Republican presidential nominee Donald Trump speaks during the second presidential debate with Democratic presidential nominee Hillary Clinton at Washington University in St. Louis, Sunday, Oct. 9, 2016. (AP Photo/Patrick Semansky)

WASHINGTON - For America's wealthiest families, the presidential campaign presents a stark choice: a big tax increase if Hillary Clinton wins the election — or a big tax cut if Donald Trump wins.

For everyone else? Right now, neither candidate is proposing major tax changes.

Taxe policy is one of the issues on which the two nominees differ most. On trade, Clinton has backed off her previous support for free trade agreements and, like Trump, now opposes the Trans-Pacific Partnership, a pact involving the U.S. and 11 other nations.

Trump has said he will spend twice as much on building and repairing roads, airports and other infrastructure as Clinton would.

On trade and infrastructure spending, Trump has taken a populist approach that jettisons Republican orthodoxy. But on taxes, his proposed tax cuts for individuals and businesses are more in line with previous Republican candidates and elected officials. After two previous tries, he provided more details on his tax plans in a speech in New York last month — although he left one key component unclear.

Clinton, for her part, is proposing to raise taxes for the wealthiest households to pay for traditional Democratic proposals such as expanding access to higher education.

"Here, at least, they fall into very much traditional Democratic and Republican proposals," said William Gale, co-director of the Tax Policy Center, a joint project of the Brookings Institution and Urban Institute.

On taxes, the two candidates remain far apart. Here are summaries of their proposals:

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TAXES ON HIGHER INCOMES

TRUMP: He would cut the top income tax bracket to 33 per cent from its current level of 39.6 per cent. Republican House Speaker Paul Ryan has made the same proposal, which the conservative Tax Foundation said would help boost after-tax income for the wealthiest 1 per cent of Americans by 5.3 per cent. Trump would also cap tax deductions at $200,000 per household.

CLINTON: She is proposing several tax increases on wealthier Americans, including a 4 per cent surcharge on incomes above $5 million, effectively creating a new top bracket of 43.6 per cent. And those earning more than $1 million a year would be subject to a minimum 30 per cent tax rate. She would also cap the value of many tax deductions for wealthier taxpayers. All the changes would increase taxes in 2017 for the richest 1 per cent by $78,284, reducing their after-tax income by 5 per cent, according to the Tax Policy Center.

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TAXES ON MIDDLE INCOMES

TRUMP: Would reduce the seven tax brackets in current law to three, at 12 per cent, 25 per cent and 33 per cent. He'd also raise the standard deduction to $15,000 for singles and $30,000 for households.

CLINTON: Says she will not raise taxes on the middle class. Her current proposals would have little impact on the bottom 95 per cent of taxpayers, according to the Tax Policy Center.

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CORPORATE TAX RATE

TRUMP: Would cut the corporate rate from its current 35 per cent to 15 per cent. It's unclear, however, if he'd allow "pass-through" corporations, which pay taxes on revenue as personal income, to claim the 15 per cent rate. Doing so would cost an extra $1.5 trillion, according to the nonpartisan Tax Foundation, which supports lower tax rates.

CLINTON: Would not change the corporate tax rate.

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"CARRIED INTEREST" LOOPHOLE

TRUMP: Managers for private equity firms and hedge funds can classify their investment profits as "carried interest" and pay capital gains taxes on their income at rates that can be as low as half the regular income tax rate. Trump says he would eliminate the loophole, but hedge fund and private equity managers would be able to pay even lower tax rates should Trump let pass-throughs enjoy his lower 15 per cent rate.

CLINTON: Would eliminate the loophole and tax carried interest as ordinary income.

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ESTATE TAXES

TRUMP: Would eliminate the so-called "death tax" that is currently levied on estates worth more than $5.45 million ($10.9 million for married couples).

CLINTON: Would increase the estate tax to 65 per cent from 40 per cent and apply it to more estates, starting with those worth $3.5 million ($7 million for married couples).

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CORPORATE INVERSIONS

TRUMP: Argues his steep cut in the corporate tax rate would end the practice of corporate "inversions," which occur when a U.S. company acquires a foreign corporation, then relocates overseas, to avoid paying U.S. corporate taxes. The U.S. corporate tax rate of 35 per cent is the highest in the developed world, though many companies use deductions and other strategies to avoid paying that amount. Trump would only tax repatriated corporate money at 10 per cent to incentivize businesses to bring it back into the country.

CLINTON: Would discourage inversions by making it harder for a U.S. company to classify itself as foreign-owned to avoid U.S. taxation. She would also place an "exit tax" on companies that leave the U.S. while still keeping earnings overseas that haven't been subject to U.S. tax.

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CHILD CARE

TRUMP: Wants to make child care costs tax-deductible, subject to caps based on income and the average price of child care in a state. It would apply to stay-at-home parents as well. Would expand the Earned Income Tax Credit to benefit lower-income earners who pay little or no income tax. Current law allows parents to claim a credit of up to $6,000 for child care expenses. He'd also let families put aside money in tax-exempt accounts to pay for child care.

CLINTON: Has made several proposals intended to help limit child care expenses to 10 per cent of a family's income through a combination of expanded government spending and unspecified tax credits.

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Contact Chris Rugaber on Twitter at http://Twitter.com/ChrisRugaber and Nicholas Riccardi at https://twitter.com/NickRiccardi.

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EDITOR'S NOTE _ One in an AP series examining the policy prescriptions offered by the major candidates for president.

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