The ongoing battle over taking the rich and lightening things up on the middle class has taken a new turn with Democratic nominee hopeful, Hillary Clinton stating what her new tax plan is going to do.
Clinton’s plan is very simple. Add a four percent tax on those making a specific amount of money so that things balance out regarding the wealthy’s ability to make good via loopholes.
It was in Iowa that Clinton made her tax announcement, and the ramifications will no doubt start some pretty hot debates between all political parties, the public, economists, and more. A progressive tax agenda is something that has been in the spotlight for some time now and Clinton’s plan isn’t unique by any means but she’s got the voice to bring it to the fore. The idea is sending shockwaves as the wealthy are worried that if Clinton becomes president they’ll be on their toes trying to get around this new tax or if Clinton doesn’t become president, the idea of a tax like this could jump to another candidate and still go through.
Calling it a 4% surcharge for people who make more than $5 million a year. Her specialists figure this surcharge would raise an estimated $150 billion over a period of 10 years. With all the talk about trillions of dollars being bandied about, $150 billion sounds like the poor house, but that money could be put to serious good use or it would be humorous to watch who would try to rip it off or fight to the death for it.
Clinton’s plan would affect what a higher income taxpayer currently pays so in the end, what is finally paid.
Opponents are looking for ways to circumvent this new tax plan already. You can bet that before it is even implemented, there will be additional laws, rules, guidelines, that the wealthy’s strategists will undoubtedly go over with a fine toothed comb looking for whatever loopholes that can be exploited.
Why this plan? It could be because Clinton knows it would be an uphill if not impossible battle with the Republicans in control of the legislative branch of government. That being said, it may just be a ruse to get the sympathetic vote from the middle class and poor who are taking a pasting from present day tax rules while the wealthy are more wealthy than ever and the majority of everyone’s taxes go to corporate welfare.
Corporations not only aren’t paying any taxes, they don’t have to hire Americans but they sure do accept that massive amount of money from the people they care less about. Clinton may be trying to paint herself as someone who is for the people, the downtrodden, but her past exploits and present associations with big banking and Wall St., makes this new tax proposal seem vapid at best.
Do you think Hillary Clinton’s tax proposal makes sense and will succeed? Add your comments below.