Serial entrepreneur Brad Reifler, best known as the founder and chief executive of Forefront Capital, has recently linked the presidential race to ways he expects it to impact the economy.
Brad writes that both candidates aim to simplify the tax code, but how they go about it will differ. Clinton will reshape the way those making $1 million or more per year pay, but her changes would still affect the average American. She plans to incorporate more complexity into how capital gains are taxed and calculated which means they will be taxed based on how long they have been held by investors. Trump plans to simplify the existing code by condensing the existing brackets into a few income levels. He will also increase limits for deductions for both single and married people as well as repealing some existing taxes that are aimed at the upper class. Both candidates do agree on child-care tax breaks in hopes to offer more assistance to families through greater subsidies to cover increasing child care costs.
When it comes to taxes for small businesses, neither candidate has spoken at length on the topic, but Trump’s website outlines a plan to get rid of the need for most people to itemize parts of their tax returns.
Estate taxes are an area they disagree on. Clinton seeks to lower the minimum for estate taxes as well as increase the maximum gained from this tax. Trump wants to repeal the estate tax as well as increase the amount from capital gains taxes and then offset this through subsidies for farms and small businesses.
While some people won’t see much of a difference with either candidate, there are some areas that they differ and it will make a difference in the lives of many Americans. Brad Reifler concludes after reading all the information that everyone should be paying lose attention because both candidates do aim to make substantial changes.
Brad Reifler is currently running Forefront Capital, but prior to this position he was a star trader for Refco, a company who also acquired his first company, Reifler Trading Company. Brad Reifler currently is also the former founding partner, chairman and CEO of Pali Capital, a global financial firm. He has also worked for Genesis Securities, European American Investment Bank, and Foresight Research Solutions. He is the grandson of Ray E. Friedman, the man who founded Refco.