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Highlights from Hillary Clinton's Economic Plan

8/12/2016

 
​Here are highlights from Clinton’s speech: “We need to grow the economy and we need to make it fairer. The tide is not rising fast enough, and it’s certainly not lifting all boats. Since the crash, too many of the gains have gone to the top one percent.”
 
Taxes
  • So I’m proposing a new tax credit to encourage more companies to share profits with workers. More broadly, we will fight for a more progressive, more patriotic tax code that puts American jobs first.
  • Right now, when a corporation outsources jobs and production, it can write off the costs. We must stop that, and we must make them pay back any tax breaks they received from any level of government in our country.
  • For those that move their headquarters overseas to avoid paying their fair share of taxes, they’re going to have to pay a new exit tax. So if they want to go, they’re going to have to pay to go.
  • That’s why I support the so-called ‘Buffett Rule,’ because multi-millionaires should not be able to pay a lower tax rate than their secretaries.
  • We should also add a new tax on multi-millionaires, crack down on tax gaming by corporations and close the carried interest loophole – something I’ve advocated for years.
Regulation
  • Trump would roll back the tough rules that we have imposed on the Financial Industry. I’ll do the opposite – I think we should strengthen those rules so that Wall Street can never wreck Main Street again.
  • Trump even wants to abolish the Consumer Financial Protection Bureau, a new agency that has already returned more than $11 billion to 25 million Americans who were taken advantage of by corporations.
  • For example, guaranteeing equal pay won’t just increase paychecks for women – it will boost family budgets and get incomes rising across the board.
  • Paid family leave won’t only make life easier for Moms and Dads – it will also keep skilled, talented Americans in the workforce and grow our economy.
  • Raising the federal minimum wage won’t just put more money in the pockets of low-income families – it also means they will spend more at the businesses in their neighborhoods.
  • And finally, strengthening unions doesn’t just serve members – it leads to better pay and benefits, and working conditions for all employees.
Trade
  • But the answer is not to rant and rave – or cut ourselves off from the world. That would end up killing even more jobs. The answer is to finally make trade work for us, not against us. 
  • I will stop any trade deal that kills jobs or holds down wages – including the Trans-Pacific Partnership. I oppose it now, I’ll oppose it after the election, and I’ll oppose it as President. 
  • So as President, I will stand up to China and anyone else who tries to take advantage of American workers and companies. And I’m going to ramp up enforcement by appointing, for the first time, a chief trade prosecutor, I will triple the number of enforcement officers, and when countries break the rules, we won't hesitate to impose targeted tariffs.
Energy Reform
  • N/A
Spending
  • We will put Americans to work building and modernizing our roads, our bridges, our tunnels, our railways, our ports, our airports.
  • We will also help cities like Detroit and Flint connect underserved neighborhoods to opportunity, expanding affordable housing, and we will repair schools and failing water systems as well. 
  • And that means for us, creating an infrastructure bank to get private funds off the sidelines and complement our private investments. $25 billion in government seed funding could unlock more than $250 billion and really get our country moving on our infrastructure plans.
  • And we’re going to invest $10 billion in what we’re calling “Make it in America” partnerships to support American manufacturing and recommit to scientific research that can create entire new industries.
  • Let’s also expand incentives like the New Markets Tax Credit that can bring business, government, and communities together to create good jobs in places that have been left out or left behind.
  • I will also make a major push to empower small businesses and entrepreneurs, with new national initiatives to cut red tape at every level and expand access to credit, especially through community banks and credit unions.
  • The people taking care of our children and our parents, they deserve a good wage, good benefits, and a secure retirement.
  • So we will fight to make college tuition-free for the middle class and debt-free for everyone. (You should be able to learn a skill, practice a trade, and make a good living doing it.)
  • We will support high-quality union training programs. We will propose new tax credits to encourage more companies to offer paid apprenticeships that let you earn while you learn. We will do more, including a national campaign, to dignify skills training across the board. I think we’ve got to reverse what has become a kind of commonplace view, which is everybody needs to go to college.
  • I think instead we should expand the Child Tax Credit to provide real relief to tens of millions of working families struggling with the costs of raising children – the same families that his plan ignores.
 
Tax Foundation gave her initial tax plan a tax increase based on dynamic scoring of $191 billion over the next decade. There aren’t specifics outlined in her speech that would necessarily change this estimate, but there are a number of additional expenditures…

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    Vance Ginn, Ph.D.
    Chief Economist
    ​TPPF
    ​#LetPeopleProsper

    Vance Ginn, Ph.D., is founder and president of Ginn Economic Consulting, LLC. He is chief economist at Pelican Institute for Public Policy and senior fellow at Young Americans for Liberty and other institutions. He previously served as the associate director for economic policy of the White House’s Office of Management and Budget, 2019-20.

    Follow him on Twitter: @vanceginn

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