Clinton calls for 4 percent ‘surcharge’ tax on wealthy

Clinton calls for 4 percent ‘surcharge’ tax on wealthy

By Naomi Jagoda

Democratic presidential candidate Hillary Clinton on Monday called for an additional 4 percent tax on people making more than $5 million per year.

Clinton called the tax a “fair share surcharge” that would make sure wealthier taxpayers pay higher tax rates.

“This surcharge is a direct way to ensure that effective rates rise for taxpayers who are avoiding paying their fair share, and that the richest Americans pay an effective rate higher than middle-class families,” a Clinton campaign aide said.

The surcharge, which Clinton unveiled at an organizing event in Iowa Monday afternoon, would raise more than $150 billion over 10 years, the aide said, and is part of Clinton’s plan to build on the principle of the “Buffett Rule” to raise the effective tax rates of the rich.

The Buffett Rule, named after philanthropist billionaire Warren Buffett, would ensure that those making more than $1 million pay at least 30 percent of their incomes in taxes.

 

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