Hillary Clinton has proposed a new tax on stock trading. The tax increase would only further burden markets by discouraging trading and investment. Inevitably, costs associated with this new tax will be passed on to millions of American families that hold 401(k)s, IRAs and other savings accounts.

Clinton always comes up with an excuse for why she needs to raise even more taxes on the American people. This time, she claims that her plan will curb “unfair and abusive trading strategies” – as defined by her and her future appointees in the federal government, of course -- and levies a tax on Americans who make “excessive” order cancellations when trading on the stock market. The campaign has not said what is considered “excessive” or how high this new tax will be.

The fact is that this tax will be paid by the millions of American families with 401(k) accounts, IRAs, and 529 College Savings Plans. This tax means less money in your retirement account and more money for Washington DC. This tax also means higher fees to open and maintain these accounts, which will hit low income Americans hardest of all.

When you are a hammer, everything is a nail. When you are a tax increasing politician, every American’s wallet is a dollar sign.

As she testified before the tax-writing Senate Finance Committee on Sept. 30, 1993, Hillary Clinton was asked by Sen. Bill Bradley (D-N.J.) if she supported the imposition of a new, 25 percent national sales tax on guns. Clinton emphatically endorsed the tax, stating: "I am all for that."

As reported by the Associated Press on Oct. 1, 1993:

Sen. Bill Bradley, D-N.J., picked up Mrs. Clinton's support for his idea of slapping stiff taxes on ''purveyors of violence:'' a 25 percent sales tax on guns and $2,500 license fees for gun dealers.

''Speaking personally ... I'm all for that,'' said the first lady. But she stressed she was just speaking for herself.

''Well, let me say that there is no more important personal endorsement in the country today, and I thank you very much,'' said a pleased-as-punch Bradley.

After she publically endorsed the 25 percent gun tax in congressional testimony, she made sure that everyone understood how important this was to her, saying: "I am speaking personally, but I feel very strongly about that." 

Remarkably, although the hearing was broadcast on C-SPAN and Clinton's 25 percent gun tax endorsement was noted at the time by the AP, the Washington Post, the New York Times and others, a search of leading news databases reveals not a single media mention since 1993. Americans for Tax Reform is now highlighting the gun tax endorsement as the latest addition to its dossier of Clinton's tax positions, available at HighTaxHillary.com. 

 "Hillary’s 25 percent gun tax would discourage gun ownership and be a backdoor route to gun registration," said Grover Norquist, president of Americans for Tax Reform. "Hillary has a long history of attacking gun owners."

VIDEO: Watch Hillary endorse a new 25% national gun tax

On the day of the Finance Committee hearing, NBC Nightly News reported the 25 percent gun tax incident as follows:

NBC: "Others urge a hefty sales tax on guns, and much higher fees for gun dealers. Today, they got a powerful ally."

Clinton: "I'm all for that. I just don't know what else we're going to do to try to figure out how to get some handle on this violence."

NBC: "Hillary Clinton added that's only her personal opinion."

The Bill Clinton White House made it clear that Hillary's 25 percent gun tax endorsement was all hers, as shown by the Oct. 1, 1993 White House press briefing transcript:

Q: "Do you know if the President supports the First Lady's endorsement of an idea yesterday by Senator Bradley that there be a 25 percent tax on the sale of guns in America?"

WH Press Secretary Dee Dee Myers: "Well, as you know, she was expressing her opinion."

Sen. Bradley was seeking early support for gun tax legislation which called for a new federal sales tax on handguns and semi-automatic rifles as well as steep increases in existing federal firearms and ammunition excise taxes and gun dealer licensing fees.

Hillary Clinton’s anti-gun crusade continues to this day. During a CNN town hall meeting in 2014, she called for a ban on “assault weapons” and declared, “we cannot let a minority of people – and that’s what it is, it is a minority of people – hold a viewpoint that terrorizes the majority of people.”

Clinton’s positions are consistent with longstanding progressive goals on gun taxation, gun registration, and other forms of gun control. On August 10, 2015 the Seattle City Council voted unanimously to impose a $25 per gun sales tax on all firearms. As a result, the National Rifle Association, the National Shooting Sports Foundation, and the Second Amendment Foundation have filed a lawsuit challenging these taxes.

On Aug. 26, Clinton said she would push to “balance the legitimate Second Amendment rights with preventive measures and control measures.” The next day a Washington Post headline declared her “the new standard-bearer for gun control.”

"Hillary has made it perfectly clear to the millions of gun owners in the United States: she doesn't like us, she doesn't trust us and she wants us to go away," said Norquist.

VIDEO: Watch Hillary endorse a new 25% national gun tax

Resources:

• Sept. 30, 1993 Finance Committee Hearing Transcript
• Sept. 30, 1993 C-SPAN Coverage of Finance Committee Hearing
• Oct. 1, 1993 White House Press Briefing Transcript
• Oct. 1, 1993 Associated Press Article
• Oct. 1, 1993 Washington Post Article
• Nov. 4, 1993 New York Times Article
• Sen. Bill Bradley’s Gun Tax Bill
• www.HighTaxHillary.com

Hillary Clinton delivered a speech on Monday in New Hampshire that outlined her proposal to reduce student loan debt through a $350 billion tax hike. Republican candidates were quick to criticize Clinton’s plan.

Speaking with Fox News on Monday morning, Sen. Marco Rubio (R-Fla.) argued that Clinton’s plans for college financing are outdated.

“All that she’s talking about is ‘let’s raise taxes and let’s pour a bunch of money into a 20th-century outdated model,” Sen. Rubio said. “This is the thing they always do on the left — she has to figure out who to raise taxes on. This is about making, doing business in American even more expensive.”

Sen. Rubio, who spoke to paying off his student loans during the first Republican presidential debate, went on to argue that Clinton’s plan, “pours money into an outdated system,” and explaining that he wants to create a college system that is more flexible and practical.

“A lot of them (college students)are going to graduate with a degree that doesn’t lead to a job,” said the senator, pointing out that students need to be prepared for the current job market. “That’s why I believe that before you take out a loan, for that matter everyone, should be told how much people make when they graduate from that school and with that degree so people have an understanding of what they’re studying and where it’s going to lead."

Former Florida Governor Jeb Bush also came out in opposition to Clinton’s plan, calling it “fiscally irresponsible.” 

“This irresponsible proposal would raise taxes, increase government debt, and double-down on the failed Obama economic policies that have led to a ‘new normal’ of sluggish economic growth, rising college costs spurred by Washington, and limited opportunities for all Americans – including recent college graduates,” said Bush on his website.

Bush went onto say that, “We don’t need more top-down Washington solutions that will raise the cost of college even further and shift the burden to hardworking taxpayers.”

Newly released tax returns from Hillary Clinton, disclosed in a Friday evening news dump last week, suggest she has been using a Death Tax avoidance strategy. Through the creation of a trust account, the Clintons appear to be engaging in legal but hypocritical measures to avoid paying the Death Tax Hillary Clinton has spent a career defending.

Clinton has consistently voted for the Death Tax throughout her time in public office and forcefully condemned attempts to lower it. But when it comes to her own finances, it is a different story. The newly released tax returns buttress earlier reports outlining the ways Clinton uses financial planning strategies that shield her Death Tax liability.

According to a 2014 report by Bloomberg News, the Clintons created trusts in 2010 and shifted ownership of their New York home to it in 2011. In doing so, they will avoid paying hundreds of thousands of dollars in future death taxes. As the Bloomberg report states:

“To reduce the tax pinch, the Clintons are using financial planning strategies befitting the top 1 percent of U.S. households in wealth. These moves, common among multimillionaires, will help shield some of their estate from the tax that now tops out at 40 percent of assets upon death.”

It was not always this way. In the past, Clinton said that “the estate tax has been historically part of our very fundamental belief that we should have a meritocracy.” So what has changed?

Well as Bloomberg points out, the Clintons have made millions in paid speeches and book royalties:

“The Clintons have consistently supported higher taxes on the income and estates of the wealthiest Americans, even as their paid speeches and book royalties moved them into the echelons of the nation’s top earners over the past decade.”

While Clinton is all too happy to use these creative tax avoidance mechanisms, as a senator she voted against repealing the Death Tax and has even voted against giving small businesses and families a higher level of Death Tax exemption:

• In 2001, Clinton voted no on H.R. 1836, “the Economic Growth and Tax Reconciliation Act,” which contained a series of tax cuts, one of which increased the Death Tax exemption level to $3.5 million.
• In 2005, Clinton voted no on H.R. 8, “the Death Tax Repeal Permanency Act of 2005,” which fully repealed the Death Tax.
• In 2006, Clinton voted no on H.R. 5970, “the Estate Tax and Extension of Tax Relief Act of 2006,” which increased the Death Tax exemption level to $5 million.
• In 2008, Clinton voted no on S.Amdt.4191, legislation to increase the Death Tax exemption level to $5 million.

​

If Clinton truly believes the Death Tax is about the “fundamental belief that we should have a meritocracy,” she should put her money where her mouth is.