President Barack Obama and other Democrats have proposed similar adjustments.
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She has also pledged not to hike taxes on families earning less than $250,000 a year.
Democratic presidential candidate Hillary Clinton released new details about her tax planon Tuesday, calling for the end of certain tax “loopholes” for the wealthy and changes to the estate tax.
“I disagree with Republicans who say that America needs yet another massive tax cut for the very rich. That’s the exact opposite of what we should do”, Clinton said. Sanders has also called for taxing estates worth more than $3.5 million, but he proposed a progressive series of tax rates, up to 65 percent on billionaires’ estates.
Clinton has reiterated her support for the Buffett rule, named after billionaire investor and Clinton endorser Warren Buffett, which would institute a minimum tax rate of 30 percent on those earning more than $1 million per year.
“One of the big ones, as you’re aware, is on gun safety, where Senator Sanders has been a pretty reliable vote for the gun lobby”, Clinton said.
The carried interest tax break allows investment fund managers to treat the profits interest they receive for managing the funds as capital gains rather than ordinary income. “Some of my ideas got into Dodd-Frank even though I was no longer in the Senate”.
U.S. Democratic presidential candidate Hillary Clinton on Tuesday expanded her plan to tax the wealthiest Americans by saying she would close tax-avoidance “loopholes” that allow investments to be routed through low-tax countries and put in tax-deferred retirement accounts. “I’ve got the scars to show for it and I’m proud of every single one of them”.
Jared Bernstein, senior fellow at the Center on Budget and Policy Priorities and a former member of Obama’s economic team, said Clinton need Congressional approval to achieve her aims.
Mr Buffett, who campaigned alongside Ms Clinton in December, has strongly criticised tax policies that allow millionaires to pay a lower tax rate than middle-income Americans.
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Sanders’ campaign, however, commended the plan Clinton announced today in an interview with MSNBC. “Smart people have already figured this stuff out”.
