Political Party Poop

Hillary and The Socialist Agenda

A few facts…to spread around.

Hillary Clinton will raise taxes if she is elected president… Sharply! As her candidacy gains momentum and she closes in on the Democratic nomination, it would be well to review the record and underscore the tax increases she would be likely to enact.

As always, Hillary speaks in code. So here’s the code book. She says that she will “…let President Bush’s tax cuts for top earners expire.” Most people assume that this pledge means that she will raise the top bracket (for those earning more than $200,000 a year) on income taxes from the 35 percent to which Bush cut it, to the 39.6 percent to which her husband raised it in 1993. But, in reality, it means a whole lot more.

It also means increasing the tax on capital gains from the current 15 percent to at least 20 percent and probably to the 30 percent level backed by most liberals. Some even believe she may eliminate capital gains taxation entirely and tax it at the same rate as ordinary income.

She certainly would repeal Bush’s tax cut halving the tax rate on dividends and would raise it from its current 15 percent to 30 percent. She would also most likely end the planned elimination of the estate tax and probably reduce the size of estates subject to the tax.

Robert Novak reports that Rangel’s staff is “hard at work on an audacious plan that over the next decade would redistribute up to a trillion dollars in American income through the tax system.” Rangel, himself, calls the new legislation “the mother of all tax reforms.”

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