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Jobs, taxes among voters' top concerns in Trump, Clinton race

More jobs. Fairer taxes. Both Donald Trump and Hillary Clinton think they hold the solution to fixing the U.S. economy, but does the campaign rhetoric hold true to reality?

For tax expert Alli Hayes, the winner of the presidential election would do everyone a favor by simplifying the tax code.

"The tax system is overwhelming, not only for the average individual but as you go up the ladder," said Hayes, an associate professor of accounting at North Central College in Naperville.

Republican nominee Trump proposes a tax cut across the board from a 30 percent reduction for a family earning $75,000 to 3 percent less for a family making $5 million or more. He intends to reduce the number of tax brackets from seven to three with rates of 12 percent, 25 percent and 33 percent.

Clinton, the Democratic nominee, wants to increase rates for the very wealthy, ensuring people earning more than $1 million annually pay 30 percent in taxes. She plans to close tax loopholes, such as one allowing financiers to pay a low rate on profits from investments.

Both Trump and Clinton tout job-creation programs.

However, Boston Federal Reserve President Eric Rosengren told CNBC earlier this month the economy is close to hitting full employment. Illinois' unemployment rate is 5.5 percent and the national rate is 5 percent.

Trump promises 25 million jobs in the next decade. He intends to drop the business tax rate from 35 percent to 15 percent. Arguing federal regulations stifle progress, he wants a moratorium on those that are not safety-related or directed by Congress.

Clinton proposes a $10 billion "Made in America" program that would offer tax incentives to companies that invest in communities hit hard by the loss of manufacturing jobs.

It would encourage partnerships between small manufacturers and with universities to share knowledge and grow the supply chain.

America's greatest problem is not so much finding jobs as finding skilled employees to work in growing fields like green technology and health services, Harper College economist Getachew Begashaw said. "It's about creating a qualified labor force," said Begashaw, noting Harper has a successful program that allows workers to upgrade their skills.

• Daily Herald news services contributed to this report.

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