Good news if you’re a Clinton supporter on a budget: It’s more than likely her tax plan won’t have any effect on your contribution to federal revenue.
If elected, the Democratic frontrunner would tax the top 1% of Americans—defined as those who earn more than $732,000 annually—an extra $78,000 a year, on average, according to a recent analysis from the Tax Policy Center. For those in the top 0.1%, who make over $3.8 million, get prepared to write more zeroes on your check to the government: Your taxes will jump by an average of $519,741 each year.
That’s a big figure in general, but especially when you compare it to the middle quintile of earners, those who take home between $80,000 to $142,000 each year, who would see their taxes increase by $44 a year per Clinton’s plan. Additionally, people in the bottom 20% would be subject to an annual tax hike of just $4. And Clinton said she plans to announce more tax breaks for middle and lower earners.
The former Secretary of State has previously stated that she would require those with annual incomes above $1 million to pay at least 30% in taxes, an increase from the approximately 28% they pay now. She’d also add a 4% surcharge on the taxes of those who bring home more than $5 million a year.
When you do the math, that means that more than 75% of Clinton’s proposed tax increases would fall on the richest 1% of Americans (and half would be covered by the highest-earning 0.1%).
Are you a big earner who’s not happy about dropping extra cash during a potential Clinton administration? A Tax Policy Center analysis of Republican favorite Donald Trump’s plan shows that the billionaire businessman’s proposal would lower taxes for the top 1% by more than $275,000, and by more than $1.3 million for the top 0.1% of earners.
The catch? Trump’s proposal could increase the national debt by nearly 80% of GDP by 2036, effectively undoing some or all of the positive benefits of the cuts, according to the analysis.