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wehav
Senior Contributor

Hillary's tax and spend plan. More suffering

 

"

Key Findings:

  • 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."

Table 1. Tax Brackets under Hillary Clinton’s Tax Plan

Ordinary Income

Capital Gains and Dividends

Single Filers

Married Filers

Head of Household

10%

0%

$0 to $9,275

$0 to $18,550

$0 to $13,250

15%

0%

$9,275 to $37,650

$18,550 to $75,300

$13,250 to $50,400

25%

15%

$37,650 to $91,150

$75,300 to $151,900

$50,400 to $130,150

28%

15%

$91,150 to $190,150

$151,900 to $231,450

$130,150 to $210,800

33%

15%

$190,150 to $413,350

$231,450 to $413,350

$210,800 to $413,350

35%

15%

$413,350 to $415,050

$413,350 to $466,950

$413,350 to $441,000

39.6%

20%

$415,050 to $5 million

$466,950 to $5 million

$441,000 to $5 million

43.6%

24%

$5 million and above

$5 million and above

$5 million and above

2 Replies
schnurrbart
Veteran Advisor

Re: Hillary's tax and spend plan. More suffering

I like that better than bush's plan---increase spending while cutting taxes and have to borrow from the commies to keep everything floating!!

GreaTOne_65
Senior Contributor

Re: Hillary's tax and spend plan. More suffering

That was to much information, Brian. Went right over his head, wanna bet??