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b"With Douglas Harbrecht, Director of Digital Media at Kiplinger Washington Editors

Both Donald Trump and Hillary Clinton are promising to grow the economy and increase jobs in our country. Their plans are different but both will affect your personal finances, so it\\u2019s vital to understand at least the basic tenets of each candidate\\u2019s proposal. \\xa0So we're bringing you\\xa0Clinton vs Trump, the economic plan edition.
Doug Harbrecht, Director of Digital Media at Kiplinger Washington Editors, has been covering politics for 30 years and says he\\u2019s never before seen economic growth in jobs framed quite this way.
From the start, Trump has campaigned for renegotiating or nullifying every trade deal since NAFTA. His is a protectionist approach very is is a protectionist apporachHissimilar to the BREXIT code which is pulling the United Kingdom out of the European Union and a radical departure from the long-standing GOP platform of pro-globalization and pro-trade from the last 100 years.
For her part, Clinton follows a more traditional Democratic stance calling for free-trade and \\u201ctax and economic incentives to entice multinationals to bring their dollars back to the US.\\u201d
They have opposing ideas of how to deal with American corporations who merge with foreign corporations and then pay a lower tax rate because they are domiciled in a foreign country. Trump would lower American corporate taxes to 15% to de-incentivize them from doing these inversions.\\xa0 Clinton, on the other hand, has said she would impose penalties on those companies who take these foreign tax advantages.
Concerning the Affordable Care Act, Trump and Clinton are also diametrically opposed. Clinton would expand on it, says Doug, \\u201cby seeking to lower out of pocket and prescription drug costs.\\xa0 To make premiums more affordable, she backs a tax credit of $5000 per family to cover costs exceeding 5% of household income.\\u201d For Trump\\u2019s part, he\\u2019s been widely quoted as saying he would repeal the whole thing and allow private plans to work across state lines.
As for Social Security and Medicare which will concern all of us sooner or later, Hillary Clinton has proposed expanding those benefits for women who are widows and caregivers and would let some individuals over the age of 50 or 55 to buy into Medicare instead of at the present age of 62. To pay for all this, she wants to close loopholes for the wealthy and for corporations.
Donald Trump has said he would preserve both Social Security and Medicare but has hinted at entitlement cuts to keep both programs solvent.
The Tax Policy Institute has analyzed both candidate\\u2019s overall economic proposals to predict the future cost and effect on the deficit. By costing out Clinton\\u2019s proposals, they say that over ten years these tax increases could raise about 1.1 trillion dollars and, assuming the spending to be around 1 trillion dollars, it could result in a neutral position for the deficit, which is a good thing.
Trump has been less specific with many of his proposals and actually changed it from the beginning of his campaign in his speech to the Detroit Economic Club on August 8th, so the calculations haven\\u2019t yet been determined. \\u201cThat said, though,\\u201d explained Doug, \\u201cthe Tax Policy Center did look at his original tax cut plan and estimated that it would cost 9.5 trillion dollars over the next 10 years.\\u201d But there is an assumption that he will have to make additional spending cuts so that the red ink won\\u2019t increase the public debt.
For a more detailed and comprehensive comparison between Clinton and Trump and what each candidate\\u2019s platform means to you and your finances, we invite you to attend an in-person talk with Steve Pomeranz on September 22nd at 7pm at the Marriott Hotel in Boca Raton.
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