Hillary might be our second best choice to fix our economy.

From Robert Reich

With the Iowa caucuses just over two weeks away, a major new poll showing Bernie within 3 points of Hillary, and a perceived “enthusiasm gap” working to Bernie’s advantage, Hillary Clinton yesterday proposed raising the tax rate on incomes over $5 million a year by 4 percentage points, from 39.6 percent to 43.6 percent.

It’s a step in the right direction – and certainly far better than the Republican candidates, all of whom want to cut taxes on the rich – but her proposal embodies what’s wrong with her campaign so far:
1. By waiting until now to propose such a tax increase on the super-wealthy, she makes it look like a last-minute and somewhat desperate effort to attract some Bernie supporters -- which plays into the view that she doesn’t really mean what she says.

2. The rate she proposes is still so far below what Bernie is suggesting that her proposal is unlikely to stir the passions of progressives, anyway. (Bernie has recommended raising the top marginal tax rate on highest earners to between 50 percent and 90 percent.)

3. As a matter of policy, there’s really not much point to her proposal. A 43.6 percent rate on income exceeding $5 million a year would raise only $15 billion annually, according to her campaign – far too little to fund the $1 trillion-plus spending agenda she promises will be fully paid for.

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