Hillary Clinton and Donald Trump have proposed dramatically different tax plans. Clinton wants to raise taxes on high-income households and businesses to boost revenue and pay for new social initiatives.
Hillary Clinton’s tax proposals would raise $1.1 trillion, mostly from the wealthy. TPC released its analysis of her tax plan yesterday. She’d raise taxes on businesses and high-income households; modestly reduce the incentives to work, save, and invest; and make the tax code more complex. Her
The Tax Policy Center’s new tables showing the revenue and distributional effects of capping itemized deductions have received a great deal of attention since we released them on Tuesday. Our results show that capping deductions can raise a large amount of revenue in a quite progressive manner.
In last night’s debate, Mitt Romney repeated the idea that he could pay for much or all of the 20 percent rate reduction and other tax cuts in his tax plan by capping itemized deductions at $25,000. He had previously suggested a $17,000 cap in an interview and, in the first debate, $25,000 or $50,