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Clinton's Feeling The Bern On Taxes

- September 22, 2016

TRYING TO FIND MONEY TO PAY FOR HER MASSIVE SPENDING HIKES, CLINTON ADOPTS TWO OF SANDERS' PROPOSED TAX INCREASES

Borrowing A Page Out Of Sanders' Book, Clinton Now Wants To Raise The Death Tax To A Top Rate Of 65 Percent

Clinton Is Now Proposing To Raise The Death Tax To A Top Rate Of 65 Percent, Meaning The Value Of Two-Thirds Of Some Estates Will Go Directly To Federal Government. "And she will go further than that for estates valued in the tens and hundreds of millions, with higher rates as values rise, up to a 65% rate on estates valued at over $1 billion per couple." (Press Release, "Investing in America by Restoring Basic Fairness to Our Tax Code," Hillary For America's The Briefing , 9/22/16)

  • Clinton's Proposal Comes On Top Of Her Already Announced Plans To Raise The Death Tax By Lowering The Taxable Threshold To $3.5 Million And Raising The Rate To 45 Percent. "Clinton's plan would tax individuals' estates worth more than $3.5 million, down from $5.45 million currently. She also wants to raise the estate-tax rate to 45 percent, from 40 percent today. The changes would be a return to the way the tax operated in 2009. President Obama and other Democrats have proposed similar adjustments." (Jennifer Epstein, "Clinton Calls For Broadening Estate Tax, Increasing Its Rate," Bloomberg, 1/12/16)

Clinton's New Death Tax Increases Are Lifted Directly From Bernie Sanders, Who Also Proposed A Top 65 Percent Level. "In addition to these changes, Secretary Clinton now supports an even larger estate tax increase, to levels proposed by Senator Bernie Sanders (I-VT) during the primary campaign." ("Clinton Proposes New Taxes to Offset New Proposals," Committee For A Responsible Federal Budget, 9/22/16)

Clinton's Campaign Proudly States That She Has Been Trying To Raise The Death Tax "For More Than A Decade." "Hillary has called for Estate Tax reform for more than a decade, and embraced similar proposals in her 2008 presidential campaign." (Press Release, "Investing in America by Restoring Basic Fairness to Our Tax Code," Hillary For America's The Briefing , 9/22/16)

Clinton's Death Tax Changes Amount To A $75 Billion Tax Hike. "Based on estimates from the Tax Policy Center, we expect these increased rates to raise about another $75 billion." ("Clinton Proposes New Taxes to Offset New Proposals," Committee For A Responsible Federal Budget, 9/22/16)

Clinton Also Wants To Create A New Death Tax For Appreciable Assets Like Stocks And Real Estate, Another Proposal Directly From Sanders

Clinton Now Says She Wants To Eliminate What She Calls The "'Step Up In Basis' Loophole." "That also means closing the 'step up in basis' loophole, which lets the highest-income Americans escape paying their fair share on assets passed to heirs." (Press Release, "Investing in America by Restoring Basic Fairness to Our Tax Code," Hillary For America's The Briefing , 9/22/16)

  • This Would Mean Americans Inheriting Assets Like Stocks Would Have To Pay Higher Capital Gains Taxes On Them. "Under current law, individuals generally pay taxes on capital gains in the year assets are sold. But if assets are instead inherited upon death, the basis value of most assets is 'stepped' up and thus the tax on those gains to that point is essentially forgiven. For example, if someone bought a share of stock for $1 and sold it for $100, they would pay capital gains taxes on $99 of gains. But if they passed that stock to an heir when it was valued at $90 before the heir sold it at $100, taxes would only be paid on $10 of gains. The other $89 of gains would never be taxed." ("Clinton Proposes New Taxes to Offset New Proposals," Committee For A Responsible Federal Budget, 9/22/16)

Clinton's Campaign Says She Is Fine With The New Tax Hitting Americans Making $250,000 A Year. "Although the Clinton campaign has not outlined specific parameters, it has expressed support for a variety of exemptions to prevent the tax from applying to taxpayers making less than $250,000 and to limit its impact on various non-financial assets such as farms, businesses, and real estate." ("Clinton Proposes New Taxes to Offset New Proposals," Committee For A Responsible Federal Budget, 9/22/16)

Clinton's Proposal Is Similar To One That Sanders Released During The Campaign. "Clinton's proposal is similar - though not identical - to one proposed by President Obama and another proposed by Senator Sanders during the primary campaign." ("Clinton Proposes New Taxes to Offset New Proposals," Committee For A Responsible Federal Budget, 9/22/16)

Clinton's Changes Would Result In A $150 Billion Tax Hike. "While lack of detail makes an exact estimate impossible, we estimate it will raise in the range of $150 billion over a decade." ("Clinton Proposes New Taxes to Offset New Proposals," Committee For A Responsible Federal Budget, 9/22/16)


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