Social Class Taxation Analysis

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With very controversial presidential candidate elections underway, a main concern on voter’s minds are taxes and the different ways taxes can be lowered or raised in the United States. Each candidate’s opinion on US taxations have sparked strong debates as the federal government took in a total of $3.035 trillion in revenue during the 2014 fiscal year, and $3.248 trillion in fiscal 2015 thus having a 6.55 percent increase. Although the United States increased their tax plan they also overextended their spending budget as they spent over $3.687 trillion creating a deficit of $438 billion (Jeffery, Terence P.). With statistics like these most citizens would like to see the budget for spending decrease along with fixes in “social class” taxation. …show more content…
Under the presidency of Hillary Clinton, every economic class will get a hike in its taxation rates. However, she has drawn up a tax plan to minimalize higher rates on the lower and middle classes while taxing the top 1 percent of the US earners an additional $78,000 per person (Frank, Robert). On the other hand, Sanders took a very individualistic approach with his tax plan that cuts the US economy up into more than seven classes of wealth, each having a larger increase than that of Clinton’s …show more content…
Hillary has similar belief’s in her tax plan when compared to Sanders, and she believes that the wealthy need to “pay their fair share.” Hillary’s plans take direct stabs at those whose incomes put them in the top 1 percent and the top .01 percent. Her plan asks for those in the top 1 percent (those who earn $732,000 or more annually,) to pay on average $78,284 more in taxes making her plan implement a tax hike of 9.35 percent. Those in the top .01 percent (those who earn $3.8 million annually,) would pay on average $519,741 more in taxes which is a 7.4% increase from its current state. Apart from the economic bomb Hillary would drop on the rich, she plans on making small increases to the bottom two tax brackets. In the lowest bracket (those who make less than $23,000 annually,) will have a constant $4 tax every year during her presidency. Individuals in the middle percentile (those who make $80,000 to $142,000 annually,) will see a yearly tax hike of $44. Economical analysts stated her plan would generate about $1 trillion over a single decade, plus an additional $2 trillion if the plan remains constant over 2 decades. Although she has not released her plans for businesses she is however on the same train as Trump and Sanders are when it comes to companies sourcing overseas. She believes that the countries sourcing their work

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