Hillary Clinton's Economic Plan Speech August 11, 2016 in Michigan
Hillary Clinton's economic plan proposes increased government spending ("investments") and taxing high income earners and businesses. The American Action Forum says her plan would hike taxes by $1.3 trillion and boost spending by $3.5 trillion over the next decade, dramatically increasing our national debt.
Here's an outline of Hillary Clinton's 2016 economic plan:
- National Infrastructure. Allocate $27.5 billion annually to improve roads, bridges, public transit, rail, airports, the internet, and water systems.
- Energy: Spend $9 billion annually to repair oil pipelines, reduce carbon emissions and fund health and retirements for coal workers.
- Expanded Childcare Plan and the Early Education Plan: Spend $27.5 billion a year for states to make preschool available to all 4-year olds and expand Early Head Start.
- Expanded Funding for IDEA: Spend $16.6 billion a year to identify and treat children with disabilities.
- College Afford-ability Plan: Spend $35 billion to refinance student debt and pay states to guarantee tuition.
- Require companies to pay for family leave. Goal is to help women enter the workforce.
(Source: The Clinton Tax Hike Plan Revealed, GOP Research, January 26, 2016)
- Raise short-term capital gains taxes for those earning $400,000 or more a year, the top 0.5% of taxpayers.
- Tax Investments held between one and two years at the maximum ordinary income-tax rate of 39.6%.
- Tax assets held longer than two years on a sliding scale: 36%, if held 2-3 years, 32%, if held 3-4 years, 20%, if held 6 years or more (20% is the current capital gain rate for assets held over one year).
(Source: Dunstan Primal, "Hillary Clinton would Double taxes on Short-Term Capital gains, Fox Business, July 24, 2015)
- Add a 4% surcharge on incomes above $5 million a year
- Mandate a minimum 30% tax rate for those earning $1 million a year
- Restore the Estate Tax to 2009 levels
- Strengthen the Affordable Care Act (Obamacare)
- Raise the federal minimum wage to $15 an hour
- Increase workers' benefits
- Expand overtime
- Encourage businesses to share profits with employees.
- Invest in students and teachers
- Support unions and collective bargaining
- Expand job training
- Lower college and healthcare cost
- Fight wage theft
(Source: "It's Time to raise Incomes for Hard-Working Americans". Hillary Clinton 2016 Linkedin page, July 13, 2015)
Trans Pacific Partnership:
Clinton supported the TPP while Secretary of State, but now says she no longer supports it because she thinks it should go further to produce new jobs, raise wages, and protect national security.
(Source: "In Shift, Clinton Opposes Trade Pact," WSJ, October 8, 2015)