I have never thrown out clothing for having too much. Usually I get rid of clothing because it's worn out and can't be used anymore. Jeans that have ripped out beyond what can be repaired, shirts that have holes in them or are stretched out from washes, etc...
Though in many cases they aren't thrown out per say... they get cut up and used in the garage for rags. So they don't get thrown out until they've served that purpose too.