Behind the Clinton $1.3 trillion tax hike

This is a rush transcript from "On the Record," August 4, 2016. This copy may not be in its final form and may be updated.

GRETA VAN SUSTEREN, FOX NEWS HOST: No one, and I mean, no one likes paying taxes. And tonight, there's a new report about Secretary Hillary Clinton's tax plan.

If she wins the White House, will your taxes go up?

Well, according to a new report, former Congressional Budget Office director and president of the American Action Forum Douglas Holtz-Eakin goes ON THE RECORD.

Nice to see you, sir.

DOUGLAS HOLTZ-EAKIN, FORMER CBO DIRECTOR: Good to see you, Greta. Thank you.

VAN SUSTEREN: OK. So under the Hillary Clinton tax plan, are taxes going up? And who are they going up on?

HOLTZ-EAKIN: They're going up. They're going up to the tune of $1.3 trillion over the next ten years if she would be elected and put this in placed. And right now she is promising they will only effect the very wealthy. Certainly, no one -- no couple under $250,000 or individual over $100,000.

VAN SUSTEREN: She promises that. Is there any way, I mean -- is there any way to know that for sure? I mean, I supposed that's the viewers want to know.

HOLTZ-EAKIN: Well, here's the problem. She's promise to raise $1.3. trillion taxes. But she's promise to spend $3.5 trillion more. So there's a deficit of $2.2 trillion. She's not going to do that by cutting spending. She has big spending plans. So to close that, it's going to mean higher taxes through somebody. And she's running out of rich people and rich people's income.

VAN SUSTEREN: What about the fact that the economy has had a sluggish recovery. I suspect that if we had a more vigorous and robust recovery, this would be less of an issue, because more money will be going to the Treasury.

HOLTZ-EAKIN: Certainly, it would help. But, right now, we're grinding along with something like one -- 82 percent at best. And a promise to raise taxes and create a $2.2 trillion deficit is a promise to harm growth.

And so I think you have to be concerned about the implications for the average person on Main Street of an economy that's not doing well now and sees this kind of a policy to be put in place.

VAN SUSTEREN: All right. Does Donald Trump have a plan out himself yet that you can do an analysis of?

HOLTZ-EAKIN: We would love to do an analysis of his plan. He's been very short on details. And we know that he has a tax plan. Much has been estimated to loss between $10 and $12 trillion over 10 years by different groups.

He has promised to double the infrastructure spending of Secretary Clinton. That would be about $800 billion. He's promised not to touch social security or Medicare. So those are already contributing to what would be $9 trillion of deficit that he or Secretary Clinton will inherit from this president. So that remains to be seen. I would love to see the details.

VAN SUSTEREN: Doug, thank you for joining us.

HOLTZ-EAKIN: Thank you.