Clinton to Propose Increasing Capital Gains Taxes
Hillary Clinton plans later this week to propose raising capital gains taxes for some investors, pivoting from a 2008 pledge not to increase the rate beyond 20 percent. The policy is part of a larger effort by her campaign to encourage greater focus on longer-term economic growth rather than more immediate gains for investors-a priority for the liberal Democrats she’ll need in 2016.
The new rates would be pegged to the duration of the investment, with short-term holdings taxed at a higher percentage.
Clinton also expanded on a promise to pursue criminal prosecution of bad actors on Wall Street, saying she would strengthen the power of government regulators and raise caps on compensation for financial whistleblowers. She also hinted at plans to modify the government fines corporations pay for wrongdoing so that the fees also target the bonuses of executives involved.
Capital gains taxes disproportionally affect the wealthiest Americans. A study from the nonpartisan Tax Policy Center found that capital gains accounted for about half of the earnings of those making over $10 million-and just a fraction of those making less than $500,000.
Clinton’s plan is part of a larger package aimed at tackling what she argues is too heavy an emphasis on quick corporate gains at the expense of workers and broader economic growth.
This article appeared in print on page 3 of edition of Hamodia.
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