Hillary would likely use the repeal of the AMT (which nobody ever envisioned reaching these levels) as the lynchpin to claim that she is not increasing taxes but just redistributing them so as not to hurt the middle class. But the reality would be a vast increase in tax revenues and a major increase in the redistribution effect of the tax code.
Already the top 1 percent of all taxpayers earn 17 percent of the national income but pay 35 percent of all federal income taxes. And the top 10 percent make one-third of the national income but pay two-thirds of the income tax. The bottom half in income pays less than 3 percent of the income ta x collections. Hillary will make this curve a lot steeper.
In her own way, Hillary’s views on tax policy are rooted in her religious convictions. As a believing Methodist, she demonstrated the link between her faith and her liberal politics when she said the following, when commenting on Republican proposals to make illegal entry into the U.S. a crime:
"It is hard to believe that a Republican leadership that is constantly talking about values and about faith would put forth such a mean-spirited piece of legislation."
"It is certainly not in keeping with my understanding of the Scripture because this bill would literally criminalize the Good Samaritan and probably even Jesus himself … We need to sound the alarm about what is being done in the Congress."
On a more secular level, she told a San Francisco audience in 2004: “We’re going to take things away from you on behalf of the common good.” And, speaking in New Hampshire on May 30, 2007, she said she would “raise taxes on upper-income Americans and eliminate breaks for corporations.”
She attacks the Bush administration for “going back to the era of the robber barons.” She says, “It’s time for a new beginning, for an end to government of the few by the few, and for the few. Time to reject the idea of an ‘on your own’ society and to replace it with a shared responsibility for shared prosperity. I prefer a ‘we’re all in it together society.’”
Behind her rhetoric about shared values and unity, lies the most far reaching tax increase proposals since the days of the New Deal. And, if she is elected, she will likely carry enough Democrats into the Senate (my current estimate is 58) to pass whatever she pleases.