The Democratic Party officially approved its platform at theDemocratic National Convention in Philadelphia.

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The Washington Post has called it “the most progressive Democratic platformever.

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According to a UBS report, the proposals that Democraticpresidential nominee Hillary Clinton has announced are "fairlymodest from a macroeconomic point of view."

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"They would mostly maintain or extend changes implemented underPresident Barack Obama,” according to UBS.

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Jeff Bush, of The Washington Update, again reminded not to“mistake platform for policy.”

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“Obviously there’s a tremendous amount of red meat [in theplatform],” he told ThinkAdvisor.

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ThinkAdvisor examined what the Democratic platform saysabout Social Security, the Department of Labor’s fiduciaryrule, taxes, and other issues that affect financialadvisors. Here are five takeaways from the platform, and whatexperts in the industry are saying.

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(Read the entire platform here.)

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Social Security

Social Security

The Democrats’ platform aims to protect and expand SocialSecurity – and do so largely by raising wealthier Americans’taxes.

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“We will fight every effort to cut, privatize or weaken SocialSecurity, including attempts to raise the retirement age, diminishbenefits by cutting cost-of-living adjustments, or reducing earnedbenefits.

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The Democrats vowed no changes in age or benefits, but what Bushfound interesting was where the Democrats would expand SocialSecurity.

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The platform states, “Democrats will expand Social Security sothat every American can retire with dignity and respect, includingwomen who are widowed or took time out of the workforce to care fortheir children, aging parents or ailing family members.”

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As Bush explained to ThinkAdvisor, the Democrats are getting ridof the gap years in a person’s Social Security work history.

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“That’s certainly what it implies,” he added.

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He also found it noteworthy that the democrats are basicallysaying “Social Security should be tied in with health carespending.

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“The Democratic Party recognizes that the way Social Securitycost-of-living adjustments are calculated may not always reflectthe spending patterns of seniors, particularly the disproportionateamount they spend on health care expenses.”

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Bush said many democrats were in favor of continuing to use theConsumer Price Index to calculate benefits, which is “notconsistent with what they’re saying here” in the platform.

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The platform is not ambiguous as to how it plans to fund SocialSecurity.

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“We will make sure Social Security’s guaranteed benefitscontinue for generations to come by asking those at the top to paymore, and will achieve this goal by taxing some of the income ofpeople above $250,000,” the platform states. As Bush pointed outagain, Social Security is a math formula with many variables.

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“Democrats seem to be focused on only one of those variables,”he told ThinkAdvisor. “And that’s taxes.”

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Related: Seniors group warns of Social Security buying powerloss

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Labor Secretary Tom Perez. (Photo: AP)

DOL fiduciary rule

In the Democratic platform, there is what Bush called an“obscure reference” to the Department of Labor’s fiduciaryrule.

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The platform states that “We will fight against any attempt byRepublicans in Congress or on Wall Street to roll back the Conflictof Interest Rule, which requires that retirement advisors put thebest interests of their clients above their own financialgain."

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There’s another nod to the fiduciary policy in the platform’ssection on restoring economic security for the middle class.

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“The Democratic Party believes consumers, workers, students,retirees and investors who have been mistreated should never bedenied their right to fight for fair treatment under the law,” theplatform states. “That is why we will support efforts to limit theuse of forced arbitration clauses in employment and servicecontracts, which unfairly strip consumers, workers, students,retirees and investors of their right to their day in court.”

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Related: Advisors view DOL fiduciary rule as competitionbooster

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Taxes

Taxes

There is a consistent theme throughout the platform that thewealthy should pay their fair share, Bush said. In fact, there is aline item in the platform that specifically says: “Making theWealthy Pay Their Fair Share of Taxes.”

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The platform brings up the idea of the Buffett tax – inspired byWarren Buffett famously saying he pays lower taxes than hissecretary.

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“We will ensure those at the top contribute to our country’sfuture by establishing a multimillionaire surtax to ensuremillionaires and billionaires pay their fair share,” the platformstates. “In addition, we will shut down the “private tax system”for those at the top, immediately close egregious loopholes likethose enjoyed by hedge fund managers, restore fair taxation onmultimillion-dollar estates, and ensure millionaires can no longerpay a lower rate than their secretaries.”

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According to UBS’ analysis, Hillary Clinton’s tax policy wouldraise income taxes on the wealthiest households by enacting a 4%surcharge on income above $5 million, imposing a “Buffett rule”minimum tax of 30% on filers with income above $1 million, andlimiting the tax benefit from specified deductions and exclusionsto 28%. Estate tax, gift tax and capital gains tax rules would bemade less generous, according to UBS.

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UBS points to an analysis by the Urban Brookings Tax PolicyCenter that concludes that these changes would raise new revenue ofaround $1 trillion over the next decade, three-fourths of whichwould come from the top 1% of filers. Meanwhile, changes on thecorporate tax side would raise about another $100 billion.

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Related: Working seniors can get hosed by taxes

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College tution

College tuition

To Bush’s knowledge, there has not been a focus on college debtto this degree in prior platforms.

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“Nothing this tangible,” Bush told ThinkAdvisor. “That is thanksto Bernie Sanders.”

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The platform discusses both making debt-free college a realityand providing relief from “crushing student debt.”

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“Bold new investments by the federal government, coupled withstates reinvesting in higher education and colleges holding theline on costs, will ensure that Americans of all backgrounds willbe prepared for the jobs and economy of the future. Democrats areunified in their strong belief that every student should be able togo to college debt-free, and working families should not have topay any tuition to go to public colleges and universities.”

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According to Bush, this likely means that working families,those that earn $125,000 or less, would be able to have “debt-freecollege.”

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“My understanding of debt-free college does not mean room andboard, just tuition,” Bush told ThinkAdvisor. “That’s a significantstep forward.”

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The platform also suggests that community college should befree.

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Regarding what the platform calls “unsustainable levels ofstudent debt,” Democrats would allow those who currently havestudent debt to refinance their loans at the lowest ratespossible.

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Democrats would also allow student loans to bedischargeable.

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“Democrats will restore the prior standard in bankruptcy law toallow borrowers with student loans to be able to discharge theirdebts in bankruptcy as a measure of last resort,” the platformstates.

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Bush said this is a “huge change.”

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“Now you have a young person who’s wildly in debt [and] now veryeasily can go through bankruptcy,” Bush said. “That’s a significantgame changer there. That’s a significant change.”

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Related: 10 best states for student loan debtWall Street

Wall Street

The platform focuses on reining in Wall Street and fixing theU.S. financial system. One way Democrats would do this is byboosting regulatory agencies' enforcement budgets.

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“We also support extending the statute of limitations forprosecuting major financial fraud, and providing the Department ofJustice, the Securities and Exchange Commission, and the CommodityFutures Trading Commission more resources to prosecute wrongdoing,”the platform states.

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The platform also calls out Dodd-Frank, saying “we will alsovigorously implement, enforce, and build on President Obama’slandmark Dodd-Frank financial reform law.”

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To do this, Democrats would stop budget cuts and would ensureregulators “have the resources and independence to fully enforcethe law and hold both individuals and corporations accountable whenthey break the rules.”

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According to the platform, Democrats support an “updated andmodernized version of Glass-Steagall as well as breaking uptoo-big-to-fail financial institutions that pose a systemic risk tothe stability of our economy.”

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However, Greg Valliere, chief strategist at Horizon Investments,isn’t so sure Clinton supports this.

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“I just don’t think she’s that comfortable with going back toGlass-Steagall,” he told CNBC.

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Emily Zulz

Emily joined the ThinkAdvisor team as a reporter in the summer of 2014. She previously worked as a reporter for The Daily Journal in Kankakee, Illinois for a year and as a reporter and editor for The Daily Eastern News in Charleston, Illinois for two and a half years. Prior to joining ThinkAdvisor, Emily worked on Groupon’s editorial team in Chicago as a fact checker for three years. She graduated cum laude with a BA in journalism from Eastern Illinois University, and she has been the recipient of two journalism awards for her news reporting at daily newspapers.