Wednesday, October 17, 2007

The impact of Hillary on your taxes: Yowza!

Hope you're comfortable with the color red. Because that's what most folks' bank balances will be printed in if Hillary "Million Ideas" Clinton gets elected.

* 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.

...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...

...repeal Bush's tax cut halving the tax rate on dividends and would [double it] to 30 percent.

...likely end the planned elimination of the estate tax...

...She has specifically refused to rule out a big increase in Social Security (FICA) taxes.

...Already the top 1 percent of all taxpayers earn 17 percent of the national income but pay 35 percent of all federal income taxes. And the top 10 percent make one-third of the national income but pay two-thirds of the income tax. The bottom half in income pays less than 3 percent of the income ta x collections. Hillary will make this curve a lot steeper.

...she told a San Francisco audience in 2004: “We’re going to take things away from you on behalf of the common good...”

I like nice, big round numbers -- but not in my tax bill.

Dick Morris

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