Hillary’s Plan: The Economy

Under Clinton, Economy is “Stronger Together.”  Under Trump, Economy is “Billionaires First.”

Hillary Clinton believes our economy is stronger when we grow together. She’s put forward a comprehensive agenda to build an economy that works for everyone, not just those at the top — fighting for the largest investment in good-paying jobs since World War II, debt-free college, profit-sharing, tax fairness, and family-friendly policies like paid leave. Donald Trump, on the other hand, has put forward an agenda that showers billionaires and millionaires like himself with trillions in tax breaks and new loopholes, recklessly exploding the deficit while actually raising taxes on millions of middle-class families.

When John McCain’s former economic advisor studied the two plans, he actually calculated that under Hillary’s plans the economy would create 10.4 million jobs in her first term alone—while Trump’s plans would result in a “lengthy recession” and a loss of 3.4 million jobs.

*Trump has outsourced his products to at least 12 countries and routinely picks Chinese steel over U.S. manufacturers.

Hillary Clinton believes we need to build an economy that works for everyone, not just those at the top.  As president, Clinton will:

• Break through Washington gridlock to make the boldest investment in good-paying jobs since World War II
• Make debt-free college available to all Americans
• Rewrite the rules to ensure that workers share in the profits they help create
• Ensure that those at the top pay their fair share
• Put families first by matching our policies to how families live, learn, and work in the 21st century economy

Trump’s reckless agenda would shower billionaires and millionaires like himself with trillions in tax breaks and new loopholes, recklessly exploding the deficit while actually raising taxes on millions of middle-class families. Trump will:

• Enact a massive backdoor tax cut for billionaires and millionaires like himself, also known as “The Trump Loophole.”
• Widen the “carried interest” loophole by slashing tax rates on partnerships, including hedge funds and private equity firms.
• Get rid of the Wall Street reforms enacted after the recent crash, removing protections for consumers.
• Eliminate the estate tax, resulting in a $4 billion tax cut for his family alone — while giving 99.8% of Americans nothing.
• Actually raising taxes on millions of middle-class families.

Run up the national debt by nearly $21 trillion over 20 years.

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Hillary Clinton’s Vision for An Economy Where Our Businesses, Our Workers, and Our Consumers Grow and Prosper Together

On Monday, Hillary Clinton and Hillary for America announced a plan that will ensure that businesses, workers, and consumers can all grow and prosper together. This would be a stark contrast from today’s economy in which one typically suffers at the expense of the others. HFA released details of her plan which are outlined below. The full plan can be read on The Briefing.

Hillary Clinton believes we need to build an economy that works for everyone, not just those at the top. But today, there are still powerful interests fighting to protect their own profits and privileges at the expense of everyone else. Too many of the rules and incentives in our economy encourage those at the top to abuse their power and take advantage of consumers, workers, small businesses, and taxpayers. That makes it tougher for even well-meaning CEOs to take the high road.

In recent months, we’ve seen three egregious examples of these problems. We saw a drug company, Mylan, excessively raise the price of lifesaving EpiPens without justification. We saw one of our country’s biggest banks, Wells Fargo, bully thousands of employees into committing fraud on unsuspecting customers. And now we’ve learned the latest on Donald Trump: In one year, he lost nearly a billion dollars; he stiffed small businesses, laid off workers, and walked away from hardworking communities; and he apparently got to avoid paying taxes for nearly two decades—while tens of millions of working families paid theirs. That’s what he calls “smart” business.

Today, Clinton is offering her vision for an economy where our businesses, our workers, and our consumers grow and prosper together. She’s outlining a set of proposals to rewrite the rules so that more companies that do right by workers, small businesses, customers, and taxpayers.

Clinton will:

1. Eliminate Tax Breaks that Allow Corporations and the Wealthy to Avoid Paying Their Fair Share

• Shut down the “private tax system” for the most fortunate, starting by immediately closing egregious loopholes and restoring basic fairness to our tax code.
• Reform our tax code to reward investments in America – and stop companies from shifting jobs and profits overseas

2. Protect Consumers from Unfair and Deceptive Practices

• Strengthen consumer financial protection, including by restricting practices that businesses like Wells Fargo have used to lock the consumers they’ve harmed out of court
• Respond to unjustified price increases in long-standing, lifesaving drugs like EpiPens

3. Promoting Free and Fair Competition and Stopping Big Businesses from Hurting Small Business

• Crack down on big companies that repeatedly exploit their power to stiff small businesses – and give small businesses the power to respond
• A new commitment to promote competition, address excessive concentration and the abuse of economic power, and strengthen antitrust laws and enforcement

4. Rewrite the Rules So Workers Share in the Profits They Create

• Reward companies that share profits with their employees, not just their executives
• Fight for unions that built the American middle class and strengthen collective bargaining
• Encourage businesses to provide worker training and apprenticeships
• Make the minimum wage a living wage and fight for equal pay and overtime
• Guarantee paid leave and make affordable, high-quality childcare available to all

Full fact sheet available here.

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News Source: The Briefing

HFA’s Response to Trump’s Latest Misleading Ad

On Monday, Hillary for America Deputy Communications Director Christina Reynolds released the following in response to Donald Trump’s latest campaign ad.

“Donald Trump’s reckless approach to business has devastated working families and communities. He will do and say whatever is in his interest, even if it means swindling working families to make millions for himself. Now Trump is promising the same reckless, self-centered approach to running the country’s economy – with large tax breaks for the wealthy, and a plan that independent experts say would cost millions of jobs. Hillary Clinton is the only candidate who will work to build an economy that works for everyone, not just those at the top, and has a plan that would create jobs, grow incomes and help small business and the middle class. No misleading ad can change that fact.”

V/O: In Hillary Clinton’s America, the middle class gets crushed SUPER: middle class CRUSHED “America’s Shrinking Middle Class: A Close Look at Changes Within Metropolitan Areas,” Pew Research Center, 5/11/16	CLINTON’S PLAN WOULD MAKE THE ECONOMY WORK FOR EVERYONE, NOT JUST THOSE AT THE TOP Hillary for America Fact Sheet: Stronger Together: Hillary Clinton’s Plan for An Economy That Works for Everyone, Not Just Those at the Top [Hillary for America Fact Sheet, 6/22/16] Hillary Clinton is running for President to build an economy that works for everyone, not just those at the top. And she is setting five big goals to get there: 1  Break Through Washington Gridlock to Make the Boldest Investment in Good-Paying Jobs Since World War II 2  Make Debt Free College Available to All Americans 3  Rewrite the Rules to Ensure That Workers Share in the Profits They Help Create 4  Ensure That Those at the Top Pay Their Fair Share 5  Put Families First by Matching Our Policies to How Families Live, Learn, and Work in the 21st Century Economy INDEPENDENT ANALYSIS FOUND LOW- AND MIDDLE- INCOME HOUSEHOLDS WOULD BENEFIT MOST FROM CLINTON’S PROPOSALS Moody’s: “Those Who Would Benefit Most From Secretary Clinton’s Economic Proposals Would Be Low- And Middle-Income Households.” “Those who would benefit most from Secretary Clinton’s economic proposals would be low- and middle-income households.” [The Macroeconomic Consequences of Secretary Clinton’s Economic Policies, Moody’s Analytics, July 2016] RESEARCH CITED BY TRUMP CAMPAIGN DOES NOT MENTION CLINTON “America’s Shrinking Middle Class: A Close Look at Changes Within Metropolitan Areas,” Pew Research Center, 5/11/16
V/O Spending goes up SUPER: spending goes UP “Analyzing Clinton’s Health and Education Expenses,” CRFB, 7/27/16 “Estimating the Costs of Candidate Clinton’s Proposals,” American Action Forum, 6/4/16	CLINTON’S PLANS WOULD NOT ADD TO THE NATIONAL DEBT Wall Street Journal: Study Sees Debt Jumping Under Trump, Staying Steady Under Clinton [Wall Street, Journal, 6/26/16] Study: Clinton’s proposals would not significantly increase national debt [The Hill, 5/2/16] Budget group: Debt jumps under Donald Trump, remains steady under Hillary Clinton [CBS News, 6/27/16]
V/O: Taxes go up SUPER: Taxes go UP “Estimating the Costs of Candidate Clinton’s Proposals,” American Action Forum, 6/4/16	CLINTON WOULD NOT INCREASE TAXES ON FAMILIES WITH INCOMES LESS THAN $250,000 Politifact Gave A “Pants On Fire” To Donald Trump’s Claim That “Hillary Clinton Wants To Raise Taxes On The Middle Class.” [Politifact, 8/5/16] Research Cited By Trump Campaign Notes That Clinton Would Not Raise Taxes On Incomes Less Than $250,000 Tax Foundation: “Consistent With The Clinton Campaign’s Pledge Not To Raise Taxes On Households Earning Less Than $250,000, We Assumed That The New Schedule For Long-Term Gains…” “Consistent with the Clinton campaign’s pledge not to raise taxes on households earning less than $250,000, we assumed that the new schedule for long-term gains only would apply to the top marginal tax rate of 20 percent.” [“Details and Analysis of Hillary Clinton’s Tax Proposals,” Tax Foundation, 1/26/16]
V/O: Hundreds of thousands of jobs disappear. It’s more of the same but worse. SUPER: Clinton’s Tax Plan: hundreds of thousands of jobs disappear “Details and Analysis of Hillary Clinton’s Tax Proposals,” Tax Foundation, 1/26/16	MOODY’S FOUND THAT UNDER CLINTON’S PROPOSALS, THE ECONOMY WOULD CREATE 10 MILLION JOBS Moody’s: “During Her Presidency, The Economy Would Create 10.4 Million Jobs, 3.2 Million More Than Under Current Law.” “Employment also receives a lift under the secretary’s plan. During her presidency, the economy would create 10.4 million jobs, 3.2 million more than under current law. Unemployment is also lower, with the unemployment rate falling as low as 3.7% in the middle of her term, and ending her presidency in 2020 at 4.4%. Under current law, the unemployment rate hovers just below 5% between now and the end of the decade.” [The Macroeconomic Consequences of Secretary Clinton’s Economic Policies, Moody’s Analytics, July 2016] Moody’s: Clinton’s Economic Proposals Will Results In A “Stronger U.S. Economy With Increased GDP And More Jobs” That “Will Mostly Benefit Middle- And Lower-Income Households.” “Even allowing for some variability in the accuracy of the economic modeling and underlying assumptions that drive our analysis, four basic conclusions regarding the impact of Secretary Clinton’s economic proposals can be reached: 1) They will result in a somewhat stronger U.S. economy with increased GDP and more jobs; 2) they will mostly benefit middle- and lower-income households; 3) they have little impact on the nation’s fiscal situation, as they result in somewhat larger deficits but a mostly unchanged debt-to-GDP ratio; and 4) they exhibit faith in the ability of government policy to positively influence economic behavior.” [The Macroeconomic Consequences of Secretary Clinton’s Economic Policies, Moody’s Analytics, July 2016]
V/O: In Donald Trump’s America, working families get tax relief SUPER: Families Get Tax Relief “A Pro-Growth Tax Code for All Americans,” GOP: A Better Way, 6/24/16	TRUMP’S TAX PLAN WOULD DO LITTLE TO NOTHING FOR THE MIDDLE CLASS, WHILE GIVING PEOPLE LIKE HIM A HUGE TAX BREAK HEADLINE: “Economists: Trump Tax Plan Offers Almost Nothing For The Middle Class.” [Washington Post, 8/8/16] Center On Budget And Policy Priorities: Trump’s Proposed 15% Tax Rate On Pass-Through Income “Would Be An Expensive Tax Cut That Would Flow Primarily To The Wealthiest Americans.” “A central element of Donald Trump’s tax plan, which he’s expected to discuss in a high-profile speech in Detroit today, is a special 15 percent tax rate on business income claimed on individual tax returns, known as ‘pass-through’ income.  Mr. Trump says it’s designed to help small businesses, which he contends shouldn’t pay a higher tax rate than large corporations.  Mr. Trump, who has proposed a 15 percent corporate tax rate, proposes a pass-through rate of 15 percent as well. The Trump pass-through proposal would be an expensive tax cut that would flow primarily to the wealthiest Americans.  That’s because more than two-thirds of pass-through business income flows to the highest-income 1 percent of tax filers.” [Center On Budget And Policy Priorities, 8/8/16] Trump’s Financial Disclosure Revealed He Had Holdings In More Than 200 Pass-Through Entities, Which Would See Their Tax Rate Dramatically Reduced Under His Plan. “A little-noticed provision in Donald Trump’s tax reform plan has the potential to deliver a large tax cut to companies in the Republican presidential nominee’s vast business empire, experts say. Trump’s plan would dramatically reduce taxes on what is known in tax circles as ‘pass-through’ entities, which do not pay corporate income taxes, but whose owners are taxed at individual rates on their share of profits. Those entities are the most common structure for small businesses and increasingly popular for larger ones as well. They are also a cornerstone of the Trump Organization. On his 2015 presidential financial disclosure report, Trump listed holdings of more than 200 limited liability corporations, which is a form of pass-through.” [Washington Post, 8/10/16] TRUMP DIDN’T EVEN CITE HIS OWN TAX PLAN IN HIS AD HEADLINE: “Trump Ad Credits Tax Plan He Doesn’t Support” [NBC News, 8/29/16] Donald Trump’s New Ad Cites Two Contradictory Tax Plans — One That Trump Has Explicitly Ruled Out and Another That He Has Yet To Endorse. “Donald Trump’s new $10 million TV ad cites two contradictory tax plans — one that Trump has explicitly ruled out and another that he has yet to endorse — raising more questions about what policies the GOP presidential nominee supports. […] For the ad’s claim that ‘working families get tax relief,’ it refers viewers not to an analysis of Trump’s own tax proposals, but to a white paper by House GOP leaders about their own tax reform plan. […] Trump has not endorsed the House GOP plan outright, but his new proposal, announced earlier this month, has some similarities. […] Things get even more confusing as the commercial continues. The ad’s next two claims that Trump would make ‘wages go up’ and ‘small businesses thrive’ refer to his old tax plan from last year, which had drastically different rates, including a 0% bracket at the bottom and a top rate of 25%. The on-screen citation directs viewers to a Tax Foundation analysis of that now-defunct proposal from September 2015. Trump erased his old plan from his website shortly before he announced his new one in a speech to the Detroit Economic Club earlier this month.” [NBC News, 8/29/16]
V/O: Millions of New Jobs Created Millions of new jobs Details and Analysis of the 2016 House Republican Tax Reform Plan,” Tax Foundation, 7/5/16	TRUMP’S ECONOMIC POLICIES WOULD REDUCE EMPLOYMENT BY NEARLY 3.5 MILLION JOBS A Moody’s Analytics Report On Trump’s Economic Proposals On Taxes, Trade, Immigration And Spending Found That Trump’s Policies Could Sharply Reduce Economic Output And Reduce Employment By Nearly 3.5 Million Jobs During His First Term. “A new analysis concludes Donald Trump’s economic proposals, taken at face value, could produce a prolonged recession and heavy job losses that would fall hardest on low- and middle-income workers. The Moody’s Analytics report, which a person close to the Trump campaign strongly disputed, is the first that attempts to quantify the cumulative economic benefits and costs of Mr. Trump’s proposals on taxes, trade, immigration and spending. It determines that full adoption of those policies would sharply reduce economic output during his first term and reduce employment by 3.5 million jobs.” [Wall Street Journal, 6/20/15]
V/O: Wages go up SUPER: Wages go up “Details and Analysis of Donald Trump’s Tax Plan,” Tax Foundation, 9/29/15	TRUMP THINKS AMERICAN WAGES ARE ALREADY “TOO HIGH” Trump Opposed Raising The Minimum Wage Because: “Wages Too High, We’re Not Going To Be Able To Compete Against The World.” Trump said he wouldn’t raise the minimum wage, and the reason is that America ‘is a country that is being beaten on every front.’ The problem, he said: ‘Taxes too high, wages too high, we’re not going to be able to compete against the world. I hate to say it, but we have to leave it the way it is. People have to go out, they have to work really hard, and they have to get into that upper stratum.’” [The Week, 11/10/15; Republican Primary Debate, Milwaukee WI, 11/10/15] Trump: “We Have To Become Competitive With The World.  Our Taxes Are Too High, Our Wages Are Too High.  Everything Is Too High.” TRUMP: “But you know what? We have to become competitive with the world.  Our taxes are too high, our wages are too high.  Everything is too high.” [Morning Joe, MSNBC, 11/11/15; The Hill, 11/11/15] TRUMP: “HAVING A LOW MINIMUM WAGE IS NOT A BAD THING FOR THIS COUNTRY” Trump: “But I Think Having A Low Minimum Wage Is Not A Bad Thing For This Country.” TRUMP: “Now — I want to create jobs so that you don’t have to worry about the minimum wage.  They’re do a great job that they’re making much more than the minimum wage.  But I think having a low minimum wage is not a bad thing for this country, Mika.” [Morning Joe, MSNBC, 8/20/15; Washington Times; 8/20/15]
V/O: Small businesses thrive SUPER: Small businesses thrive “Details and Analysis of Donald Trump’s Tax Plan,” Tax Foundation, 9/29/15 V/O: The American dream achievable. Change that makes America great again. Donald Trump for President. SUPER: MAKE AMERICA GREAT AGAIN!	TRUMP’S POLICIES WOULD DRIVE AMERICA INTO A RECESSION Moody’s Concluded That Trump’s Trade And Immigration Policies Would Sharply Boost The Prices Of Labor And Goods And Could Contribute To A Recession In 2018. “The report singles out trade and immigration policies as the most detrimental to the economy in the short run because they could sharply boost labor and goods prices at a time when there’s less slack in the labor market. ‘It is a massive supply shock to the economy that’s very pernicious, and the Fed doesn’t know how to respond to that,’ said Mr. Zandi. Moody’s concludes that those price pressures would force the central bank to raise interest rates at a faster-than-desired pace, contributing to a recession in 2018 that could produce a 25% drop in the S&P 500.” [Wall Street Journal, 6/20/15] HEADLINE: “Donald Trump’s Trade War Could Kill Millions Of U.S. Jobs” [Wonkblog, Washington Post, 3/25/16] HEADLINE: “How Donald Trump Could Cause A Recession” [CNN Money, 3/3/16] The Republican-Leaning U.S. Chamber Of Commerce Argued That Trump’s Proposed Tariffs Would Likely Cause A Recession. “The U.S. Chamber of Commerce is using a recent analysis commissioned by The Washington Post to argue that Donald Trump’s trade policy platform could cause a recession. The business group, which is a consistent backer of Republican politicians, said in a blog post Friday that a recession would set in during the first year under the Republican front-runner’s proposed tariffs because China and Mexico would likely impose retaliatory tariffs.” [Politico, 4/1/16]

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Clinton Campaign Calls for Trump’s Tax Returns

On Thursday, Hillary for America released information and a new television ad calling the lack of tax returns from Donald Trump into question. While Hillary Clinton and Tim Kaine have made their tax returns public, Trump has yet to do so. View the ad and read the HFA’s release below.

Donald Trump’s Tax Returns: What’s He Hiding?

For 40 years, major party nominees have publicly released their tax returns – a simple and basic disclosure, made to the American people as they determine which candidate is best fit for the presidency. In accordance with this decades-old tradition, Hillary Clinton has made nearly 40 years of tax returns available to the public over the course of her career, dating back to 1977. You can find the past 9 years of her returns here.

Unfortunately, Donald Trump refuses to release his tax returns, despite his promise in 2014 that he “absolutely” would release them if he ran for president. Watch Trump promise to release his returns here.

TRUMP: “If I decide to run for office, I’ll produce my tax returns, absolutely, and I would love to do that.” 

Of course, Trump changed his mind when he actually became a candidate for president.

TRUMP: “I want to release my tax returns but I can’t release it while I’m under an audit.”

TRUMP: “There’s nothing to learn from them.”

TRUMP: “It’s none of your business.”

Contradicting his own logic, Trump has released his tax returns while under audit in the past – when the disclosure of his tax returns would benefit his business interests – such as his application for a license to open a casino.

CNN: “Donald Trump insists he won’t release his tax returns during his 2016 presidential run because those returns are the subject of ongoing Internal Revenue Service audits.  When he’s had casinos on the line, it’s been a different story.”

Further, Trump has the ability to slow down the audit of his tax returns depending on his rate of response to the IRS – meaning he may be able to make his poor excuse, that his audit prevents his tax return disclosure, last as long as he wants.

WSJ: “Donald Trump says he will release his tax returns when an IRS audit concludes… the Republican presidential nominee omits one major point: He and his attorneys have substantial knowledge about when the audit will end and some ability to slow the process.”

Considering Trump has released his taxes under audit before, and his actions determine the speed at which the IRS can complete the audit, why won’t Trump release his tax returns and what is he hiding? Here’s a few theories:

1. Trump may not be worth the $10 billion that he claims
2. Trump may pay little to no income tax
3. Trump is deeply in debt and owes a hundred million to a foreign bank
4. Trump wrongly under values his properties to local tax men
5. Trump is making a “flood of cash” from running for president
6. Trump is taking tax breaks he shouldn’t
7. Trump is hiding his lack of charitable donations

Here’s 5 FACTS we know about Trump’s tax returns:

1. In multiple years in which we know Trump’s tax rate, he paid a rate of 0%
2. Trump promised millions in charity, but reportedly gave less than $10,000 over a period of 7 years
3. Trump has accepted a grant intended for small businesses affected by 9/11
4. Trump has repeated accepted a tax break intended for middle-class people
5. Trump might not even be undergoing an audit in the first place – and he refuses to present a letter from the IRS, sent to every individual who is audited, to prove it

Prominent Republicans question what Trump is hiding in his tax returns:

George Will: “Perhaps one more reason why we’re not seeing his tax returns is because he is deeply involved in dealing with Russian oligarchs.”

Mitt Romney: “Either he’s not anywhere near as wealthy as he says he is” or “There’s a bombshell in Donald Trump’s taxes.”

Mark Sanford: “I Support You, Donald Trump. Now Release Your Tax Returns.”

Is there ANY way to make Trump release his tax returns?  Yesterday, Senate Finance Committee Ranking Member Ron Wyden and Senate Foreign Relations Committee Member Chris Murphy are calling for the Senate to vote on their bill, the Presidential Tax Transparency Act, to require presidential nominees to release their tax returns after their conventions.

In the meantime, media, pundits, and Americans across the country continue to challenge Trump to release his tax returns.

New York Times: Letters to the Editor: “Why Won’t Trump Release His Taxes?”

Washington Post Editorial: “Even Mike Pence appears to disagree with Trump on releasing tax returns”

Huffington Post: “Even Donald Trump’s Supporters Are Telling Him To Release His Tax Returns”

For all the latest, follow our Scheduled Events page and follow Clinton on Twitter, Facebook, YouTube, and Instagram. Also, be sure to subscribe to the campaign’s official Podcast, With Her.