Here's how much Hillary Clinton's tax plan would hit the rich

Mar 06, 2016, 03:54

The Tax Policy Center hasn't run the numbers on Sanders' plan, although an analysis from the conservative-leaning Tax Policy Foundation found that it would raise revenue by $13.6 trillion over a decade and increase taxes on all income levels, with the heftiest increases for those in the top 20 percent of Americans.

The center has now completed its estimates of the tax plans of the five leading presidential candidates-the two Democrats, along with Republicans Donald Trump, Ted Cruz and Marco Rubio.

Sanders has a plan to create and maintain at least 13 million jobs rebuilding our crumbling infrastructure.

She would also hike the top estate tax rate from 40 percent to 45 percent, bringing in $161 billion over 10 years.

Since Sanders plans to spend the revenue he raises on various government programs, his plan is "unlikely to do much, if anything, to reverse the now unsustainable path for public debt", TPC said. His proposal - which includes lowering the corporate tax rate and the capital gains rate, reducing the top tax rate paid by the highest income Americans, and ending taxes on inheritances altogether - would overwhelmingly help the rich.

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Now, those profits are taxed as capital gains at 20% (or 23.8% if the managers also owe the Medicare surtax). He does this by capping regular income tax rates at 28 percent and then increasing all tax rates by 2.2 percent. Ms. Clinton in particular has offered a raft of serious, progressive proposals that are grounded in reality, even though the electorate has sometimes seemed more interested in ideological pizzazz.

Households making $143,000 to $296,000 would pay no more than a few hundred dollars in extra tax on average.

The payroll tax burden for employers and for high-income households would go up notably. "There's a giant tax increase, mostly on the rich, but everyone would pay more". Bernie Sanders (D-VT) attends a Future to Believe in concert and rally at the Henderson Pavilion as he continues to campaign on February 19, 2016 in Henderson, Nevada. It would also make tax filing much more complicated for many.

Clinton's, on the other hand, would raise significant amounts of money.

Under Sanders's plan, corporations would see their average USA tax rates rise to 37 percent, from the current 35 percent, while new equity-financed investment would see tax rates rise to 44 percent, Burman said.

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The Clinton campaign told TPC that it will propose additional tax cuts for low- and middle-income households later in the campaign. Instead of the 33%, 35% and 39.6% rates in today's code, they'd be subject to rates of 39.2%, 45.2%, 50.2% and 54.2%, depending on how high their income goes.

The study by the nonpartisan Tax Policy Center finds that many taxpayers will pay a tiny cost - about 0.1 percent of their after-tax incomes - for a bevy of new levies that the Democratic presidential contender is proposing. Without estimating the benefits the American people would gain under these initiatives, the Tax Policy Center's report is inaccurate and one-sided. As ITEP's own Lisa Christensen Gee noted in a guest blog post for the Indiana Institute for Working Families, the combination of changes would have made the Indiana's tax system more regressive by providing income tax cuts to the wealthy in exchange for tax increases that hit working and middle-class families hardest.

"The increases in marginal tax rates under the plan would reduce incentives to work, save, and invest", the report said.

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