Hillary reveals her plan to tax the ultra-wealthy

Hillary reveals her plan to tax the ultra-wealthy. August. 13, 2016 07:07. by 뉴욕=부형권특파원 bookum90@donga.com. U.S. presidential candidate Hillary Clinton announced her plans on the economy backed by introducing tax on the super-rich on Thursday. Contrary to her Republican opponent Donald Trump's proposal to give hefty tax cuts mainly designed to benefit wealthy people, Clinton seeks to raise taxes on high-income class.

At a speech in Detroit on the day, Clinton told factory workers, "Wall Street, corporations, and the super-rich, should finally pay their fair share of taxes. 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."

The "Buffett Rule" was originally proposed by legendary investor Warren Buffett to raise tax on the wealthy. Under the Buffett Rule, a minimum tax rate of 30 percent on individuals making more than a million dollars a year would be applied. Clinton slammed Trump's pledge on tax by saying, "Once the Estate Tax is eliminated as he pledged, that alone would save the Trump family 4 billion dollars. So they'd get a 4 billion dollars tax cut, and 99.8 percent of Americans get nothing. Let's call it the Trump Loophole, as his tax plans are aimed to benefit the wealthy."

Clinton also denounced Trump's plan to exclude childcare payments from taxation, mentioning, "Designed for rich people like him who are wealthy enough to hire nannies." However, she shared the same views with Trump’s on the multilateral trade agreement Trans-Pacific Partnership (TPP). "I oppose it now, I'll oppose it after the election, and I'll oppose it as president," Clinton said.