Source: Time
She’s promised not to raise taxes on people making less than $250,000 a year
Hillary Clinton proposed a 4% tax on individuals making more than $5 million a year, following her campaign promise to tax the wealthy at higher rates to pay for federal spending.
Dubbed the Fair Share Surcharge, Clinton’s plan, announced Monday, would raise approximately $150 billion over 10 years, an aide to the campaign said. The measure would affect .02% of taxpayers, according to her campaign.
The 4% surcharge would be in addition to any other income tax and is intended to prevent high-income earners from avoiding taxes through other means.
“It’s outrageous that multimillionaires and billionaires are allowed to play by a different set of rules than hard-working families, especially when it comes to paying their fair share of taxes,” said Clinton at an organizing event in Waterloo, Iowa.
Clinton aims to follow the so-called Buffett Rule introduced by President Obama in 2011, which would apply a minimum tax rate of 30% on individuals making more than $1 million a year. The Buffett Rule is named after billionaire investor Warren Buffett, who has for years said the wealthy should pay higher taxes.
Categories: America, Economy, The Muslim Times, USA