Throughout her campaign, Democratic presidential nominee Hillary Clinton has been proposing tax increases to pay for her larger government and increased entitlements.
Now in a new report, we see just how much that will cost us if she’s elected in November.
“Hillary Clinton’s tax proposals would increase taxes by $1.4 trillion over the next decade and would reduce the growth of the economy by 2.6 percent,” according to analysis from the Tax Foundation, the Washington Free Beacon reported.
This is more than double the estimated tax increase that the Tax Foundation estimated in January with the increase due to additional taxes that Clinton has proposed since that time.
While most of Clinton’s tax proposals are aimed at those making more than $5 million dollars, they are not limited to only those wealthy Americans. About 60 percent of the increases would come from individual income taxes. Additional proposals would increase taxes on many businesses and banks.
The estate tax would be one of the largest with a top rate of 65 percent. The Free Beacon noted Clinton “has shielded herself from paying these types of taxes by using financial planning strategies.”
We can’t afford for our economy to be so badly hit at this time in history. We can’t afford an economy reduced by 2.6 percent. We can’t afford a 2.1 percent reduction in wages. And we can’t afford a 697,000 decrease in full-time jobs, all of which the analysis says will happen if Clinton’s plans are enacted. And this doesn’t even include those that she’s been vague about.
Clinton’s senior policy advisor Jacob Leibenluft is pointing to this analysis as proof that her tax proposals will target only the rich. But he’s naïve to think that such economic declines won’t have any significant impact on middle-class Americans.