Tag: Tax Hikes

Jim Geraghty of National Review and Greg Corombos of Radio America welcome comments from Bank of America Chief Executive Brian Moynihan suggesting the recent tax bill will trigger “massive new investment” in the United States, likely leading to economic growth and more jobs.  They also skewer a plan from two state Democratic lawmakers in California who are pushing a ten percent tax hike on businesses making more than a million dollars to help offset the alleged damage the federal tax plan is doing to the middle class.  They also unload on Pennsylvania Rep. Patrick Meehan, a married Republican lawmaker who used taxpayer dollars to settle a dispute with a female staffer he allegedly made romantic advances towards.  Meehan pathetically insists it was not a romantic overture, just that they were soulmates.

Some Thoughts about Hillary’s Tax Hikes

 

Hillary ClintonThe WSJ’s Richard Rubin digs into the Hillary Clinton tax plan, and its tax hikes — oh, so many tax hikes — on wealthier Americans:

The Democratic presidential nominee would concentrate her tax agenda on fewer than 1.5 million households by adding layers of taxation and sealing gaps that let some of their earnings get taxed relatively lightly. She would impose the highest marginal tax rates on top earners since the 1986 revamp of the tax code and boost taxes on business income, investments and estates. She would cap tax breaks while targeting a series of narrower tax-avoidance and -deferral techniques used in the real-estate and private-equity industries….

The Clinton tax plan would advance nearly all of President Barack Obama’s unfinished business on taxing high-income households. Then she would adopt Sen. Bernie Sanders’s structure for a higher estate tax and tack on a few ideas of her own, such as a 4% surcharge on income over $5 million. More so than the current tax code or Mr. Obama’s proposals, Mrs. Clinton’s policies are targeted specifically at the ultrawealthy. “This is skewed very, very heavily toward the top end,” said Howard Gleckman, a senior fellow at the Tax Policy Center, a project of the Brookings Institution and the Urban Institute. “It’s…a little bit like shooting a mouse with a machine gun. She really is designing this so it’s very hard to avoid tax on your income at the very top.”