Clinton has moved closer to Sanders’ position in recent months, for example with a rejection of bank bailouts like those she voted for in 2008, during the depths of the worst financial crisis.
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Last week, Clinton proposed spending $275 billion to revitalize crumbling infrastructure, and made the point that doing so will create manufacturing, construction and other jobs.
Although Clinton does not support the reinstatement of Glass-Stegall, she wrote that her “plan goes beyond the biggest banks to include the whole financial sector”.
Today, Hillary Clinton published a New York Times op-ed headlined, “How I’d Rein In Wall Street”.
“Secretary Clinton is right to fight back against Republicans trying to sneak Wall Street giveaways into the must-pass government funding bill”, Warren, a former Harvard Law School professor and long-time consumer advocate, noted on social media.
Pfizer expects the deal will lower its tax rate to between 17% to 18% from the 25% it says it pays now. Democrats favor immediate action and are seeking to use the issue as a political wedge ahead of next year’s presidential election, accusing the GOP of protecting corporate loopholes. Republicans have argued that preventing inversions requires stripping the tax code to make the United States more attractive for businesses.
Clinton’s campaign is set to release details of her pro-manufacturing plan in New Hampshire, which hosts the first-in-the-nation presidential primary in February. Her campaign says the “Manufacturing Renaissance Tax Credit” would allow tax relief for localities facing layoffs or the loss of a manufacturing plant.
Under Clinton’s plan, companies like Pfizer would be subject to the new tax on foreign earnings. Clinton said she plans to strengthen oversight of activities of hedge funds, investment banks, and other non-bank financial institutions by imposing strict margin requirements on the kind of borrowing that led to the crisis. The profits a USA company earns overseas are not taxed until they are brought back into the US, prompting many companies to hold cash and invest abroad to avoid the taxes.
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Sen. Elizabeth Warren (D-Mass.), a tribune of the progressive left, has previously chided Hillary Clinton for siding with the financial industry in a landmark bankruptcy reform vote. In a guest column previous year for cleveland.com and The Plain Dealer, Roman wrote that one of the partnership’s development affiliates had leveraged more than $100 million worth of incentives into 30 projects.
