Mind and Destiny

“I make no pretension to patriotism. So long as my voice can be heard ... I will hold up America to the lightning scorn of moral indignation. In doing this, I shall feel myself discharging the duty of a true patriot; for he is a lover of his country who rebukes and does not excuse its sins. It is righteousness that exalteth a nation while sin is a reproach to any people.”- Frederick Douglass

Location: Delhi, N.Y., United States

The author and his webmaster, summer of 1965.

Friday, October 21, 2016

Tax Plans

The Tax Policy Center, a research arm of the Brookings Institution and the Urban Institute analyzed Trump and Clinton tax plans.
Trump’s tax plan would cut taxes by $6.2 trillion over a decade (add interest and it’s $7.2 trillion), mainly for the rich and big corporations, and add trillions of dollars to the federal debt.

It would give the richest 0.1 percent of taxpayers (those with incomes of more than $3.7 million this year) an average tax cut of $1.1 million, for a 14 percent increase on average in their after-tax income.

The middle one-fifth of Americans by income would receive a tax cut increasing after-tax income less than 2 percent, on average, while the poorest fifth would get a break of less than 1 percent.

Americans for Tax Fairness Action Fund opposes Trump’s tax plan and his failure to release his tax returns.
Hillary Clinton’s tax plan would raise an additional $1.4 trillion over the next 10 years on high-income taxpayers, mostly on the top 1 percent and large corporations.  That money that would be used to make new investments to create an economy that works for us all.
Her plan would also on average slightly reduce taxes for middle and low income households.  However, the wealthiest households would face a 4 percent surcharge on adjusted gross income exceeding $5 million, a minimum tax rate of 30 percent, a 28 percent cap on deductions and other tax breaks as well as a higher capital gains tax on assets held less than six years.  Her plan would increase federal revenues $1.4 trillion over the first decade.
The chances of Clinton’s plan seeing the light of day depends of the Democratic party winning back control of the Senate and House.


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