Democratic frontrunner Hillary Clinton has proposed at least $1.1 trillion dollars in higher taxes so far in her campaign, according to a new analysis by Americans for Tax Reform.
The group, headed by anti-tax advocate Grover Norquist, used campaign documents to come up with Clinton's tab, a high amount that takes into account her plan for plan to punish Wall Street.
WASHINGTON, D.C. -- Hillary Clinton has proposed at least $1.1 trillion in higher taxes on American families and businesses over the next ten years.
The $1.1 trillion figure is based on the Clinton campaign's published policy documents:
$350 Billion Income Tax Increase for a "New College Compact" - Clinton has proposed a new $350 billion income tax hike in the form of a 28 percent cap on itemized deductions. This creates a new Alternative Minimum Tax that will likely hit over a million households, based on IRS Statistics of Income Data for 2012 (the most recent year available).
$275 Billion Business Tax Increase for "Infrastructure"-Clinton has called for a tax hike of at least $275 billion through undefined business tax reform. According to the Clinton campaign document, "Hillary will fully pay for these [Infrastructure] investments through business tax reform. "
$400 Billion "Fairness" Tax Increase -- According to her published plan, Clinton has called for a tax increase of "between $400 and $500 billion" by "restoring basic fairness to our tax code." These proposals include a "fair share surcharge," taxing carried interest capital gains as ordinary income, and raising the Death Tax.
$350 Billion for "New College Compact"
$275 Billion for "Infrastructure"
$400 Billion for "Fairness"
Total Minimum Tax Increase: $1.125 Trillion
Because her campaign has failed to release specific details for many of her proposals, the true figure is likely much, much higher than $1.125 trillion.
Capital Gains Tax Increase -- Clinton has proposed an increase in the capital gains tax to counter the "tyranny of today's earnings report." Her plan calls for an overly complex, byzantine capital gains tax regime with six brackets for those whose total taxable income puts them in the top 39.6 percent bracket. Her campaign has not said how much this will increase taxes.
Tax on Stock Trading -- Clinton has proposed a new, unquantified tax on stock trading. The tax increase would only further burden markets by discouraging trading and investment. Inevitably, costs associated with this new tax will be passed on to millions of American families that hold 401(k)s, IRAs and other savings accounts.
"Exit Tax" - Clinton has proposed a tax hike aimed at corporate inversions through an "exit tax" on income earned overseas. This proposal would completely fail to address the underlying causes behind inversions. Her campaign document describing this proposal says $80 billion will be raised through the tax and a series of regulations and may be offset through other, unspecified tax cuts.
Americans for Tax Reform is tracking all of Hillary's tax hike proposals at HighTaxHillary.com
Paul Bedard, the Washington Examiner's "Washington Secrets" columnist, can be contacted at firstname.lastname@example.org.