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January 27, 2016
Hillary Clinton’s Plan Would Raise Taxes By Half A Trillion Over Next Decade
Hillary Clinton’s Plan Would Raise Taxes By Half A Trillion Over Next Decade
Hillary Clinton’s proposed tax plan would raise taxes by $498 billion over the next decade and would reduce the economy’s size by 1 percent, according to analysis by the Tax Foundation.
In order to pay for the new and expanded government programs Clinton has touted on the campaign trail, her proposed tax plan will increase marginal tax rates on income, labor, and capital, a move that will in turn reduce GDP, lower wages, and eliminate jobs.
Most of the $498 billion in tax revenue over the next decade would come from individual income taxes, the estate tax, and taxes on corporations.
According to the Tax Foundation, Clinton’s plan would increase marginal rates for taxpayers with incomes over $5 million, establish a 30 percent minimum tax on taxpayers who earn more than $1 million, cap itemized deductions to a tax value of 28 percent, and alter the long-term capital gains schedule.
Republican National Committee Chairman Reince Priebus called Clinton’s tax plan “an absolute disaster.”
“Hillary Clinton’s tax hike plan is an absolute disaster,” he said. “Not only do Clinton’s tax increases fail to pay for her $1.2 trillion spending spree, they will slow economic growth, drive down wages, and kill the equivalent of hundreds of thousands of full-time jobs.”
“This study shows Hillary Clinton’s plan to double down on the failed Obama economic agenda will only keep the American Dream out of reach of more Americans and bury the country in even more debt,” he continued. “The need for new Republican leadership in the White House couldn’t be clearer.”
Wild Thing's comment................
Hillary would Tax us all to death.
Posted by Wild Thing at January 27, 2016 12:45 AM
