OK, so both conventions are over (THANK GOD!), and we can get back to a semi-normal life for a couple of months anyway. But in the meantime, if you’re a Hillary supporter, you’re going to need to protect your wallet. Oh, I know…like Obama had lied in 2008 that he wouldn’t raise “one dime of new taxes on people making under $250,000”, Hillary said the same thing. Only she has less credibility than Obama does.
Just to make sure you understand what she’s talking about when she says she wants free college education for all (or all of those with an income under $180,000 a year), and refinancing all student loans to government loans at like, 0% interest, and she’s going to be the “new Eisenhower by rebuilding a crumbling infrastructure”, she needs bucks to do it. How is she going to manage that? Let’s take a peek, shall we?
Income Tax Increase: Though she has promised no tax increase on Americans making less than $250,000, there is a $350 Billion income tax increase on the table in the form of a deduction cap of 28%. That means for every $100 you make, you can only deduct $28. If you happen to have a bad year and say have a ton of medical bills? Tough. Only $28 per $100 of income gets deducted. That’s also called a tax increase, and it will hit everybody.
Business Tax Increase: Businesses will be facing a $275 Billion tax increase.
“Fairness” Tax Increase: According to her website, she’s proposing a “fairness” tax increase of about $400-$500 Billion to add fairness back into the tax code. Everyone gets hit with it, especially those with incomes over $250,000. And don’t think about dying. The death tax gets a HUGE increase!
Capital Gains Increase: She may be accused of being a friend of big banks and Wall Street, but this will piss them off. She wants to increase your Capital Gains Tax. She hasn’t said how much, but she’s going to actually tier the Capital Gains Tax structure.
Tax On Trading Stock: Before you say, “I don’t have any stock, so I don’t care”, hang on. If you own a mutual fund, or if you have an IRA and it’s somewhere besides sitting in a bank CD, you own stock. And you’re going to be paying a tax every time Fidelity or whomever manages that IRA or 401k decides to move money from one company to another. That’s pretty much all the time. These guys get paid their fees for trading, and I haven’t gone a month in the last 30 years without my managers moving money around. Yeah, you’re going to be losing big time on this one. And Wall Street STILL likes Hillary???
Exit Tax: No, this one won’t hit the average person directly, but will indirectly. It’s aimed at businesses that make money overseas. It hits them with what they say is going to be upwards of $80 Billion in new taxes for making money in a global economy. And she calls herself a globalist? And as always, who pays corporate taxes? Consumers do. Welcome to a bigger bite out of your wallet.
Adult Beverage Tax: If you like to imbibe with a cocktail, a glass of beer or wine every now and again, you’re going to get hit. The tax on adult beverages is going up. Big time.
Soda Tax: Maybe you don’t want to imbibe alcohol? Maybe you prefer to stick to your favorite soft drink? Think again. The Michael Bloomberg soda tax of New York City will be coming to a grocery store near you. Which by the way, violates her “no tax increase on incomes under $250,000” pledge.
Carbon Tax: You are made of carbon. You exhale carbon-dioxide. You are going to be taxed for living. Yup…there is going to be a carbon tax on everything you do that increase your “carbon footprint”. Lucky you!
The Gun Tax: Yup. Buy those guns now. Stock up on ammo too. Hillary is proposing a 25% increase in the tax on guns. Ammo has already been taxed to the hilt, but the gun tax will be flying to the moon! And again, it’s going to hit everyone, not just those with incomes over $250,000!
There you have it. Just a laundry list of the new taxes you’re going to have to pay if the Arkansas Princess gets elected. One more reason not to vote for her. How many reasons is that now???
Carry on world…you’re dismissed!