Chris Wallace asked Donald Trump about his economic plan would create jobs and growth, Trump responded with an attack on Clinton’s tax plan before launching into a diatribe about NATO and NAFTA. We never really heard how Trump’s economic plan would help the US.
But in his attack on Clinton’s tax plan, he made a pretty bold statement. “Before I start on my plan, her plan is going to raise taxes and even double your taxes,” Trump said. “Her tax plan is a disaster. And she can say all she wants about college tuition. And I’m a big proponent. We’re going to do a lot of things for college tuition but the rest the public is going to be paying for it. We will have a massive, massive tax increase under Hillary Clinton’s plan.”
Would Clinton’s tax plan possibly double anyone’s taxes?
Clinton’s tax plan does raise taxes, but almost exclusively on the wealthy. A study by Urban-Brookings found that the top 1% of tax payers (those making more than $730,000) would see their taxes increase as much as 10%. The same study found that those in the bottom 95% of tax payers (those making less than $300,000 a year) would see little change to their taxes.
The Trump campaign told Politifact that Clinton does propose a near doubling of capital gains on short term investments. Trump said Clinton is “going to raise and even double your taxes,” not just the taxes of day traders and stock brokers.
The Tax Policy Center found that the top 0.1% of taxpayers would probably see their tax rates raise from 34.4% to 41.5%. That is a raise of 21%, pretty far from the doubling that Trump threatened. It is hard to see that even a single person would trade enough short term investments to get into the top 0.1% bracket in order to see a doubling of their taxes.