The highlights of Hillary Clinton's tax plan are as follows:

Individual Taxes
-A tax surcharge of 4% on income over $5 million

-"Buffett Rule" mandating a minimum 30% tax rate on people with income over $1 million

-All itemized deductions would be capped at a tax value of 28%

Increase tax rate tiers on capital gains from two currently (short-term for <1 yr, long-term for >1yr) to seven (< 1yr, 1-2 yrs, 2-3 yrs, and so on with the lowest tax rate bracket for assets held for more than 6 years)

-Limit the amount of money that can be saved in tax-advantaged retirement accounts like IRAs and 401k accounts.

-Carried interest, which is currently taxed at a (lower) capital gains tax rate, should be taxed at ordinary income tax rates.

-A $1,200 tax credit for caregiver expenses

-Increase the estate tax — a.k.a. "death tax" — from 40% to 45%; reduce the exemption for estate tax from $5.45 million to $3.5 million.

Corporate Taxes
-A new tax on high-frequency trading.

-A tax credit for profit sharing for the first two years of a company's profit sharing program.

-The credit will be 15% of the profits shared, and be capped at a profit-sharing amount of 10% of the employee's annual wage.

-Close the "reinsurance premium" loophole where a company pays reinsurance premiums to its subsidiary in a foreign country.

Analysis: Economic Impact of Clinton's tax plan

According to analysis by the non-partisan Tax Policy Center, Clinton's tax plan

Would increase revenue by $1.1 trillion over the next decade. Nearly all of the tax increases would fall on the top 1 percent; the bottom 95 percent of taxpayers would see little or no change in their taxes. Marginal tax rates would increase, reducing incentives to work, save, and invest, and the tax code would become more complex.

Donald Trump's Tax Plan

Donald Trump released his tax plan in the fall of 2015. It was one of the few issues on which his campaign released a detailed plan, but he was looking to rewrite it in late spring of 2016.

Highlights of Trump's tax plan include:

Individual taxes

-Reduce tax brackets from 7 to 4 — 0%, 10%, 20% and 25%

-Increase standard deduction to $25,000 per person

-Taxes on dividends and capital gains to be capped at 20%

-Repeal the AMT (alternative minimum tax), estate tax and gift tax

-Carried interest to be taxed as ordinary income rather than the lower capital gains tax rate

-Repeal the Net Investment Income Tax (NIIT), which was applied to fund the Affordable Care

-Act (a.k.a. Obamacare). This tax — currently 3.8% — applies to investment income for households earning more than $250,000.

-Corporate taxes

-Decrease corporate income tax rate from 35% to 15%

-Disallow deferral of corporate income taxes on foreign income. Bring corporate money currently overseas back to the U.S. via a one-time repatriation tax rate of 10%.

-Limits on how much interest expense can be tax deductible

-Analysis: Economic Impact of Trump's tax plan

While Trump has claimed that his tax plan is revenue-neutral, experts have called this claim "pie-in-the-sky nonsense" because Trump's proposals would significantly increase government debt.

According to of Trump's tax plan by The Tax Foundation, the proposals would increase GDP by 11.5% and create 5.3 million jobs in the long run. However, the plan would also result in a big increase in federal debt because it would reduce federal government revenue by over $10 trillion in ten years. For reference, national debt currently is just north of $18 trillion.

According to analysis by the Tax Policy Center, the plan would reduce revenue by $9.5 trillion and while the plan cuts taxes at all income levels, the largest benefits would accrue to high-income households. The analysis notes, however, that the plan would improve incentives to work, save, and invest.