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From the article:
Conclusion:
The Trump tax plan as outlined in September 2016 is a large tax cut, mostly on individual and corporate income. This plan would significantly reduce the cost of capital and reduce the marginal tax rate on labor. These changes in the incentives to work and invest would increase the U.S. economy’s size in the long run, boost wages, and result in more full-time equivalent jobs. On a static basis, the plan would reduce federal revenue by between $4.4 trillion and $5.9 trillion, depending on policy assumptions about business tax rates. However, due to the larger economy and the significantly broader tax base, the plan would reduce revenue by between $2.6 trillion and $3.9 trillion over the next decade, depending on those same policy assumptions. In all cases, it would increase after-tax incomes for all income groups, but reduce revenue to the Treasury.
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From the article:
Conclusion:
Hillary Clinton would enact a number of tax policies that would raise tax revenue over the next decade in order to fund new or expanded programs. Most of her policies raise tax revenue as designed, except for her capital gains policy, which would actually end up losing revenue both on a static and a dynamic basis due to the incentives it creates to hold on to assets longer. If enacted, her tax policies would impose slightly higher marginal tax rates on capital and labor income, which would result in a reduction in the size of the U.S. economy in the long run. This would decrease the revenue that the new tax policies would ultimately collect. The plan would lead to lower after-tax incomes for taxpayers at all income levels, but especially for taxpayers at the top.