IRVINE, Calif., Aug. 8, 2016 /PRNewswire/ -- How will the proposed tax and spending policies of presidential candidates Hillary Clinton and Donald Trump affect individuals and corporations?
"The Clinton approach will mean a major increase in complexity and paperwork, for both individuals and firms. I am not at all sure what to expect with a President Trump because many positions he has staked out are quite extreme," stated Dr. Scott Sumner, Professor Emeritus of Economics at Bentley University. He has analyzed the candidates' recent public comments and policy positions outlined on their websites and prepared a summary on behalf of RCW Financial of Irvine, California (www.rcwfinancial.com).
In his analysis entitled "Economic Policy Proposals of the Presidential Candidates" (www.rcwfinancial.com/clinton-trump-economics), Dr. Sumner points out that Trump proposes to significantly increase spending in some areas while cutting the top income tax rate to 25%, and the corporate top rate would be slashed from 35% to 15% and inheritance taxes would be eliminated.
"In his convention speech he called for big increases in spending in a wide range of government programs, both military and domestic. There have been previous examples of candidates who called for much higher government spending (Lyndon Johnson), or much lower taxes (Ronald Reagan). But as far as I know, no one has ever called for both. There's a name for this sort of policy---Greece," stated Dr. Sumner.
Regarding Clinton, he does "not see any big surprises, with calls for higher taxes on the rich, more spending on social programs and a higher minimum wage rate." He predicts "these tax changes would hurt investments such as stocks, real estate, and high-end collectables….The Clinton approach will mean a major increase in complexity and paperwork, for both individuals and firms."
Dr. Sumner notes: "It's always difficult to evaluate the campaign promises of American presidential candidates, especially given the limited information provided to the public….it's normal for candidates to make promises that don't add up."
The entire 2,200 word analysis is available free online at www.rcwfinancial.com/clinton-trump-economics.
About Scott Sumner, Ph.D.:
Dr. Scott Sumner studied economics at the University of Wisconsin and received a PhD from the University of Chicago. He has done extensive research on the role of the gold standard in the Great Depression and is Professor Emeritus of Economics at Bentley University in Waltham, Massachusetts where he has taught since 1982. Dr. Sumner received national recognition in 2012 as one of the "Top 100 Global Thinkers" by ForeignPolicy.com and was named "The Blogger Who Saved the Economy" by The Atlantic magazine.
About RCW Financial:
RCW Financial of Irvine, California provides estate planning and wealth preservation services focused on the acquisition of the most popular and exclusive numismatic rarities. For additional information, visit online at www.rcwfinancial.com, call Michael Contursi, President of RCW Financial, at 949-679-1222, or email at firstname.lastname@example.org.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/noted-economist-dr-scott-sumer-looks-at-the-potential-economic-effects-of-clinton-or-trump-presidency-300310223.html
SOURCE RCW Financial