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Hillary Clinton postpones trip to Charlotte

25 September 2016
Hillary Clinton postpones trip to Charlotte

Taxes are expected to remain a key issue in the upcoming presidential election.

Clinton had already proposed to raise estate tax rates on some millionaires to 45 per cent.

The New York Times has endorsed Democrat Hillary Clinton for the White House, saying she is more qualified than Republican presidential rival Donald Trump to handle the challenges facing the United States.

The Times said Clinton's mistakes had distorted perceptions of her character, but praised her work restoring US credibility in foreign affairs as secretary of state and on behalf of children, women and families throughout her career.

Estate taxes are taxes on inheritance after death, and generally only apply to the very wealthy - around two in a thousand estates are eligible to pay the tax. For starters, she meant to cut back the current estate tax exemption of $5 million - inflation-indexed to $5.45 million in 2016 - to $3.5 million, the same as it was back in 2009. It would add three new brackets: a 50 per cent rate for couples with estates valued above $US10 million, a 55 per cent rate for couples with estates above $US50 million and a 65 per cent rate for those with estates above $US1 billion. The top 65 percent rate would be the highest in the land since the Reagan-era tax cuts of 1981. "And again, we hope that they could figure out a way to come a little bit later". Then, their heirs only have to pay taxes when they sell the assets and only have to pay capital-gains taxes on the difference between the sale price and the value when they were inherited.

Politically, the proposal could serve a dual goal for Clinton. It also could help her court former backers of Sanders, particularly young liberals who have been slower to embrace her candidacy after she defeated him for the nomination.

In any event, it's unlikely that Clinton could garner enough support in Congress to push through these radical reforms. A memo circulated to reporters by the Obama campaign was headlined "Hillary Clinton (D-Punjab)'s Personal and Political Ties to India", a slur for which Obama later apologised. No matter what shape Congress takes, this would be an uphill climb.