• Fri. Jul 23rd, 2021

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Clinton Tax Plan Will Kill Private Sector Jobs, Increase National Debt

Clinton Tax PlanClinton Tax Plan Would Kill Over 4x Jobs Created

Presidential candidate Hillary Clinton tax plan would increase public sector jobs by 49,000 in 2017, but they would come at a cost of 207,000 private sector jobs, according to results from a new National Center for Policy Analysis study.  In 2026, the public sector would gain 54,000 jobs but lose 265,000 private sector jobs.

“In essence, every government job created by Hillary Clinton would eventually cost nearly five private sector jobs,” said NCPA Senior Fellow Pamela Villarreal.

Villarreal notes the Clinton tax plan would create additional recessionary effects, including:

  • In the first year, real GDP would be more than half a percent less than under the Congressional Budget Office’s current baseline estimate, and almost 1 percent less in 2026.
  • Personal income would be $47 billion less in 2017 alone; this loss would increase to $103 billion in 2026.

This analysis is based on results from the NCPA’s modeling of the U.S. economy for the NCPA’s Tax Analysis Center, in partnership with NCPA Senior Fellow Dr. David Tuerck and his team at the Beacon Hill Institute in Boston.

Said Tuerck, “What we have here is a Clinton tax plan to destroy hundreds of thousands of private sector jobs just to pad government payrolls, while, in the process, doing almost nothing to improve tax fairness.  This is, at best, a redo of the failed Obama stimulus with the added feature of imposing a new drag on our recovery from a recession that ended seven years ago.”

According to the study, Clinton’s plan would raise federal revenues $615 billion over 10 years compared to the CBO baseline estimate.

  • The majority of this revenue increase would come from the personal income tax hikes on the rich, but Social Security payroll tax revenue would fall $47 billion over 10 years due to fewer people working.
  • Hillary’s plan to cut subsidies for oil and gas development would increase corporate tax revenues $43 billion over 10 years.

However, the restraint on economic growth would result in a fall in state and local tax revenues.

While this analysis does not address Hillary Clinton’s spending plan, several sources estimate that her promise of new spending on education, infrastructure and the like would cost in excess of $1 trillion over 10 years. The NCPA model estimates that the revenue raised by her tax plan would cover only half of new spending, resulting in further increases in the debt.

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Mr T
Mr T
4 years ago

At least with Hillary you have a plan to dissect, what will you find when/if Donny T publishes his “plan”

4 years ago

Hillary is pushing us to Communism, and ruining jobs..not only through taxation (which will be massive..including new UN taxes ), but she will import more, and more Islamics, and Hispanics to take even more jobs from Blacks. She will make them dependent on welfare, increase problems in
their neighborhoods, rather than fix them, and make them even more dependent on welfare, without providing ANYTHING to IMPROVE their education, housing, drug problem, gangs, etc. The Democrats
were THE most prolific slave owners in Civil War days, and they STILL do all they can to keep them down, and dependent. Amazing that they have NEVER caught on to that fact. NO Democrat Administration has EVER improved their lives to a meaningful extent, yet they STILL give the Democrats their support..amazing.
This goes for America’s Jewish population as well. With all Obama, and Hillary have done for Islamic interests in the Middle East, how can they justify in their hearts supporting the Party which gave Billions to Iran, Israel’s enemy, and even provided money for Iran to buy long-range missiles to attack Israel !! Not to mention that 20% of Hillary’s campaign money came from Islamic interests in the Middle East, with the only condition for acceptance being that “She consider Islam FIRST in all her dealings. WOW..THAT sure isn’t going to compromise her position on Israel, is it?!!!!! Democrats need to get their head straight..Hillary will support ANYTHING, ANYONE, and ANY DECISION, as long as there is money to her, Bill, and the Clinton money making machine..even sell out the US to Communist Viet Nam, Communist China, and Communist Cuba, just as Obama has done. America will soon be flipped from Socialism, to Communism, and even closer ties to Moscow.