Following this week’s economic speeches by both Donald Trump and Hillary Clinton, Americans for Tax Fairness Action Fund Executive Director Frank Clemente made the following statement:
“This week both candidates for president claimed their economic policies would serve the middle class, but that’s simply not the case. On tax policy in particular, their proposals offer a clear choice to voters in November.
“Donald Trump highlighted a number of proposals that would exclusively benefit big corporations and wealthy people like himself: slashing the corporate tax rate by 60%; cutting from about 40% to 15% the top tax rate on business partnerships like the 240 he owns; eliminating the estate tax; reducing the top federal income tax rate and more. He would even give a $500 billion tax break to multinational corporations that are shifting profits offshore with his proposed 10% repatriation rate on $2.4 trillion in existing offshore profits, rather than make them pay the $700 billion they owe.
“Secretary Clinton correctly framed tax policy as a series of tradeoffs. She said that while Trump’s proposals would give trillions in tax cuts to millionaires and billionaires, she would rather make them pay their fair share so we can invest in ‘veterans, our kids, our police officers and more.’ She proposed an exit tax on deserting corporations, a surtax on millionaires, and to strengthen the estate tax.
“Ultimately, tax policy is about the allocation of the nation’s fiscal resources. It’s about priorities and tradeoffs. This election is shaping up to give voters a clear choice on these issues, which is critical if we are going to create an economy that works for all Americans.