If you’re a fan of specific point-by-point governmental minutia, then do we have the economic speech for you!!
Just like Donald Trump had done earlier last week, Hillary Clinton on Thursday talked about her own economic plan in Detroit.
As you may have guessed, her speech didn’t break much new ground in terms of pivoting away from traditional Democratic economic plans, but she did provide A LOT of details regarding her plan. What’s in it? Let’s take a look!
Point 1: Hillary Clinton’s economic plan is very traditional in terms of past economic plans presented by Democratic presidential candidates. The crux of her plan revolves around taxing higher income brackets and using that money to invest back into infrastructure in hopes of creating economic growth (specifically job growth).
Point 2: Clinton’s tax plan in many ways is an extension of what President Barack Obama had introduced during his time in office. The basis of her plan revolves around increasing taxes on high income individuals and multi-national corporations, while ending fossil fuel tax incentives and raising estate taxes. Also the use of tax credits is heavily used in her economic plan as incentives for individuals and private organizations toward specific policy goals.
Point 3: Based on the non-partisan Tax Policy Center’s estimates, Clinton’s tax plan would significantly increase taxes on the top 1% ($730,000 and up), while increasing government revenue over $1.1 trillion over the next decade. For 95% of tax payers, they’ll see little to no change in how much they are taxed each year.
Point 4: Clinton also introduced numerous tax credits to help low and middle-income families which range from making college debt-free to a majority of Americans to creating new tax credits for those living in poorer neighborhoods to expanding the childcare tax credit. (Important Note: The Tax Policy Center’s estimates do not include the various tax credits Clinton introduced in her speech Thursday.)
Point 5: As Clinton reiterated in her economic speech, she plans on reinvesting the added revenue from her tax plan to infrastructure projects. The managing of these infrastructure projects would come from an “infrastructure bank” that would be equipped with $25 billion in public funds.
Point 6: Her infrastructure projects would revolve around building/modernizing government works that include traditional projects like roads and bridges, along with other public utilities. Specifically, Clinton mentioned in her speech of expanding broadband infrastructure across the US and modernizing the outdated US power grid. The hope is through these various infrastructure projects, it will add more jobs to the US economy.
Point 7: Another major part of her economic plan revolves around economic partnerships between public and private entities. Various tools would be used to help with partnerships ranging from government incentives to businesses willing to retrain American workers to simplify the tax code for small businesses. On top of all that, under Clinton’s economic plan, $10 billion will be spent on these public-private partnerships to promote American manufacturing.
Point 8: An interesting aspect of Clinton’s economic plan is her stance on trade. Sounding very much like Trump, Clinton reiterated her opposition to the Trans-Pacific Partnership (TPP) and backed the idea of imposing tariffs – hefty fines – on those countries that “break the rules.”
Point 9: Trump’s strong stance on trade has been one of his most defining economic traits and Clinton looks to capitalize on that position as well. While Trump’s trade policies look to go a bit too far – many critics say his policies are too isolationist in nature – Clinton hopes her stances on trade, like her opposition to the TPP, will win her support among trade unions and Bernie Sanders supporters come November.
Point 10: While it’s easy to see how Clinton’s and Trump’s economic plans differ – both are pretty traditional Democratic and Republican plans respectively – it’s also important to keep in mind that on a fundamental level, their approaches to their economic plans also speak volumes. Clinton on Thursday presented a detailed oriented plan that would make Leslie Knope jealous. Trump on the other hand tried to outline broader economic ideas while giving very few – if any – solid points to his economic plan. In a way both economic plans highlight the approaches of both campaigns. While Trump only wants to talk about topics in broad strokes, Clinton inversely loves talking about specifics. We’ll just have to wait till November to see what approach voters prefer.
(Photo Credits: Screen Grab Bloomberg Politics YouTube Channel, Google Images, Pixabay.com)