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.
BloombergAt the current rate of spending, it would take the federal government
two weeks to burn through all of that $150 billion.
Enjoy your "shared responsibility" and "fair share" while it lasts.
