Tuesday, October 25, 2016

Clinton's Tax Plan Hits The Top 1% Very Hard

Hillary Clinton has proposed several government spending programs that will make things better for ordinary citizens.  She will pay for those programs by raising taxes on the top 1%.  Those earning over $3 million will get hit the hardest.  The additional funding supplied by those who can most afford it will allow Clinton to provide needed benefits to citizens who have seen their incomes stagnate over the last 30 years.  Donald Trump's tax plan is just the opposite of Clinton's plan.  Those who earn over $3 million would receive the most benefit from his proposed tax cuts.  Moreover, his tax cuts would substantially increase the ratio of US debt to GDP over the medium term.  Economists do not accept his claim that lower taxes on the rich would stimulate enough economic growth to pay for the tax cuts.

The next question, of course, is whether Clinton will be able to get her tax policies approved by Congress.  Republicans depend upon support from misinformed or uninformed low income citizens to protect the interests of the super rich.

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