Democratic presidential candidate Hillary Clinton confirmed she plans to raise taxes by at least $1 trillion dollars during an interview with New York Daily News released Monday.
The former secretary of state proposed a slew of new hikes – including a 28 percent cap on itemized deductions to raise $350 billion for college subsides. Through “business tax reform,” she said she plans to bring in $275 billion for infrastructure purposes and plans to raise somewhere between $400 and $500 billion in revenue by eliminating certain deductions, raising the estate tax, capital gains tax and implementing the “Buffett Rule,” meaning anyone making over $1 million a year will face at least a 30 percent tax rate.
Read clips from the transcript below:
Clinton: I have connected up my proposals for the kind of investments I want to make with the taxes that I think have to be raised. So on individual pieces of my agenda, I try to demonstrate clearly that I have a way for paying for paid family leave, for example, for debt-free tuition. So I would spend about $100 billion a year. And I think it’s affordable, and I think it’s a smart way to make investments, to go back to our economic discussion, that will contribute to growing the economy.
Now I’m well aware that this is a heavy lift. I understand that. But I think connecting what I’m asking for to the programs, to the outcomes and results that I’m calling for give me a stronger hand, and that’s how I’m going to go at it.
Daily News: So if I understand you correctly, if you look at your proposals for college costs and for family leave, for infrastructure investments…Clinton: Well, that’s a little bit different, because infrastructure investment, I’m still looking at how we fund the National Infrastructure Bank. It may be repatriation. That’s one theory, or something else. It’s about $100 billion a year.
Daily News: A hundred billion a year, so that comes out to about a trillion dollars…
Clinton: Over ten.
The Tax Policy Center, a Washington, D.C.-based non-partisan think thank, said Clinton’s plan to increase marginal tax rates would reduce “incentives to work, save and invest,” and would make the tax code more complex.