[score]Hillary Clinton[/score] promised her tax plan would be fair, and it just might be as she claimed. According to analysts just about everyone in the country will be poorer thanks to her plan. Fair enough, Hillary’s tax plan screws rich and poor alike.
Per the Wall Street Journal:
And although the Clinton tax hikes are ostensibly targeting the rich, with proposed changes such as a new surtax on high incomes and a Buffett Rule that sets a minimum tax rate on high earners, the Tax Foundation projects a decline of at least 0.9% in after-tax incomes for all taxpayers due to slower growth. So for everyone dissatisfied with the Obama economy, the Clinton agenda promises to make it just a bit worse.”
In other words she will be[score] Barack Obama[/score]’s third term…only worse.
The Tax Foundation goes into a bit more detail about the “joy ” that Hillary will bring
- Hillary Clinton would enact a number of tax policies that would raise taxes on individual and business income.
- Hillary Clinton’s plan would raise tax revenue by $498 billion over the next decade on a static basis. However, the plan would end up collecting $191 billion over the next decade when accounting for decreased economic output in the long run.
- A majority of the revenue raised by Clinton’s plan would come from a cap on itemized deductions, the Buffett Rule, and a 4 percent surtax on taxpayers with incomes over $5 million.
- Clinton’s proposals to alter the long-term capital gains rate schedule would actually reduce revenue on both a static and dynamic basis due to increased incentives to delay capital gains realizations.
- According to the Tax Foundation’s Taxes and Growth Model, the plan would reduce GDP by 1 percent over the long-term due to slightly higher marginal tax rates on capital and labor.
- On a static basis, the tax plan would lead to 0.7 percent lower after-tax income for the top 10 percent of taxpayers and 1.7 percent lower income for the top 1 percent. When accounting for reduced GDP, after-tax incomes of all taxpayers would fall by at least 0.9 percent.
Perhaps her “eat the rich” strategy is not what it’s cooked up to be. Even worse that average $19 Billion in added revenue/year will do little to stem the Federal deficit which the CBO projected to increase to $544 billion in fiscal 2016.
Hillary’s tax plan will do exactly what Obama’s plan did. It will slow down the economy, increase taxes, and screw the rich and poor alike. Next week the Tax Foundation will evaluate the [score]Bernie Sanders[/score] tax plan, which based on recent news about Hillary’s emails, may just have to pay for a few new orange jump suits for the former first lady.