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Clinton, Trump Restate Tax Policies In Final Debate

by Mike Godfrey, Tax-News.com, Washington

20 October 2016


On October 19, in their third and final debate before the US election, Republican candidate Donald Trump and Democratic candidate Hillary Clinton restated their widely different tax policies, without providing any new detail.

In reply to a question on tax policy, Clinton plugged her policies to provide the funds to grow the economy and "support middle class families," by having "the wealthy pay their fair share." She repeated, however, that she would "not raise taxes on anyone making USD250,000 or less [and] not add a penny to the [federal] debt."

By contrast, she said, Trump's plan "advocates for the largest tax cuts we've ever seen. … His whole plan is to give the biggest tax breaks ever to the wealthy and to corporations, adding USD20 trillion to our debt. … It truly will be trickle-down economics on steroids. … We tried that. It has not worked."

Trump countered that her plan "to raise taxes is a disaster. … We're going to cut taxes massively. We'll cut business taxes massively. They're going to start hiring people. We're going to bring the USD2.5 trillion [in deferred US multinational foreign earnings] that's offshore back into the country. We're going to start the [economic growth] engine rolling again."

He also pointed out that he would re-negotiate the US's "horrible" existing trade agreements, under which "jobs are being sucked out of our economy." He called the North American Free Trade Agreement "one of the worst deals ever. …Our jobs have fled to Mexico." He again accused Clinton (which she strenuously denied) of wanting to sign the Trans-Pacific Partnership trade treaty.

TAGS: individuals | tax | economics | business | free trade agreement (FTA) | fiscal policy | trade treaty | corporation tax | Mexico | agreements | tax rates | United States | tax breaks | trade | individual income tax | North America

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