VOYAGING through the final stages of America's presidential election campaign, we have been witness to numerous heated, and acrid at times, exchanges among the two major party nominees, Democrat Hillary Rodham Clinton and Republican Donald Trump, on innumerable national issues, such as national security, trading and financial turbulences, and above all, Uncle Sam's dimming international influence.

In the dying days of the campaign, the nation's taxing policies have come in for intense, often bitter and virulent debate among the two candidates. While Americans are said to be proud, morally essential and ethically-obligatory paying their taxes, as per schedule, every year by April 30. However, paradoxically, Republican Donald Trump has reportedly not exactly lived up to this unique national ideal. He was believed to be expropriating the national exchequer in taxes by the millions. When the New York Times scoop recently revealed that Trump had not paid a cent in taxes since 1995as he had reportedly incurred a $916-million loss, it stunned the nation no end. And, when questioned during the first debate among the presidential nominees on October 6 about his non-filing of income tax returns, Trump shot back saying that being a 'smart' businessman, he was not required to pay any tax. On the other hand, he rationalized his dubious act, adding that he knew how to avoid filing tax returns by 'using' the loopholes in the US income code to his benefit, though his Democratic opponent Hillary Clinton had regularly filed her returns. As per the American traditions, all contestants for electoral posts are required to file their returns, Trump had not done so since 1995.

Meanwhile, during the campaign rallies, both the candidates fiercely criticized the existing wide variations in the US current income tax slabs for various categories of earners. Though the nation's financial deficit has been skyrocketing since 2005 since George W. Bush took over as the US president. This deficit currently stands at whooping $21 trillion. Democrat Hillary Clinton has often pointed out that if elected, she would revamp the tax code under which the top 1% of the US households, and especially the 0.1%, will have to pay higher rates. She has declared that she would concentrate her 'tax agenda' on enhancing rates by imposing new 'layers of taxes' and 'sealing' the existing gaps that Trump exploited, and will not let the top earners escape pay taxes, or getting away paying lightly.

According to revamped tax that Mrs. Clinton has envisioned that households earning less than $250, 000 annually, will not be affected. Overall, her proposals, she has said will add $1.9 trillion in tax increases in the next 10 years. The purpose, she has held, was to stem rising income inequalities. The main object, Hillary has averred, would be to target the 'ultra-wealthy,' where it'll be hard to avoid tax at the very top. She plans to add 4% to the nation's tax revenue over the next decade-of which nearly 80% of the higher tax will come from the top 1% households; and more than half of it by hitting the 0.1%. According to latest available statistics, there are in all more than 140 million tax paying households in the US.

Conversely, Trump's principal economic agenda is lowering the taxes. Such a move will help the wealthy mostly. The fact is that Trump being a highly cunning and astute businessman, an up-scale global real estate developer, including his many real estate entities in India, and successfully managing his all 14 family large scale enterprises, has promised large tax cuts. Such cuts will hugely reduce social security benefits to the poor. If elected, he has boasted he'll be repealing estate duties, Obama health care law, and numerous other benefits. He has announced that he will slash the current upper tax-limit from 35% to 17%. He'll reduce the number of federal tax brackets to three - 12, 25, and 33%. These, last year,incidentally, were three-10, 20, 25 %. He'll reduce standard deductions to married couples, filing jointly to $30,000, and $15,000 for singles-up from $12,600 and $6,300, respectively from 2016.

Trump feels strongly that by cutting high tax rates will help boost businesses nation-wide, thereby kicking up the job-creation process and reducing income inequalities in turn. Trump has announced at says, he'll make the US quit trade deal entered into the Obama administration. He has announced at many election meetings that he'll also cut corporate taxes. Besides, as the London Economist, recently pointed out that Trump's' protectionism will wreck the economy, reduce wages and achieve little in return. 'But, let's not forget that his labyrinthine tax-cut promise won him the support of the national federation of independent business lobby, and his ultimate nomination.

Meanwhile, among all the domestic issues at stake in the 2016 race for the White House, taxes remain the most contentious issue. In any case the hard truth is that whoever becomes the next president, will find revamping the tax code as the most challenging conundrum. And, whatever shape the new tax law takes, the fact is that, as the New York Times has commented, most Americans pay their taxes without any grudge. In the US, 'social norm of taxpaying is one reason that tax compliance is very high by international standards.' Over 80 % Americans will never avoid paying their annual tax bill. For, they firmly believe that 'it's not OK to hold back on your taxes.'