US Democratic presidential candidate Hillary Clinton speaks at a campaign rally, October 24, 2016 at Saint Anselm College in Manchester, New Hampshire. / AFP / Robyn BECK
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For wealthy Americans, a big win by Hillary Clinton on Nov. 8 could get pretty expensive. Clinton is proposing higher taxes on Americans who make more than $250,000, including a 4 percent "fair share surcharge" on incomes over $5 million a year. Clinton proposes raising revenue by $1.4 trillion over the next decade.Trump, by contrast, would cut taxes by $6.2 trillion over the next 10 years, with the top 1 percent getting almost half that benefit and a 13.5 percent boost to their after-tax income.Instead of trying to minimize this year's tax bill, you might try to take as much income as possible in 2016 – for example, by selling a winning stock – rather than risk paying higher taxes on that money in 2017 or 2018 .If it happens again, the wealthy may have only the last several weeks of 2016 to get ready for higher taxes.If Clinton gets her plan through, taxes would get both more complicated and harder to avoid.
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