Clinton vs. Trump: Poverty, Taxes and the Economy

Next month voters in the United States of America will likely elect either Democratic nominee Hillary Clinton or Republican nominee Donald Trump.

REUTERS/Lucy NicholsonDonald Trump and Hillary Clinton acknowledge each other at the start of their presidential town hall debate in St. Louis, Missouri, October 10, 2016.

Via their campaign sites and debate arguments, Clinton and Trump have released specific plans on how they will handle matters like taxation, poverty, and the economy.

Taxation

According to her campaign site, Hillary Clinton believes in creating a tax code in which wealthier Americans pay more into the system.

"Hillary is committed to restoring basic fairness in our tax code and ensuring that the wealthiest Americans and large corporations pay their fair share, while providing tax relief to working families," reads her campaign site.

"That's not only fair, it's good for economic growth, because she will use the proceeds to create good-paying jobs here in America — and make bold investments that leave our economy more competitive over the long run."

Part of this plan involves closing corporate loopholes, cutting taxes for small businesses, and directing the increased funds to paying for efforts like debt-free college.

During their second presidential debate, Clinton noted that her plan would not involve increasing the taxes of anyone making less than a quarter of a million dollars a year.

"I have said nobody who makes less than two hundred fifty thousand dollars a year — and that is the vast majority of Americans, as you know, will have their taxes raised," said Clinton.

"I want to have a tax on people who are making a million dollars. It's called the Buffett rule — yes, Warren Buffett is the one who has gone out and said somebody like him should not be paying a lower tax rate than his secretary."

Donald Trump's campaign site states that he will seek to simplify the tax code and also go after many of the same agenda items as his opponent.

"Ensure the rich will pay their fair share, but no one will pay so much that it destroys jobs or undermines our ability to compete," reads the site.

"Eliminate special interest loopholes, make our business tax rate more competitive to keep jobs in America, create new opportunities and revitalize our economy."

Trump also vows to cut taxes for all Americans, but especially "working and middle-income Americans". He also plans to repeal the "3.8 percent Obamacare tax on investment income" and the "death tax."

Poverty

To combat poverty, Clinton proposes on her campaign site a series of expansions of public welfare programs including the creation of more affordable housing, raising the minimum wage, and creating more preschool programming and overall child care.

"Hillary will provide local governments the resources and flexibility to make scalable investments needed to rehabilitate communities that have been left out and left behind," states the campaign site.

"And she will couple that support with investments in the transportation, schools, green spaces, and other assets families need to break the cycle of poverty."

For his part, Trump has argued that the current poverty problems facing the inner city will continue under a Clinton administration so those living in poverty have nothing to lose in voting for him.

"Devastating what's happening to our inner cities. She's been talking about it for years. As usual, she talks about it, nothing happens. She doesn't get it done," said Trump during the second presidential debate.

"African-Americans have forty-five percent poverty in the inner cities. The education is a disaster. Jobs are essentially nonexistent. I mean, it's — you know and I have been saying it in big speeches where I have twenty and thirty thousand people, 'what do you have to lose? It can't get any worse.'"

Economy

During the first presidential debate, Clinton stressed the need for an economy that strengthens the middle class and emphasizes investment in all Americans.

"My father was a small-businessman. He worked really hard. He printed drapery fabrics on long tables, where he pulled out those fabrics and he went down with a silkscreen and dumped the paint in and took the squeegee and kept going," said Clinton.

"And so what I believe is the more we can do for the middle class, the more we can invest in you, your education, your skills, your future, the better we will be off and the better we'll grow. That's the kind of economy I want us to see again."

On her campaign site, Clinton described wanting to create an economy "that works for everyone" and had a five-point plan for economic revival.

The points on her site are federal investment in job creation, making college debt-free, raising the minimum wage and punishing companies that ship jobs overseas, raising taxes on the wealthy, and supporting equal pay and better paid leave.

Regarding the economy, Trump's campaign site promises that as president The Donald will help create 25 million new jobs within the next ten years.

"Reform policies with a pro-growth tax plan, a new modern regulatory framework, an America-First trade policy, an unleashed American energy plan, and the 'penny plan'," reads his site. "Boost growth to 3.5 percent per year on average, with the potential to reach a 4 percent growth rate."

At a speech he gave to the New York Economic Club, Trump argued that limited government was an essential part of creating economic growth.

"My plan will embrace the truth that people flourish under a minimum government burden, and it will tap into the incredible unrealized potential of our workers and their dreams," remarked Trump.

"If we lower our taxes, remove destructive regulations, unleash the vast treasure of American energy, and negotiate trade deals that put America First, then there is no limit to the number of jobs we can create and the amount of prosperity we can unleash."

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