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1 Kyle Pomerleau & Michael Schuyler, Details and Analysis of Hillary Clinton's Tax Proposals 1 (2016)

handle is hein.taxfoundation/dahctxp0001 and id is 1 raw text is: FOUNDATION FISCAL FACT Jan. 2016 No. 496 The Tax Foundation is a 501(c)(3) non-partisan, non-profit research institution founded in 1937 to educate the public on tax policy. Based in Washington, DC, our economic and policy analysis is guided by the principles of sound tax policy: simplicity, neutrality, transparency, and stability. @2016 Tax Foundation Distributed under Creative Commons CC-BY NC 4.0 Editor, Melodie Bowler Designer, Dan Carvajal Tax Foundation 1325 G Street, NW, Suite 950 Washington, DC 20005 202.464.6200 taxfoundation.org Details and Analysis of Hillary Clinton's Tax Proposals By Kyle Pomerleau and Michael Schuyler Economist Senior Fellow Key Findings: * Hillary Clinton would enact a number of tax policies that would raise taxes on individual and business income. * Hillary Clinton's plan would raise tax revenue by $498 billion over the next decade on a static basis. However, the plan would end up collecting $191 billion over the next decade when accounting for decreased economic output in the long run. * A majority of the revenue raised by Clinton's plan would come from a cap on itemized deductions, the Buffett Rule, and a 4 percent surtax on taxpayers with incomes over $5 million. * Clinton's proposals to alter the long-term capital gains rate schedule would actually reduce revenue on both a static and dynamic basis due to increased incentives to delay capital gains realizations. * According to the Tax Foundation's Taxes and Growth Model, the plan would reduce GDP by 1 percent over the long-term due to slightly higher marginal tax rates on capital and labor. * On a static basis, the tax plan would lead to 0.7 percent lower after-tax income for the top 10 percent of taxpayers and 1.7 percent lower income for the top 1 percent. When accounting for reduced GDP, after-tax incomes of all taxpayers would fall by at least 0.9 percent.

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