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Clinton's Tax Agenda Promises To Harm The U.S. Economy

- February 4, 2016

The Wall Street Journal's James Freeman: "For Everyone Dissatisfied With The Obama Economy, The Clinton Agenda Promises To Make It Just A Bit Worse." "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." (James Freeman, "Hillary's $191 Billion Tax Increase," The Wall Street Journal. 1/26/16)

According To Analysis By The Tax Foundation, Clinton's Tax Plan Will Reduce U.S. GDP By 1 Percent, Cost Over 300,000 American Jobs And Reduce American Wages By 0.8 Percent

According To Analysis By The Tax Foundation, Clinton's Tax Proposals Would "Reduce The Economy's Size By 1 Percent." "According to the Tax Foundation's Taxes and Growth Model, Hillary Clinton's tax plan would reduce the economy's size by 1 percent in the long run." (Kyle Pomerleau and Michael Schuyler, "Details And Analysis Of Hillary Clinton's Tax Proposals," Tax Foundation, 1/26/16)

According To Analysis By The Tax Foundation, Clinton's Tax Proposals Would Result In "311,000 Fewer Full-Time Equivalent Jobs." "The smaller economy results from somewhat higher marginal tax rates on capital and labor income." (Kyle Pomerleau and Michael Schuyler, "Details And Analysis Of Hillary Clinton's Tax Proposals," Tax Foundation, 1/26/16)

According To Analysis By The Tax Foundation, Clinton's Tax Proposals Would "Lead To 0.8 Percent Lower Wages. "The plan would lead to 0.8 percent lower wages, a 2.8 percent smaller capital stock, and 311,000 fewer full-time equivalent jobs. The smaller economy results from somewhat higher marginal tax rates on capital and labor income." (Kyle Pomerleau and Michael Schuyler, "Details And Analysis Of Hillary Clinton's Tax Proposals," Tax Foundation, 1/26/16)

According To Analysis By The Tax Foundation, Clinton’s Plan Will Only Raise Between $193 Billion And $498 Billion Over The Next Decade, At Least $800 Billion Short Of Her Proposed New Spending

According To Analysis By The Tax Foundation, Clinton's Tax Proposals Would Raise Tax Revenue By $498 Billion Over The Next Ten Years Based On A Static Analysis. "Overall, the plan would increase federal revenue on a static basis by $498 billion over the next 10 years. Most of the revenue gain is due to increased individual income tax revenue, which we project to raise approximately $381 billion over the next decade. The changes to the estate tax will raise an additional $106 billion over the next decade. The remaining $11 billion would be raised through increased taxes on corporations." (Kyle Pomerleau and Michael Schuyler, "Details And Analysis Of Hillary Clinton's Tax Proposals," Tax Foundation, 1/26/16)

According To Analysis By The Tax Foundation, Clinton's Tax Proposals Would Raise Tax Revenue By $193 Billion Over The Next Ten Years Based On A Dynamic Analysis. "However, the plan would end up collecting $191 billion over the next decade when accounting for decreased economic output in the long run." (Kyle Pomerleau and Michael Schuyler, "Details And Analysis Of Hillary Clinton's Tax Proposals," Tax Foundation, 1/26/16)

Clinton's Capital Gains Tax Increase Would Actually Reduce Revenue

According To Analysis By The Tax Foundation, Clinton's Capital Gains Tax Proposals Would Reduce Revenue Between $374 And $409 Billion Over The Next Decade. "We estimate that Clinton's proposal to alter the schedule for long-term capital gains would end up losing $374 billion on a static basis. The higher rate for capital gains in the medium-term (assets held between two and five years) would push people to realize their capital gains later. Overall, this would reduce the number of realizations, and even with higher rates, the policy will lose revenue. Dynamically, the policy would lose slightly more revenue ($409 billion) due to its small impact on the cost of capital." (Kyle Pomerleau and Michael Schuyler, "Details And Analysis Of Hillary Clinton's Tax Proposals," Tax Foundation, 1/26/16)


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