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Sunday, December 17, 2017

By Amanda Becker

WASHINGTON (Reuters) — U.S. Democratic presidential candidate Hillary Clinton is calling for a 4 percent “surcharge” income tax on people earning more than $5 million annually, a Clinton aide said on Monday.

The so-called “Fair Share Surcharge” would be imposed on the two out of every 10,000 taxpayers who make more than $5 million a year and is expected to raise $150 billion over a decade, the aide said.

Clinton was joined on the campaign trail last month by billionaire investor Warren Buffet, who has been an outspoken critic of tax policies he says allow him to pay a lower tax rate than his secretary.

Clinton said she would announce her plans to go even farther than the “Buffet rule,” which would establish a minimum tax rate of 30 percent on those earning more than $1 million per year. The income-tax surcharge is the first part of her push, with more tax policies to be released later this week, a campaign aide said.

Clinton is the front-runner for the Democratic presidential nomination ahead of the election in November 2016. Both she and her chief challenger for the nomination, U.S. Senator Bernie Sanders of Vermont, have made income inequality and boosting the middle class a focus of their campaigns.

(Reporting by Amanda Becker; Writing by David Alexander; Editing by Eric Walsh and Bernadette Baum)

Photo: U.S. Democratic presidential candidate Hillary Clinton speaks after being publicly endorsed by Planned Parenthood Action Fund in Hooksett, New Hampshire, January 10, 2016. REUTERS/Brian Snyder

9 Responses to Clinton To Propose Four Percent Income-Tax ‘Surcharge’ On Wealthy

  1. The problem is that most of the 1% do not earn that much, mostly they get unearned income. The USA income tax is really wage tax.

  2. The “Fair Share Surcharge” reminds me of a great Thomas Sowell quote “What is your fair share of what someone else has worked for?”

    • You may have not noticed the system is rigged because oligarchy and corporations have bought out democracy. I wish someone could explain what kind of “hard work” a hedge fund manager does that’s worth a billion+ a year. The bloated financial sector relies on speculation, and replaces real production. I’m pretty sure 10,000 engineers making 100k each are about a billion times more valuable than the guy who manipulates markets. And much wealth at the top is inherited. There’s not much hard work involved in being born into great wealth, yet the REPUB’s are always screaming for no inheritance tax whatsoever.
      Also, Sowell is a flake who hasn’t changed a thought in 30 years. Like the ancient George Will, he has spent his career justifying redistribution of wealth to the very top.

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