I have to vote tomorrow in New Jersey. I went from Bernie to Hillary to Jill Stein and then back to Hillary. Hillary needs a mandate to govern.
To prepare for voting I went through every economic policy from the websites of both Hillary Clinton and Donald Trump. No judgments were made about the quality of the proposed programs.
Economic Policies of Hillary Clinton
Taxes
- Ensure the wealthy and corporations pay more
- 4% surcharge tax on $5 million or more
- 30% minimum tax rate on incomes of $1 million or more
- 4% surcharge tax on $5 million or more
- 30% minimum tax rate on incomes of $1 million or more
- Close tax loopholes used by the rich like stepped up basis on estates, offshore tax avoidance schemes and using derivatives trading to reduce taxes
- Eliminate the carried interest tax loophole
- Restore estate tax; eliminate stepped up basis
Child Related
- Double child tax credit to $4000
- Provide tax credits for affordable housing
- Limit child care expenses to 10 percent of income
Corporations, Financial Institutions, Small Business, and Manufacturing
- Additional risk fees on large financial institutions
- End overseas inversions. Pay exit tax when they leave the US. Stop Earning stripping
- Use Treasury department to stop inversions
- Offer manufacturing tax credits
- Reward companies that invest in the US or bring back jobs
- Close tax loopholes for oil and gas. Promote clean energy
- Allow small businesses to immediately deduct some expenses. Simplify small business returns
- Support small business, advanced manufacturing, and startups
- $1500 tax credit for apprenticeships
- Spend $275 billion over five years on infrastructure investments: Roads, public transit, airports, energy and internet networks.
- Make college debt free. Eliminate current student debt
- Make college free now, if you make less than $85,000. Free public college tuition for those making $125,000 or less by 2021.
- Free tuition at community colleges
- Provide $25 billion for HBUCs and Hispanic Colleges
Minimum Wage and Labor
- Raise the minimum wage and get rid of tipped minimum wage
- General support for unions and labor
- Tax relief for working families
Other
- Support public investment in R&D
- Refinance students loans at current low rates
- Have companies share profits with workers
- Give green cards to STEM masters and Ph.D. degrees graduates and visas for entrepreneurs
Economic Policies of Donald Trump
- Create a booming economy. Boost growth to 3.5% on average
- Create 25 million new jobs
Individual taxes
- Pro-growth tax plan. Reduce taxes across the board especially for working and middle-class Americans.
- Reduce tax brackets from 7 to 3: 12%, 25%, and 33%
- Proposed a tax cut of $4.4 Trillion ($2.6 Trillion with growth). $1.8 trillion in trade, energy, and regulatory reform savings. $800 billion in other cuts.
- Carried interest is treated as ordinary income
- Repeal 3.8% tax on investment income. Repeal alternative minimum tax(AMT).
- Increase standard deduction to $30,000 for married filers and $15,000 for singles.
- Repeal estate taxes. Capital gains over $10 million would be taxed. Repeal special treatment of appreciated assets donated to charity.
- Offer spending rebates for child care expenses for people receiving the EITC
- Ensure the rich pay their fair share.
Child Related
- Eliminate special interest loopholes. Reduce business taxes
- Deduct average child care or eldercare costs from taxes
- 50% match of child savings accounts
Regulatory Reform
- Create a modern regulatory framework. Reduce anti-growth regulations
- Impose a moratorium on new regulations. Agency and department heads will remove needless, job-killing regulations.
- Scrap clean power plan regulations
Trade Policy
- Promote an America first trade policy
- All trade agreements must increase the GDP growth rate, reduce the trade deficit and strengthen US manufacturing base.
- No TPP
- Actively enforce trade agreement violations
- Renegotiate NAFTA
- Enforce WTO rules against china for currency manipulation and industry subsidies using tariffs and taxes
Energy
- Energy plan
- Support coal and fracking. Support energy development on federal lands.
- Ease energy regulations. Streamline permitting process.
- Allow the free market to determine energy technologies, not government
Business Taxes
- Lower business taxes from 35% to 15%.
- Bring back off-shore profits at 10% rate
- Eliminate corporate tax subsidies except for R&D
- Reduce non-defense, non-safety net government spending by 1% each year for ten years.
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