Both Trump and Clinton recognize the need to combat income inequality and fix unemployment in the United States. Their plans to resolve these issues are different, though.
Trump's strategy begins by imposing importation tariffs on China and Mexico (some experts say this policy would ultimately hinder the American economy because of the trade war it would ignite). Trump argues that by limiting the amount we import from China and Mexico, there would be more opportunities for American employment in manufacturing. He would also keep the federal minimum wage at $7.25 an hour. Trump's tax plan would give relief to families earning between $25,000 and $50,000 a year (they would not owe taxes); he would simplify the tax brackets to four instead of the current seven. Here's how Trump's proposed tax brackets would be broken down: individuals earning below $25,000 would not owe federal taxes, those earning $25,001 to $50,000 would owe 10 percent, those earning $50,001 to $150,000 would owe 20 percent, and those earning above $150,000 would owe 25 percent in federal income tax. He would also cap business taxes at a total of 15 percent of revenue to encourage more job growth. Some analysis suggests that Trump's plan would cut the government's revenue by 22 percent and increase the deficit by $9.5 million over the next decade.
Clinton's plan also proposes a tax cut for the middle class and relief for small businesses. If your income is over $5 million, Clinton's plan would tax that by four percent — basically, her reform is aimed at taxing the wealthy one percent. Clinton claims her proposed tax policy would raise $500 billion in revenue. Unlike Trump, she would close corporate tax loopholes that allow corporations to avoid taxes. She also believes that investing in clean energy, infrastructure improvement, and research are keys to strengthening the economy as well as adding jobs. What's more, Clinton would create a national bank that would endow the desparately needed infastructure repairs across the country and simultaneously add jobs through these projects.