015, bringing the total to a record 10.4 million, according to a new report. The total marked a new record, but also signaled a slowdown from the 5 percent growth rate in 2014.  There are now 145,000 U.S. households worth $25 million or more, up from 142,000 in 2014, according to Spectrem.

According to the U.S. Census Bureau’s annual projections, the United States entered 2015 with 320,090,857 people The number of top-level wealthy are not sufficient enough even to this deplorable to fund even a third of her programs or pay even interest on national debt.  

So where does the money come from?  A tree full of skittles or new technology to produce money out of thin air?  If every big company gets slammed then how many will either go belly up or leave for greener pastures in some other country?  Then who pays?

In addition given all we have seen in her own foundation and dealings on her taxes are you honestly going to tell me she is going to fork over huge amounts of her own money or those of her closest cronies in taxes?

You decide.

–Uriel–

About Uriel

Retired educator and constitutionalist
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4 Responses to Clinton vs Trump – Taxes

  1. upaces88 says:

    Trump and Clinton Used the Same Method on the Taxes
    The NYT admitted as much:

    “The tax experts consulted by The Times said nothing in the 1995 documents suggested any wrongdoing by Mr. Trump, even if the extraordinary size of the loss he declared would have probably attracted extra scrutiny from I.R.S. examiners.”

    There’s another thing wrong with Hillary’s and the MSM’s crowing: Hillary Clinton used the same “capital loss” method that Trump had used to reduce the amount the Clintons paid in income tax last year.

    https://fellowshipoftheminds.com/2016/10/04/hillary-clinton-used-the-same-legal-method-as-trump-to-avoid-paying-income-taxes/

    • Uriel says:

      Not just that Upace but whoever prepared her taxes conveniently forgot to add a LOT of other income and the other business fronts they “sheltered”. According to tax preparers they also should be scrutinized by IRS and the govt for using “government grant funds” to purchase what the Clinton’s depreciated as a business expense. In addition they upgraded the “private server” for her 2009 debacle and had taxpayers pay for that upgrade.while using it for private/foundation work. but hey we all know the Clintons are above the law.

  2. Hardnox says:

    Good post. Hillary is a full blown socialist who will protect her own at the expense of the peasants. This is no different than any other tyrannical ruler in history. Obama was an amateur. Hillary is a professional.

    Trump’s plan is a repeat of “trickle down economics” which can’t not work despite the left’s insistence that it does not. The left believes that they must be able to decide how money is spent.

    • Uriel says:

      very true. I would also defy ANYone having to report taxes to NOT take advantage of every loophole possible. Big business does it daily and has a bastion of tax professionals to scrutinize every action to squeeze every possible penny of profit for shareholders. Otherwise no business that size would have been in business long since shareholders are generally expecting to see profit increases quickly or they dump the stock.