In last night’s final presidential debate, both candidates were asked how their economic plans would be better for the country when viewed in light of the dangerously high federal debt we have. Hillary Clinton challenged Donald Trump’s plans by citing sources which said his would add much more to the debt. She added that with her plan, “I will pay for it.”
Outstanding! She’s a true patriot who is willing to sacrifice her wealth for the good of the nation. My only concern is: will she have to sell the million dollar “retreat” home she and her husband bought for their daughter Chelsea and son-in-law recently?1
Or perhaps, Hillary meant that in her plan, others would cover the cost of all of these programs. She also said it would be those making more than $250,000. Great idea. After all, this 2.7% of taxpayers are only paying just over ½ of the total income taxes paid.
(From “High-income Americans pay most income taxes, but enough to be “fair’?” by Drew Desilver, http://www.pewresearch.org/fact-tank/2016/04/13/high-income-americans-pay-most-income-taxes-but-enough-to-be-fair/, 4/13/2016.)
Regarding the $250,000+ group, from the same source: “Their average tax rate (total taxes paid divided by cumulative AGI) was 25.7%. By contrast, people with incomes of less than $50,000 accounted for 62.3% of all individual returns filed, but they paid just 5.7% of total taxes. Their average tax rate was 4.3%.”
— BESIDES, we wouldn’t want the Clintons to be the only ones giving up anything as they climb out of being “broke.”2
1 – “Clintons shell out $1.16 million to buy house next door in Chappaqua,” by Jennifer Gould, http://nypost.com/2016/09/22/clintons-shell-out-1-16m-to-buy-house-next-door-in-chappaqua/, 9/22/2016.
2 – “The Clintons say they left the White House in debt. Wait, what?,” by Philip Bump, https://www.washingtonpost.com/news/the-fix/wp/2014/06/09/the-clintons-left-the-white-house-in-debt-wait-what/, 6/9/2014.
“And this is what the Clinton’s wealth looked like for the first four years after they left office in early 2001.”
“We considered three things: what the Clintons reported as income on their taxes, what they reported as assets in Hillary Clinton’s mandated disclosures, and what was listed as being owed. The disclosures only give broad boundaries for the value of the assets owned, so the true value of their assets lies somewhere within the dark-red bar.”
“So, yes, it is technically true the Clintons left office in debt. But, a year later, the couple’s assets had soared. And, as was reported at the time, the Clintons’ debt was entirely gone by the end of 2004 — well before Hillary Clinton left the Senate and well before she left her position as secretary of state. Nor was that income entirely from speaking fees; Clinton’s memoir Living History earned the couple a great deal of income, including $2.8 million reported in her 2001 financial disclosure.”