In particular, Democratic candidate Hillary Clinton offered a few key points that shed some light on how she thinks the wealthiest Americans can pay their fair share in taxes.
FILE - In this Monday, Sept. 26, 2016, file photo, Republican presidential nominee Donald Trump speaks during the presidential debate with Democratic presidential nominee Hillary Clinton at Hofstra University in Hempstead, N.Y.
Clinton's proposals would increase taxes by $1.4 trillion over the next decade, most of which would come from individual income tax revenue that would account for about $817 billion.
Her plans for tax increases are focused on the wealthy and high-wage earners.
Mrs. Clinton's plan, it turns out, would close a loophole on one feature in tax-avoidance strategies of real estate investors like Trump.
"The Clinton Official-led Tax Policy Center has wasted everyone's time with a fraudulent analysis", the Trump campaign said in a statement, accusing the center of deliberately misrepresenting Trump's plan, alleging ties to Clinton while in the same statement also touting criticism by the center of Clinton's plan. Tax Policy Center will soon release dynamic scores of both plans, which it produces in collaboration with the Penn Wharton Budget Model. Trump didn't just slam the policy; he also accused Clinton of refusing to tweak carried-interest laws because they benefit her rich buddies in the investing community.
Trump's blueprint mirrors the House GOP's Better Way tax proposal, with a top individual rate of 33 percent.
Some of Clinton's proposals were not included in the estimates because they were unclear. A wide-ranging scheme of reform, such as Clinton's, affords the opportunity to smooth out unforeseen incentives and unintended spikes in effective tax rates - economic signals that send effort and investment in the wrong direction. By comparison, almost 18.6 million taxpayers with incomes under $50,000 faced zero US income taxes that year- roughly 20 percent of that income group. A single parent making $75,000 with two school-aged children and no child-care costs "would face a tax increase of $2,440", she wrote. According to tax documents leaked to the newspaper, Trump claimed more than $900 million in losses in 1995, enough to potentially and legally reduce his tax bill to zero for as many as 18 years.
Because of the way it changes standard deductions, the Trump proposal would actually raise taxes for an undetermined number of middle-class and lower-income households that have many children or are headed by a single parent, the analysis found. In one of the more substantive portions of Sunday's debate, he called for closing the so-called "carried interest loophole", which gives hedge-fund managers a tax break on the income they earn from their clients before taking a cut of their fund's total growth. Trump proposes letting those businesses pay a 15 percent rate on their income.
According to Trump's campaign website, child care costs will be excluded from income taxes from birth age to age 13.
Instead, families with no income-tax burden will be able to claim up to 45 cents of each dollar they earn up to the full value of the credit.
Ms. Clinton's proposal would double to $2,000 per child the amount of the credit that's available to families of young children. For families, her plan would create a 28 percent cap on itemized deductions.
Republican Donald Trump has proposed a more sweeping tax cut, condensing the current seven brackets to just three. He also has proposed making child-care costs tax deductible for children under age 13 - and offering spending rebates for child-care expenses to low-income taxpayers.
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