Although much of the presidential campaign's focus has been on the differences in personality and temperament between Democratic presidential nominee Hillary Clinton and Republican nominee Donald Trump, there also is a stark divide on tax policy.
Last week, each of the candidates laid out their economic plans, including tax changes.
Here are some of the highlights.
|Individual income taxes||Individual income taxes|
|Clinton: Would impose a 4% “fair share surcharge” on Americans making more than $5 million annually. Would implement the “Buffett rule,” imposing a minimum 30% effective tax rate on Americans making more than $1 million annually.||Trump: Would reduce the current seven tax brackets to three: 12%, 25% and 33%.|
|Capital gains and investment taxes||Capital gains and investment taxes|
|Clinton: Last year, Ms. Clinton proposed higher capital gains rates on shorter-term investments.||Trump: Did not mention investment taxes.|
|Taxes on retirement plans||Taxes on retirement plans|
|Clinton: Would end what she calls the “Romney loophole” through “limiting the ability of the very wealthiest to game the system by sheltering large incomes in tax-preferred accounts,” a summary on her campaign website states. She also mentions building on President Barack Obama's proposals in this area.||Trump: Does not specifically mention taxation of retirement plans.|
|Estate tax||Estate tax|
|Clinton: Would restore the estate tax to 2009 levels, $3.5 million for individuals at a rate of 45%. In 2016, the estate-tax exemption is $5.45 million for individuals and $10.9 million for couples, with a 40% rate. She also would “crackdown on loopholes in the estate tax, including methods that people can now use to make their estates appear to be worth less than they really are.”||Trump: Would eliminate the estate tax.|
|Carried interest||Carried interest|
|Clinton: Would eliminate this deduction that is used by private-equity practitioners.||Trump: Would also eliminate this deduction.|
|Child care||Child care|
|Clinton: Would expand the child tax credit.||Trump: Would provide an “above-the-line deduction” for child-care expenses, according to a campaign fact sheet. Low-income taxpayers could deduct them from their payroll taxes.|
|Corporate taxes||Corporate taxes|
|Clinton: Does not specifically mention corporate taxation in her plan.||Trump: Would establish a top corporate tax rate of 15%, which also would apply to businesses that are operated on the proprietor's personal income-tax return as a pass-through.|