Clinton has clearly stated that people earning $5million per annum and over will face a 10% tax hike on income so they will face a 49.6% band; earners in excess of $1million will also face a hike which will raise $18 billion per annum, mainly to spend on the social reforms she has in store. These include increasing the minimum wage to $15 per hour. source: USeconomy.about.com
Trump is tackling it differently. He has stated that many tax loopholes are going to be closed (which will, in fact, cost himself personally billions in tax) while at the same time lowering taxes for the majority. He has a four band plan that will see the highest rate cut to 25% from 39.6% while at the same time increasing the lower bands so that anyone earning $25,000 or less will pay no tax. source: politico.com Mr Trump is obviously some kind of magic wizard!
Once all the Brexit palaver is over and done with, the US elections and policies of Clinton and Trump are going to be headline news and I am looking forward to the debates about each of the candidate’s economic plans. UK politics usually takes its lead from what happens in America so the UK’s political parties will definitely be having one eye on the US public reaction to Clinton and Trump’s attempts to buy – sorry win, their votes.
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