This week, Hillary Clinton unveiled her “New College Compact” promising Americans “free” community college and lower student debt. Buried deep in the plan was how she would pay for this new spending program – a $350 billion income tax hike on American families. In New Hampshire alone, this plan will increase income taxes on over 23,000 households.
“If this is a ‘free’ plan then why is Hillary raising income taxes on 23,000 New Hampshire families to pay for it?” asked Grover Norquist, president of Americans for Tax Reform.
The Clinton plan reduces the full income tax deductibility of countless deductions including charitable donations, mortgage interest, high medical bills, and state and local taxes for New Hampshire families in the 33-percent, 35-percent, or 39.6 -percent brackets, limiting their value to 28 percent. Nationwide, this tax increase raises an additional $350 billion in income tax payments to the IRS.
Hillary’s latest tax grab echoes her 2004 promise: “We’re going to take things away from you on behalf of the common good.” This remark was made during a speech to her financial backers and was overheard and reported by the Associated Press. Unaware there was a reporter present, then-Senator Clinton felt free to spell out her true tax worldview.
According to IRS Statistics of Income Data for 2012 (the most recent year available), the new Hillary tax hike will hit about 23,000 New Hampshire households, based on the number of families who earned over $200,000 and itemized their deductions.
Earlier this year, Clinton spokesman Brian Fallon warned of upcoming “revenue enhancements” – which are also known as “taxes” in the real world. Hillary’s latest tax increase follows her July proposal for the most complicated capital gains tax scheme in U.S. history.