Economy, Regs, & Taxes

Clinton Promises Malaise in the Name of 'Fairness'

A look at Hillary's plan for taxes and the economy.

Lewis Morris · Sep. 28, 2016

Hillary Clinton used a fair portion of her awful debate appearance Monday to sell America on her economic vision. Though she framed taxes as the typical leftist issue of “fairness,” whether or not she openly admitted she is going to raise taxes on the middle class, her plans for this country’s fiscal future mean dark days for everyone.

It’s not as if we’re in a robust economy right now. The Census Bureau would have us believe that we’re in good shape. After all, median household income rose 5.2% in 2015, the first jump since 2007, and the biggest since 1968. That should be good news, but it’s really just manufactured good news.

The Census Bureau changed its reporting methods to measure income, the result being that reported income actually appears more than actual income. And in time for election season, too. What a coincidence. This explains the supposedly mysterious question as to why Americans are making more money but don’t feel like they are getting ahead. Answer: they are not making more money.

This gimmick, along with the economic fantasies being spun by Barack Obama to shore up his legacy and put Clinton in the White House, have the electorate confused. That’s just how the Left wants it.

That is also why Monday night’s debate moderator Lester Holt was able to get away with his opening statement: “There are two economic realities in America today. There’s been a record six straight years of job growth, and new census numbers show incomes have increased at a record rate after years of stagnation. However, income inequality remains significant, and nearly half of Americans are living paycheck to paycheck.”

The very premise was part White House press release, part Bernie Sanders stump speech.

Clinton also trotted out the usual lie that George W. Bush’s tax cuts “for the wealthy” caused the recession. That’s baloney. First of all, Bush’s tax cuts were for everyone, not just the wealthy. Second, and more important, it was Hillary’s husband who set the stage for the financial crisis with his home lending policies.

As for Clinton’s tax plan, there should be no confusion about its true nature. She spoke wistfully Monday night about the great 1990s when “Bill” was president. And there were some good economic years during that period. The trouble is she isn’t going to come remotely close to achieving those budget surpluses and strong business and investment sector with the policies she wants to implement or expand.

On the contrary, Clinton doesn’t even consider capping the growth of federal budget deficits, and calls for $1.8 trillion in new taxes to fund new projects. She isn’t looking to rein in the size of the government as Republican policies of 1990s did. She wants to push the federal government into more areas of our daily lives while refusing entitlement reform and spending cuts, and our reward will be to pay through the nose for it.

Hillary is nothing if not thorough in her tax plan. No one will be spared. Sure, the $350 billion income tax hike and the $275 business tax hike are meant to target the top earners, as is a $400 billion “fairness” tax, which is about as arbitrary a tax as one might conceive.

Clinton calls to raise the capital gains tax (which millions of middle class Americans pay), taxes on stock trading, and implement an “exit tax” on income earned overseas. And she wants a 65% death tax for the largest estates, with jacked up rates for estates that fall into lower income categories. This would crush small businesses that even she admitted Monday create most of the jobs in America.

The problem with all these taxes is that they will stifle growth. Donald Trump spoke frequently Monday night about how American business is in apocalyptic shape. Clinton just shook her head and smiled. But that’s all she could do. She’s never worked in the private sector, so she cannot truly relate to what a majority of American taxpayers are experiencing. After all, she just funnels her income into the Clinton Foundation.

It makes perfect sense that Clinton is the Democrat nominee for president. She is the poster child for statist, centralized policies in which every citizen really works to fund the government so that it can become larger and more intrusive. And her central message Monday was that the government under her direction will spend your money better than you will. She says her tax policies will help our economy. What she really wants to do is continue the transformation of America that Obama started.

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