What is Hillary Clinton's take on globalization
USA: presidential election : How Clinton and Trump want to change the economy
Both are against free trade and want to create jobs. But that's all the points on which Hillary Clinton and Donald Trump agree. The Democrat and the Republican are arguing over tax policy, healthcare reform and the energy transition. Their opinions diverge widely on many points. An overview of how the two presidential candidates want to change the US economy.
Clinton: A burden on the rich
Clinton stands for higher taxation of the rich. To combat inequality, she calls for a minimum income tax rate of 30 percent for millionaires. She also wants to close the tax loopholes. She wants to relieve families of taxes - for example by increasing the child allowance. Clinton wants to give companies a tax break if they let employees share in their profits. Under Clinton, the Tax Policy Center expects tax revenues to rise by $ 1.1 trillion within ten years.
Trump: discharge for heirs
Trump has announced the "biggest tax revolution since Reagan". He wants to simplify and reduce taxes - many should even no longer have to pay taxes at all. Firms and the rich would particularly benefit from this. Trump wants to reduce corporate taxes from 35 percent to 15 percent. He wants to abolish inheritance tax - which alone would save his family four billion dollars. If Trump's plan is implemented, the Tax Policy Center expects tax revenues to decline by $ 2.6 billion to $ 3.9 billion in ten years.
Clinton: Little free trade
Both Clinton and Trump are critical of free trade agreements. For the democrat, this means a change of direction. As Secretary of State, Clinton had campaigned for the TTP trade agreement, which the US wants to conclude with eleven Pacific countries. She has since changed her mind. "I'm against it now, I'll fight it after the election and I'll fight it when I'm president," she says. The problem: If the TTP fails, it could also jeopardize the trade agreement with Europe (TTIP), say experts.
Trump: more tariffs
Trump thinks little of free trade and a lot of protectionism. His motto is: "Americanism, not globalism" - Americanization instead of globalization. Unlike many Republicans, he therefore rejects the TTP free trade agreement. If Trump has his way, the US could even leave the World Trade Organization. Instead of opening up internationally, he relies on isolation. Trump wants to impose a tariff of 45 percent on imports from China. In his opinion, a duty should also apply to Ford cars that are produced in Mexico.
Clinton: Health Insurance for Everyone
As First Lady, Clinton advocated health policy reform. As president, she wants to develop Obama's “Affordable Care Act”. For example, illegal immigrants should also get health insurance. She also wants to take tax relief from Americans who care for relatives. The pharmaceutical companies want to tackle Clinton because they think their drug prices are excessive. "It is wrong for drug companies to put profit above patients and raise prices without justification," says Clinton.
Trump: Cheap drugs
Trump, on the other hand, wants to reverse the US health care reform. This includes that he wants to abolish the compulsory health insurance that Obama introduced. Critics fear that 21 million US citizens would lose their insurance coverage. For this, the Americans should be able to deduct their contributions to private health insurance from tax. In addition, health insurance is to be made cheaper for consumers in rural areas. Like Clinton, Trump also railed against the excessively high drug prices.
Clinton: More Renewable Energy
"A country will be the clean energy superpower in the 21st century," said Clinton. China, Germany or the USA could be the winners. "I want us to be," Clinton's announcement. She sees climate change as a serious threat, which is why she is sticking to Obama's “Clean Power Plan” and wants to significantly reduce emissions from power plants. She also wants to introduce standards for energy efficiency and abolish subsidies for oil and gas companies. She is betting on the expansion of renewable energies and hopes that this will also create new jobs.
Trump: More fossil fuels
Trump wants the exact opposite of Clinton in terms of energy. He argues: High environmental regulations only burden the energy companies, lead to high electricity prices and job cuts and should therefore be abolished. Trump wants to terminate the Paris climate agreement, suspend payments under UN climate programs, and close the Federal Environment Agency. On the other hand, he wants to expand the promotion of fossil fuels. For example, Trump wants to have the Keystone XL oil pipeline built, the establishment of which Obama has vetoed.
Clinton: Strict rules
Clinton wants to regulate the banks even more and thus make the financial market more secure. For example, she is calling for a risk fee to be introduced for large banks. In addition, bankers should be liable for their mistakes: If a financial institution makes losses, managers should lose their bonus payments. Clinton wants to make stock trading through high-performance computers (high-frequency trading) more expensive with a new tax. In addition, whistleblowers should receive a reward if they uncover dubious business practices of the banks.
Trump: Free Markets
Trump, on the other hand, trusts the free forces of the market and criticizes the excessive regulation of the banks. In his opinion, the supervisory authorities are far too restrictive of the financial institutions in their trading. Trump therefore wants to reverse the reforms of recent years in terms of financial market regulation. At the same time, Trump has announced new regulatory projects elsewhere: He could reintroduce the Glass-Steagall Act, according to which the securities business must be clearly separated from the lending and deposit business.
Clinton: More apprenticeships
Wanting to create more jobs is a popular campaign promise. Clinton wants to create more jobs primarily by investing in infrastructure. “We will build roads, bridges, tunnels, railways and airports.” In addition, Clinton relies heavily on education: She advocates free study places and wants to create tens of thousands of paid apprenticeships. The model for their “Earn while you learn” program is the dual training in Germany. Companies that employ apprentices should receive a tax bonus.
Trump: More industrial jobs
"We will bring American steel workers and coal miners back into wages and salaries," promises Trump. He is particularly annoyed by the migration of jobs abroad - which is why he relies on protectionism. For example, Trump wants to get corporations to relocate industrial production more in the US instead of overseas. For example, he wants to force the iPhone company Apple to do without Asian suppliers. "We're getting Apple to build its damn computers in our country."
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