Presidential hopeful Hillary Clinton reiterated her intention to reform carried interest taxation in an op-ed piece published in the New York Times on Tuesday.
As part of a populist stance, Clinton vowed to “fight to close the carried interest loophole that gives some fund managers billions of dollars in tax breaks.”
Clinton, the strong favorite to win the Democratic nomination for president, also leads the Republican presidential field in hypothetical general-election contests, with Ben Carson and Marco Rubio running nearest to her, according to a new national MSNBC/Telemundo/Marist poll.
If elected, Clinton said she will seek more financial regulation to avoid a repeat of the 2008 market crash and wants to impose a “risk fee” designed to reduce speculative betting.
“I would not only veto any legislation that would weaken financial reform, but I would also fight for tough new rules, stronger enforcement and more accountability that go well beyond Dodd-Frank,” Clinton said in her piece.
She also wishes to strengthen oversight of the “shadow banking” sector including hedge funds, investment banks and other non-banking institutions. “We need to tackle excessive risk wherever it lurks, not just in the banks,” she wrote.
Clinton’s position on carried interest is longstanding. During the 2008 presidential election, while campaigning against Barack Obama, Clinton stated that taxing carried interest as capital gains was a “glaring inequality” that she would remedy if elected.
Earlier this July, in a major speech laying out her economic plan, Clinton again expressed her support for closing the “carried interest loophole” noting that “those at the top have to pay their fair share.”
During that speech, Clinton also reiterated her support for the Buffett Rule that would impose a minimum tax rate of 30 percent on individuals who earn more than $1 million a year.
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