Who will create a fair share of taxes?
The presidential election is right around the corner and both candidates are in the race to get the most votes. One of the most important issues that everyone seems to care about and affects everyone is taxes. Both major party presidential candidates, Donald Trump and Hillary Clinton, believe that they will make a fair share of taxes. So what are their different points on the topic?
Hillary Clinton wants to ensure that the wealthiest people in America do not pay less than anyone else. This issue is called the Buffett Rule and her plan “calls for a 4 percent multi-millionaire ‘Fair Share Surcharge’ on the top 0.02 percent of taxpayers on their income above $5 million per year.” This will cause an effect on 2 out of 10,000 taxpayers in America.
Donald Trump, on the other hand, wants to “ensure the rich will pay their fair share, but no one will pay so much that it destroys jobs or undermines our ability to compete.” He wants to reduce taxes altogether, creating a system where everyone has a similar tax rate.
Currently in the US tax system, there are seven branches. These are tax rates at 10%, 15%, 25%, 28%, 33%, 35%, and 39.6%, depending on how much you make per year. Your payment is also determined on if you are single, married, and/or have kids. Donald Trump plans on changing the seven branches into three, 12%, 25%, and 33%.
Hillary Clinton and Donald Trump both have similar ideas when it comes to the wealthy paying their fair share or not less than the working middle class.
Hillary Clinton says that she is going to create change by “restoring basic fairness in our tax code.” But she does not seem to be making any changes in our tax system. Donald Trump, on the other hand, is cutting out seven branches into three in order to create a system where no one has to pay a high amount of taxes. Hillary Clinton wants to raise taxes on the wealthy and that does not seem fair. The people who earned their own money are being punished for that by paying higher taxes.
