Clinton's tax hikes would kill 700,000 jobs

Hillary Clinton's tax plan would raise hundreds of billions of dollars from the wealthy, but would hamstring economic growth and prevent the creation of nearly 700,000 jobs over the next decade, according to a new analysis released Wednesday.

The Tax Foundation, a nonpartisan think tank in Washington, published a score of Clinton's plans for tax policy that found that it would would raise taxes by $1.4 trillion over the next 10 years, under a static analysis that assumes nothing else changes. That revenue would come from new taxes on high earners, a higher tax rate on multi-million dollar incomes, and new estate taxes.

But because those tax hikes would decrease the incentives to work, invest, and save, the group found, the Democrat's tax proposals would slow economic growth.

One result would be fewer jobs: If Clinton's tax plans became law, the economy would generate 697,000 fewer jobs over the next decade. Wages would also be lower, by more than 2 percent.

The group also said that under a dynamic analysis that assumes the tax hikes change people's behavior, Treasury would not gain the full $1.4 trillion in revenue, because the weaker economy would crimp tax collections. Taking into account the slower economy, Clinton's tax plan would raise only $663 billion over 10 years, it said.