Republican presidential nominee Donald Trump has declined to release any of his income tax returns, though numerous reports this year revealed some of his business dealings and tax payments.
Trump’s defenders say the story only proves he is the best person to reform the tax code, some even calling him a genius.
KHOU 11 News' Greg Hurst and its researchers what Trump and Democratic presidential nominee Hillary Clinton plan to do when it comes to our taxes.
The Tax Foundation is the nation's leading independent tax policy research organization. It's been around since 1937, is a non-partisan organization and is used as a source by taxpayers, the media and policymakers.
It reviewed Clinton's tax proposal first, because her plan was the first released. In her proposal, Clinton would keep much of the current tax code "unchanged" for about 95 percent of Americans.
There are currently seven tax brackets. Clinton would add one more, raising the tax rate on the wealthiest Americans to 43.6 percent and increasing the tax rate on most businesses.
The Tax Foundation concluded Clinton’s plan would generate $498 billion in additional tax revenue over the next decade. Clinton has said she would use that money to fund new -- or expand current -- government programs. The foundation also concluded her higher taxes would ultimately reduce the size of the economy and lead to fewer full-time jobs.
After examining Trump's plan last month, the Tax Foundation said the Republican presidential candidate's tax plan would significantly reduce income taxes, corporate taxes and eliminate the estate tax. It also noted Trump's plan would dramatically change the income tax code, reducing the current 7-bracket system to three.
The lowest tax rate would be 12 percent. The highest would be 33 percent. While the Tax Foundation says virtually all Americans would receive a tax cut, critics point out the wealthiest American's would receive more.
The Tax Foundation concluded the lower tax rates would boost the size of the U.S. economy and create more full time jobs and increase wages. But at the same time, it also pointed out it would result in lower tax revenue, raising questions about funding for government programs.
Both Trump and Clinton have laid out their entire plans on their campaign websites. As it turns out, the tax plans -- like the candidates themselves -- and numerous other campaign issues are vastly different.
(© 2017 KHOU)