Hillary Clinton’s New Tax Proposal Defies Basic Economics

Hillary Clinton, successfully recovering from sniper fire in Bosnia, came out today at a Iowa campaign stop to announce a new tax plan

for the wealthy to “pay their fair share”. Here is more from Bloomberg News:

Hillary Clinton called Monday for a 4 percent “surcharge” on Americans making more than $5 million annually, the first of several proposals she plans to unveil this week aimed at ensuring the wealthy pay a higher effective tax rate than the middle class.

The measure would raise $150 billion over a decade and would be imposed on two out of every 10,000 taxpayers, said a campaign official who asked not to be named.

The United States federal government easily spends $8 to $9 Billion a day. The revenue projected from this proposal yearly would be eaten up in 2 days. She knows this but she has to appease her base in throwing something out there.

The U.S. debt is barely if ever talked about anymore. It’s getting bigger….here’s the latest number:

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