Donald Trump stops in Chester Township, Pa., Thursday for a rally in the battleground state. Hillary Clinton maintains a lighter schedule heading into the first debate next week.

  • Donald Trump faces his first questions over controversies involving his foundation and "birther" comments
  • Mike Pence says there's "far too much talk" about racism and policing.
  • Trump wants to expand stop-and-frisk policies despite concerns that the policies are racially discriminatory
  • Meanwhile, Trump orders a cheese steak from a Philadelphia restaurant with controverisal past
  • Hillary Clinton wonders, "Why aren't I 50 points ahead, you might ask?"

Hillary Clinton hikes her proposal for higher estate tax

 (Getty Images)
(Getty Images)

The gap between how Hillary Clinton and Donald Trump want to tax the rich just got even wider.

Trump has proposed completely eliminating the estate tax, a levy on assets being passed to heirs when someone dies. The tax currently hits only estates worth more than $5.4 million, roughly .2% of households.

Clinton, on the other hand, is ramping up her proposal to increase the estate tax, which currently maxes out at 40%. A new plan released by her campaign would boost the top rate to 65% for estates worth more than $1 billion for couples or $500 million for single individuals. That's up from her earlier proposal of a top rate of 45%.

The new level was the target previously suggested by Sen. Bernie Sanders of Vermont, her rival in the Democratic primary.

The higher rate would raise an extra $75 billion over a decade, Clinton's campaign estimates.

Aides said the revenue would be necessary to cover the cost of additional government programs the former secretary of State has proposed. 

“We want to make sure we’re meeting the secretary’s core goals of paying for our priorities,” said Mike Shapiro, an economic policy advisor for Clinton.

Trump's spending plans, by contrast, are not covered by additional revenue. A new analysis from the nonpartisan Committee for a Responsible Federal Budget said the national debt would rise 25 times faster under Trump than Clinton. Trump's plans would raise the debt by $5.3 trillion over 10 years, the group said.

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