by Jon N. Hall 3/3/16
On March 3, CNBC.com ran “Top 1% would see $78,000 tax hike under Hillary” by Robert Frank. Mrs. Clinton seems to be trying to “out Bernie” Bernie Sanders; she’s now going all-out progressive:
The top 1 percent — those who earn more than $732,000 a year — would see their taxes increase by an average of $78,284 in 2017 if she’s elected and the tax plan is enacted.
The top 0.1 percent, or those with incomes of over $3.8 million, would see their taxes increase by an average of $519,741. The bottom 20 percent of earners, or those making $23,000 or less, would see their taxes go up by $4 a year in 2017. The middle quintile, or those making $80,000 to $142,000, would see their taxes go up by $44 a year. And the top 20 percent, who make $209,000 or more, would see an average tax hike of $4,527. (Clinton has said she plans to announce additional tax breaks of the middle class and lower earners.)
Additional tax breaks for the middle class? But the Middle Quintile had an average effective income tax rate in 2014 of 3.7 percent. Does Mrs. Clinton want the entire middle class taken off the personal income tax rolls?
Mr. Frank’s source is a Tax Policy Center study, but he provides no link. I believe the study is “An Analysis of Hillary Clinton’s Tax Proposals,” which also came out on the March 3. Under Clinton’s tax proposal, the study states: “Nearly all the tax increases would fall on the top 1 percent; the bottom 95 percent of taxpayers would see little or no change in their taxes.”
It appears that Mrs. Clinton isn’t concerned about fixing the irregularities in the Tax Code where people with the same incomes have vastly different tax liabilities, she just wants more money. She’s concerned that those who are already paying for everything aren’t paying “their fair share.”
Mrs. Clinton’s tax proposals are so confiscatory for such a small group of people that if she is indicted and found guilty, she should be fined the entire contents of the Clinton Foundation. Call it poetic justice.
Jon N. Hall is a programmer/analyst from Kansas City. • (765 views)