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Taxing times for Clinton and Trump

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.

I have been a fully Qualified Financial Adviser for 28 years and also understand the needs of ex-pats and the rules that apply to ex-British living and retiring in Spain, so if you need to talk through your own situation then please feel free to call me and we can have a no obligation discussion about the best way forward for your investments.

In today’s financial climate it is essential you do everything you can to make sure your money is safe and secure and what you want to transpire in the future has the best chance of happening. Get in touch for expert advice today. 

 

This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

Other News

Many Grandparents missing out on full state pension

Grandparents and FamilyThe ex-pensions minister Steve Webb is urging the government and the HMRC to do more to alert grandparents to all the pension perks they’re entitled to after it was revealed that the overwhelming majority are not receiving the full state pension. By missing out on a particular benefit, unknowing eligible grandparents are missing out on £231 a year. Over the course of their full retirement, this could possibly lead to a loss of thousands of pounds.

It is a scheme called the Specified Adult Childcare Credit. It is thought that only 1,300 grandparents are taking advantage of it despite 100,000 being eligible (a mere one per cent). The scope of the problem was found out by Webb when he sent a Freedom of Information request to the HMRC.

The purpose behind the Specified Adult Childcare Credit is to allow grandparents who give up work completely to help raise their grandchildren the chance to claim National Insurance (NI) credits.

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