The Hillary Clinton tax plan grew by $550 billion according to a report by a D.C. public policy group. The increase covers new taxes and fees and would affect banks, large estates and investment partnerships. The public increases are detailed in a report released by the Committee for a Responsible Federal Budget, a non-partisan budget analysis group. The new proposals include charging banks a “risk fee” of 0.13% of assets, raising the estate tax to a maximum of 65% and taking away a tax loophole for real estate investors. Some of the tax plan changes were made as recently as last week according to the report, which comes from information given by the Clinton campaign. A Clinton senior aide said the campaign’s website will be updated to show the changes soon.
Clinton Tax Plan Still Cheaper than Trump’s
According to the report, the Clinton tax plan is still less expensive than Trump’s. The group says public debt has passed $14 trillion. That’s about 77% of Gross Domestic Product (GDP). GDP is the amount of money produced by the economy each year. If the current trend continues, the nation’s debt will grow to 150% of GDP by 2050. The Trump plan would accelerate that growth, increasing debt to 105% of GDP by 2026. The original Clinton plan shown in the graph below would have grown debt to 86% of GDP by that same year. The new plan would speed up the growth of the debt to GDP ratio but would still grow it considerably less than Trump’s plan.
Also see: Donald Trump Net Worth
The Clinton Tax Plan’s Millionaire Tax
Changes to the Clinton tax plan put more of the burden on the nation’s wealthy. Clinton has proposed a “millionaire tax” that would require those earning more than a million a year to pay a minimum rate of 30% income tax. Those earning over $5 million a year would pay an additional 4% surtax. Hillary Clinton has also proposed tax cuts of about $250 billion for families with children, for small businesses and for childcare expenses. She has proposed about $140 billion in new education and healthcare spending, according to the report.
The Clinton Tax Plan vs the Trump Tax Plan
The Clinton tax plan’s increases come at the same time as deep cuts to the Trump tax plan. The original Trump plan saw the nation’s debt to GDP ratio growing to almost 130% by 2026. The plan would have jacked up the national debt by $11.5 trillion over ten years. That plan has since been radically changed, now increasing the debt by about half that level or $5.3 trillion. The Clinton plan meanwhile would increase the debt by about $250 billion. That’s about 5% the size of the Trump debt increase.