Editorial on the Clinton Tax Plan

The Clinton Tax Plan claims that it will increase tax revenues by more than One Trillion Dollars ($1,000,000,000,000) during the next 10 years. Ostensibly, this Trillion will come from increasing the death tax; taxing the rich; taxing multinational companies, and discontinuing various tax incentives that large corporations use, e.g. fossil fuel etc.

Unfortunately, each one of these proposals will significantly increase the complexity and size of the Tax Code (which presently exceeds Eleven Thousand pages). Meaning the government will have to grow, which will cancel out any perceived gains the Clinton Tax Plan now promises. 

In a way, the Clinton Tax Plan reminds me of the grandiose or more apropos, the ludicrous promises our elected officials made when Obamacare was first ushered in. If you recall, Obamacare was even going to decrease the National Deficit. But just like the Clinton Tax Plan, the financial extrapolations used to project future income are, for all practical purposes, cut from whole cloth. 

For example, Obamacare included a 10% Tanning Bed surcharge tax that was supposed to generate billions of dollars in new revenue. But the American Suntanning Association reports that since this tax went into effect, more than 10,000 tanning salons have closed their doors, which put over 80 Thousand people out of work. So when everything’s said and done, the Sun Tax surcharge ended up costing the American taxpayer significantly more than it could ever collect.

In a nutshell, I give the Clinton Tax Plan two thumbs down, because at best, it's just more of the same.