Trump and Clinton tax plan: what to expect for the Americans

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US presidential elections are approaching, and the issue of tax changes is again on the agenda for Americans.

Edition Time collected basic data on candidates' tax plans.

Clinton Plan

Clinton promises not to raise taxes to those who earn less than $ 250 thousand per year.

For the rich it is proposed to tax all incomes (except for charity) at a rate from 28% to 33%.

In addition, she wants to introduce 4% -rebutt in the tax rate on income above $ 5 million, and also to raise the upper bound of real estate tax from 40% to 65%. The Buffett rule will also apply: the minimum total income tax rate for those who earn more than $ 1 million is 30%.

Trump's Plan

Trump intends to cut taxes. He proposes to reduce the level of taxation for low-income families. For example, now families who earn less than $ 12,6 thousand per year, do not pay income tax, Trump proposes to raise this line to $ 30 thousand total household income.

To simplify the tax code, he intends to reduce the number of core taxes from 7 to 3. He wants to give up real estate tax, an alternative minimum tax, as well as an investment income tax paid by families earning more than $ 250 thousand per year (or more than $ 200 thousand for single people).

He also proposes a reduction in the corporate income tax rate from 35% to 15%.

What does this mean to you

If Clinton wins, your tax bill will not change much, unless you belong to the group who earns more than $ 250 thousand a year.

People who earn more than $ 133 thousand will pay $ 1600 a year more, and for those who earn less, nothing will change.

Trump's plan can lead to the fact that most people who earn $ 50 thousand per year pay taxes on $ 1000 more, but large owners, 1% of the richest Americans, can pay more on $ 100 thousand per year.

Read also on ForumDaily:

Taxes and wages: how life will change if Trump becomes president

How Clinton and Trump's Tax Plan Will Affect Americans

Another hobby or business: how does this affect the amount of tax?

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