438,000 New York Families Face Tax Hike Under Hillary’s College Plan
13th April 2016
Using the term ‘plan’ very loosely.
Hillary Clinton’s proposed “New College Compact” is estimated by her campaign to cost $350 billion over ten years. According to the Clinton campaign, every cent of the $350 billion will come from tax increases on the American people. A review of the proposal by Americans for Tax Reform shows that as many as 438,000 New York households will be stuck with a higher tax bill.
The $350 billion tax hike over ten years comes in the form of a 28 percent cap on itemized deductions. The Clinton spending plan reduces the income tax deductibility of countless deductions including charitable donations, high medical bills, mortgage interest, and state and local taxes for Iowa families in the 33-percent, 35-percent, or 39.6 -percent brackets, limiting their value to just 28 percent.
According to IRS Statistics of Income Data for 2013 (the most recent year available), this Hillary tax hike will hit about 438,000 New York households, based on the number of families who earned over $200,000 and itemized their deductions.
The basic problem with socialism is that eventually you run out of other people’s money.