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Gringo Side Hero Username: Gringo Post Number: 3181 Registered: 10-2014 Posted From: 72.15.229.180 Rating: N/A |
http://thehill.com/policy/finance/267022-analysis-clinton-ta x-plan-would-reduce-wages-cut-economic-output The tax plan of Democratic presidential candidate Hillary Clinton would lower wages and cost the country more than 300,000 jobs, according to an analysis released Tuesday by the free-market Tax Foundation. The group estimated that the Democratic presidential front-runner’s plan would reduce the nation’s gross domestic product by 1 percent over the long run by imposing higher marginal tax rates on capital and labor. "This reduction in GDP would translate into 0.8 percent lower wages and 311,000 fewer full-time equivalent jobs," the Tax Foundation said. Clinton's tax plan includes a 4-percent surtax on people making more than $5 million per year, enacting the "Buffett Rule" so that taxpayers with adjusted gross incomes over $1 million pay at least 30 percent in taxes, and capping the value of itemized deductions at 28 percent, the Tax Foundation notes. |