Hillary Clinton wants roughly $550 billion in new taxes and fees over the next decade -- affecting investment partnerships, large estates and banks -- that have received little to no public discussion from her campaign, a report from a Washington-based policy group shows.
The new proposals, detailed in a report by the nonpartisan Committee for a Responsible Federal Budget, include plans for increasing the estate tax to a top rate of 65 percent on the very largest estates, levying a “risk fee” that would average about 0.13 percent on banks’ taxable assets and curbing a technique real-estate investors use to minimize their tax bills.
“Some of these tax changes were added to her plan just this week,” according to the report, which is based on information provided by the Clinton campaign. A senior aide to the Democratic presidential nominee’s campaign said the online version of Clinton’s plan will be updated to include the new details Thursday.
“We appreciate the opportunity that this report and other independent analyses provide to give further details on how Secretary Clinton plans to raise revenue from the wealthiest taxpayers to pay for key investments in the middle class, as she’s made clear she will do throughout this campaign,” said Julie Wood, a Clinton campaign spokeswoman.
The changes mean Clinton’s tax plan will fall even more heavily on wealthy and high-earning taxpayers. She has already proposed a so-called “millionaire tax,” requiring people who earn more than $1 million a year to pay a minimum income-tax rate of 30 percent, and for those who make more than $5 million a year to pay a 4 percent surtax.
Nonetheless, in a two-way contest, Clinton beats Republican presidential nominee Donald Trump 46 percent to 42 percent among likely voters with annual household incomes of $100,000 or more, the latest Purple Slice online poll for Bloomberg Politics shows.
Clinton is also proposing about $250 billion in tax cuts for taxpayers with children, for childcare expenses and for small businesses -- and some $140 billion in new health-care and education spending, the report said. Considering all of those provisions, the latest iteration of her revenue-and-spending plan would increase the national debt by $200 billion over 10 years -- a figure that’s about $50 billion less than the budget-policy group estimated for an earlier version of her plan.
“These revenue increases have not been published on the campaign’s website but have been shared with the Committee for a Responsible Federal Budget,” the report said.