The tax policies for the two candidates are quite different. Clinton wants to raise taxes on high income households, while Trump wants to cut taxes for all income brackets.

In August, Trump released a revised economic plan where proposed tax rates were 12%, 25% and 33%. He also wanted to cap taxes on dividends and capital gains at 20%, which would result in repealing the Net Investment Income Tax (NITT), which was to fund the Affordable Care Act. This tax is currently 3.8% and applies to investment income for households earning more than $250,000.

Accordingly, for the very rich, Trump is giving a greater tax break. In certain households where there is substantial earned income, dividend and rental income, there could be an effective tax savings of approximately 10%. 

Clinton would not repeal the Net Investment Income Tax (3.8%) and would create a new tax bracket of 43.6% for households of incomes over five million dollars. She would also mandate a minimum 30% tax rate for people with income over one million dollars.

With respect to Estate Taxes, Clinton would raise the tax rate from 40% to 45% and reduce the exemption for Estate Tax from $5.45 million to $3.5 million. Trump’s position is quite different. He would repeal the Estate Tax and Gift Tax.

The Tax Foundation, a Conservative-Leaning Research Firm, has calculated that Trump’s tax plan would cost approximately $10 trillion dollars over ten years. The revenue deficit would directly increase the national debt.