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

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Jan. 2016
No. 496

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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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