After years of following presidential races, what can we believe these days? As you look over the tax policies of Clinton and Trump, you have to wonder what these new proposals will do for the citizens of the United States. According to the Tax Foundation, here are Clinton’s and Trump’s proposals on how US citizens should be taxed.
What do you think?
Ordinary Income Rate: Clinton 10%-43.6%; Trump 0% to 25%
Top Rate Capital Gains: Clinton 47.4%; Trump 25%
Itemized Deductions: Clinton Limits Benefits To 28%; Trump Steepens Phase Out Of Itemized Deductions
Alternative Minimum Tax: Clinton Adds Buffet Rule To AMT( Buffet Rule ensures all taxpayers with 1M + income pays a minimum effective tax rate of 30%; Trump Repeals AMT
Estate Tax Rate: Clinton 45%; Trump 0%
Estate Tax Exemption: Clinton 3.5M; Trump N/A
Corporate Tax Rate: Clinton Will Not Disclose Rate; Trump 35%
Although the average citizen will not know how changes in the tax laws will affect them, we at TaxConnections would appreciate input from our readers. It is better to talk about them now than later. In the case of FATCA, the taxes were not discussed at all and it negatively affects so many people today! Check out what happened to these US citizens.
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