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Clinton Econ Advisor Proposes Trillions In New Taxes

- August 11, 2016

Yesterday, Clinton Campaign Advisor Professor David Kamin Released A Paper Which Calls For A Host Of New Tax Hikes. "Clinton has already proposed north of $1 trillion in tax hikes, the vast majority on the top 1 percent. But our Brian Faler notes that David Kamin of New York University, one of Clinton's outside advisers, has rolled out a string of other revenue-raisers from the wealthy." (Bernie Becker, "State Vs. Federal," Politico's Morning Tax, 8/11)

Kamin Is A Clinton Campaign Economic Policy Advisor. "In the video below, John Harwood, chief Washington correspondent for CNBC, interviews Sam Clovis, national co-chair and chief policy advisor to Donald J. Trump for president, and David Kamin, economic policy advisor to Hillary for America." ("Clinton And Trump Advisors Talk About The National Debt," Peter G. Peterson Foundation, 5/17/16)

  • Kamin Is Also A Former Obama White House Economic Adviser, Working As A "Special Assistant To The President For Economic Policy" In Obama's First Term. "Before joining NYU Law, Kamin worked in President Obama's administration. From 2010-2012, he served as special assistant to the president for economic policy at the White House. There, Kamin helped coordinate administration policy on federal tax and budget issues as well as other areas including unemployment insurance, infrastructure, and the postal service. Prior to serving as special assistant to the president, Kamin worked as special assistant, and later adviser, to the director of the US Office of Management and Budget, helping formulate policy for President Obama's first two budgets." ("David Kamin," NYU Law, Accessed 8/11/16)

KAMIN SHOWS WHAT A CLINTON ADMINISTRATION WOULD REALLY BE LIKE: TRILLIONS IN ADDITIONAL TAX INCREASES ON TOP OF CLINTON'S PUBLICLY PROPOSED TAX HIKES

New Tax #1: New Annual Tax On Capital Gains: $1 Trillion Over 10 Years

In His Paper, Kamin Proposes Taxing Capital Gains On Stocks And Other Financial Assets On An Annual Basis, A Massive Tax Increase "That Has The Potential To Exceed $1 Trillion Over The Next Ten Years." "Fundamental reforms: Tax capital gains on a mark-to-market basis, at least when it comes to publicly-traded assets, and charge asset holders for the benefit of deferring gains on property. Additional revenue from a proposal such as this has the potential to exceed $1 trillion over the next ten years." (David Kamin, "Taxing Capital: Paths To A Fairer And Broader U.S. Tax System," Washington Center For Equitable Growth, 8/10/16)

  • Kamin's Plan B If This Proposal Cannot Get Passed: A New Death Tax On Assets When They Are Inherited, A Tax Increase Of "Close To $250 Billion Over The Next Ten Years." "Intermediate steps: Tax gains on assets upon death or gift, eliminating one of the major tax benefits of continuing to hold property rather than selling it. Additional revenue due to this reform, in combination with a small increase in rates, would be close to $250 billion over the next ten years." (David Kamin, "Taxing Capital: Paths To A Fairer And Broader U.S. Tax System," Washington Center For Equitable Growth, 8/10/16)

New Tax #2: New Death Tax: $1 Trillion Over 10 Years

Kamin Wants To Expand The Death Tax Into "An Inheritance Tax" And Create A New "Wealth Tax," Which He Believes Could Raise Taxes By "Several Hundred Billion Dollars" And "$1 Trillion" Respectively Over The Next Ten Years. "Fundamental reforms: Adjust the taxation of transfers of wealth between generations by switching the estate tax to an inheritance tax so that the tax applies based on the number of recipients and their economic status rather than the estate. And consider imposing a wealth tax at more regular intervals and not just at the point at which assets are transferred between generations. While still focused on the very top of the wealth distribution, an inheritance tax could be designed to raise several hundred billion dollars over the next ten years, and a moderate wealth tax could potentially raise in the broad range of $1 trillion over the next ten years." (David Kamin, "Taxing Capital: Paths To A Fairer And Broader U.S. Tax System," Washington Center For Equitable Growth, 8/10/16)

  • Kamin's Plan B: Expand And Raise The Death And Gift Taxes To The Tune Of "More Than $150 Billion Over The Next Ten Years." "Intermediate steps: The estate and gift tax should be applied to more wealth transfers and at a higher rate, and rules should be tightened to cut down the opportunities for gaming. Additional revenues due to these reforms would raise more than $150 billion over the next ten years." (David Kamin, "Taxing Capital: Paths To A Fairer And Broader U.S. Tax System," Washington Center For Equitable Growth, 8/10/16)

New Tax #3: New Taxes On Business: Many Hundreds Of Billions Of Dollars Over 10 Years

Kamin Wants To Change The Way Business Profits Are Taxed "To Raise Many Hundreds Of Billions Of Dollars More" Over A Decade. "Fundamental reforms: Change how the location of profits is determined by switching from a system focused on the 'source' of the product or service that generates profits to the 'destination' of the product or service-since destination of sales can be harder to manipulate. And shift more of the burden of capital taxation-perhaps especially the ordinary returns to capital-to the shareholders of corporations and away from the entity itself, since the residence of the owners is less likely to be sensitive to tax rates. It is possible that a reform such as this could be designed to raise many hundreds of billions of dollars more over the decade-and more efficiently, fairly, and sustainably than we do now." (David Kamin, "Taxing Capital: Paths To A Fairer And Broader U.S. Tax System," Washington Center For Equitable Growth, 8/10/16)

  • Kamin's Plan B: A Series Of Business Tax Hikes Which Amounts To "As Much As $400 Billion" Over A Decade. "Intermediate steps: A minimum tax on foreign profits; tighten so-called transfer-pricing rules that allow corporations to manipulate where they source their profits, especially with regard to intangible assets such as intellectual property; make it harder especially for foreign-based corporations operating in the country to strip profits out of the United States via interest deductions on debt; and tighten rules on shifting of corporate residence out of the United States. Additional revenue from a package of reforms such as this could raise as much as $400 billion over the next ten years (not even taking into account one-time revenue from the taxation of un-repatriated profits)." (David Kamin, "Taxing Capital: Paths To A Fairer And Broader U.S. Tax System," Washington Center For Equitable Growth, 8/10/16)

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