Hillary Has Proposed Over $1 TRILLION in Higher Taxes

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Posted by Alexander Hendrie on Monday, January 18th, 2016, 1:11 PM PERMALINK


Hillary Clinton has proposed at least $1.025 trillion in higher taxes on American families and businesses over the next ten years.

The $1.025 trillion figure is based on the Clinton campaign’s published policy documents:

$350 Billion Income Tax Increase for a “New College Compact” – Clinton has proposed a $350 billion income tax hike in the form of a 28 percent cap on itemized deductions.

$275 Billion Business Tax Increase for “Infrastructure”—Clinton has called for a tax hike of at least $275 billion through undefined business tax reform. According to the Clinton campaign document, “Hillary will fully pay for these [Infrastructure] investments through business tax reform.”

$400 Billion “Fairness” Tax Increase -- According to her published plan, Clinton has called for a tax increase of “between $400 and $500 billion” by “restoring basic fairness to our tax code.” These proposals include a “fair share surcharge,” taxing carried interest capital gains as ordinary income, and raising the Death Tax.

The tax hike tally this far:

$350 Billion for “New College Compact”

$275 Billion for “Infrastructure”

$400 Billion for “Fairness”

______________________________

= $1.025 Trillion

 

Clinton has proposed several tax increases not included in the tally above. Because her campaign has failed to release specific details for many of her proposals, the true figure is likely much, much higher than $1.025 trillion.

For example:

Capital Gains Tax Increase -- Clinton has proposed an increase in the capital gains tax to counter the “tyranny of today’s earnings report.” Her plan calls for an overly complex, byzantine capital gains tax regime with six brackets for those whose total taxable income puts them in the top 39.6 percent bracket. Her campaign has not said how much this will increase taxes.

Tax on Stock Trading -- Clinton has proposed a new, unquantified tax on stock trading. The tax increase would only further burden markets by discouraging trading and investment. Inevitably, costs associated with this new tax will be borne by millions of American families that hold 401(k)s, IRAs and other savings accounts.

“Exit Tax” – Clinton has proposed a series of measures aimed at corporate inversions including an “exit tax” – on income earned overseas. The term “exit tax” is used by the campaign itself. This proposal would completely fail to address the underlying causes behind inversions. Her campaign document describing this proposal says it will raise $80 billion in tax revenue, but claims some of the $80 billion will be plowed into tax relief. It does not specify a dollar amount.

Americans for Tax Reform is tracking all of Hillary’s tax hike proposals at HighTaxHillary.com

Photo Credit: 
https://www.flickr.com/photos/wispolitics/

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