Hillary Clinton’s stance on the economy

Democratic nominee Hillary Clinton’s plans for the economy are centered around raising taxes on the wealthy in order to invest in creating new jobs. Clinton intends to maintain taxes on big corporations while providing tax relief to small business. She claims that her plan will create 10 million jobs and stated in the final presidential debate that she would “not add a penny to the debt.”

Clinton’s tax plan starkly contrasts that of her opponent. She claims that she will “restore basic fairness to [the] tax code.” One major part of this plan is the addition of a surcharge, or additional payment, on anyone making over five million dollars per year. This will make it so that regardless of circumstances, those who fall into this tax bracket automatically have an additional four percent tax rate. Clinton plans on enacting the so-called “Buffett rule,” which establishes a minimum 30 percent income tax on anyone with an adjusted gross income of one million dollars or more.

Clinton also claims that she will end “loopholes that create a private tax system for the most fortunate” through closing loopholes such as the Bermuda reinsurance loophole, which essentially allows people to transfer money into tax-free companies off shore, and reclaim it as tax-exempt insurance reserves.

Closing loopholes is also central to Clinton’s efforts to deal with Wall Street. Clinton proposes closing the loophole that allows banks to utilize hedge funds to make risky investments with taxpayer money. Additionally, Clinton intends to impose fees on large institutions and use regulators to prevent them from growing too big, such that they could contribute to a crisis should they fail.

Clinton indicates that she will deal with perceived corruption in Wall Street by holding executives accountable for company crime. She proposes cutting the incomes of and potentially firing executives when a corporation violates the law. Clinton claims that this will end the mindset of penalties and fines simply being an expense of business and hold corporations accountable.

While Clinton supports the Obama administration’s corporate taxes and has endorsed the closing of corporate loopholes, she advocates for greater subsidizing of small businesses. Clinton intends to give small businesses access to capital through boosting lending from community banks and credit unions. Clinton plans on allowing entrepreneurs to defer student debt for an unspecified amount of time until they get their ventures off the ground.

Clinton plans on granting significant tax relief to small businesses. On her campaign website, Clinton claims that she will quadruple the startup tax deduction to make it cheaper for small businesses to begin. As long as startup costs are less than $50,000, current law allows a deduction of $5,000 in startup costs. Therefore, Clinton is indicating that she will allow up to a $20,000 deduction for small businesses.

Clinton has detailed a broad plan to create more jobs in America. One major focus is a proposed investment in infrastructure. Clinton claims that these will be the “boldest investments in infrastructure since the construction of [the] interstate highway system in the 1950s.” Clinton proposes repairing roads and bridges, improving airports and building “energy infrastructure” is components of her infrastructure investments. Clinton suggests that these large projects will create myriad jobs while also improving the country.

Clinton also proposes a $10 billion plan titled “Make It In America.” She intends this plan to prevent companies, especially manufacturing companies, from moving their jobs to other countries. The plan is meant to create tax incentives to bring back companies overseas, as well as strengthen the American manufacturing process by devoting resources to “harnessing regional strengths” and thereby creating region-based supply chains that attract specific companies.

To contain American jobs, Clinton proposes careful review of trade agreements before ratification. Clinton claims that she has a test before which she puts all trade agreements. Clinton says that unless the trade agreement creates new American jobs, raises wages and improves national security, it does not meet her standard. Clinton states on her campaign website that the TPP, or the trans pacific partnership, does not meet this standard.

Clinton supports a raised minimum wage, claiming that it needs to become a “living wage.” Clinton has proposed a $12 per hour federal minimum wage; however, she suggests that the minimum wage should be raised to $15 per hour but that it should be left as a state’s decision. Clinton has stated that while in office she would support local efforts to increase the minimum wage to $15 per hour.

Clinton also believes it necessary to help families in the work environment through altering legislation. Clinton claims that it is necessary to guarantee paid leave and to improve health care provisions to ensure that all Americans can be healthy regardless of their job. Clinton also claims that she will be able to “provide relief from the rising costs of necessities like child care and housing.” She says that these policies will help families face the challenges of the modern economy.

Clinton summarizes her policies for the economy in a five-point plan on her campaign website. She states that she will create an economy for everyone through investing in infrastructure, energy, manufacturing and small businesses in a “bold” jobs plan. She proposes making college debt free (see education). She suggests increased minimum wage and incentives for companies to stay in the United States. Clinton proposes increased taxes on the wealthy and the closing of tax loopholes so that corporations, the wealthy and Wall Street “pay their fair share.” Clinton intends to alter legislation to help working families with paid leave, health care, housing and child care.