Election 2016: Where the Candidates Stand on Taxes

What's at stake?

While foreign policy, military spending, and national security are all super fun to talk about, the one thing that really matters for most of us is simple: Taxes. How much more are you taking from my paycheck? And what are you going to do with it?

For 2015, the average taxpayer paid out about 3,000 in federal taxes. That money largely went towards healthcare and funding the military, with around ,000 leftover to cover veteran affairs, safety net programs, science & technology initiatives, and agricultural stipends.

The US supposedly has a progressive tax system, meaning that those who earn more pay more, but we all have heard of the corporate loopholes available.

The subject of taxes has come up several times, no more so than in the days after the second presidential debate.

Here's what we know about each candidate's stance on taxes.

Trump

Donald Trump plans to cut taxes across the board in all income brackets. He plans to eliminate special interest loopholes to ensure that everyone pays their fair share, but not to the extent that business will suffer and jobs will be cut. However, he has not gone into detail about how these funds will be recovered outside of the 1% cuts to be made each year to every federal spending program.

Somehow, he also plans to make our military the largest since WWII by increasing military spending to its highest rate ever.

Trump is in favor of resetting the tax brackets and more than doubling the standard deduction. He plans to do away with deductions like mortgage interest and charity donations (for those under a certain salary level), but will introduce deductions for childcare and healthcare.

Clinton

Hillary Clinton will introduce a tax code that ensures corporations and the super rich pay their fair share. She, too, is all about closing loopholes and making it harder for big companies to dodge their tax bill. She plans to fund her education initiatives with this influx of tax revenue.

Clinton aims to demystify the tax process for many middle-class Americans by simplifying the code and filing processes.

The bottom line?

Taxes are gonna getcha, whether you like it or not. Regardless of who is elected, most of us won't see a major change either way in our weekly paycheck. With Trump, a person making 5,000 per year could see an extra 0 per week in their take-home pay, which is nothing to sneeze at. However, his plan does add almost 0 trillion to the US debt. You'll likely see no change in your take-home pay under Clinton's plan unless you are making millions per year.

Almost 90% of Congress is up for re-election this year. To really, truly enact change you must vote on a local level. No president can pass a bill without approval from the House and Senate. Take a look at where your representatives stand on the issues here.

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