The Conservative Cave

Current Events => Politics => Topic started by: Chris_ on January 11, 2016, 03:04:40 PM

Title: Clinton Tax Plan Would Place 4% Surcharge on Incomes Over $5 Million
Post by: Chris_ on January 11, 2016, 03:04:40 PM

Quote

Clinton Tax Plan Would Place 4% Surcharge on Incomes Over $5 Million

Hillary Clinton called Monday for a 4 percent “surcharge” on Americans making more than $5 million annually, the first of several proposals she plans to unveil this week aimed at ensuring the wealthy pay a higher effective tax rate than the middle class.

“Right now we’re behind and we have to get the wealthy and the corporations to pay their fair share,” the Democratic presidential front-runner said at a campaign rally in Waterloo, Iowa.

The measure would apply to annual income above $5 million, raising $150 billion over a decade, said a campaign official who asked not to be named. It would affect two out of every 10,000 taxpayers, the official said.

Overseas, Clinton's “fair share surcharge” bears some similarity to a French measure introduced in 2011. The French version applies a 4 percent surcharge to incomes exceeding 500,000 euros.

Bloomberg (http://www.bloomberg.com/politics/articles/2016-01-11/clinton-tax-plan-would-place-4-surcharge-on-incomes-over-5-million)

At the current rate of spending, it would take the federal government two weeks (http://demonocracy.info/infographics/usa/us_deficit/us_deficit.html) to burn through all of that $150 billion.

Enjoy your "shared responsibility" and "fair share" while it lasts.