Another program, another tax hike. Hillary Clinton today proposed a $350 billion tax increase as part of a “New College Compact” spending program.
The $350 billion tax hike over ten years comes in the form of a 28 percent cap on itemized deductions. This creates a new Alternative Minimum Tax.
“By capping itemized deductions — which already phase out based on income — Clinton will complicate the tax code and bring back the AMT for millions of families,” said Grover Norquist, president of Americans for Tax Reform. “The original AMT targeted 155 individuals but grew to target 40 million families. Hillary’s new idea is the old AMT that starts as a $350 billion tax hike and will certainly grow.”
Back in June, Clinton spokesman Brian Fallon warned of upcoming “revenue enhancements” – and the campaign has not disappointed. Today’s tax increase follows her July proposal for the most complicated capital gains tax scheme in U.S. history.
Clinton has also called for a tax increase in the form of a “Buffett Rule.”