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During the third presidential debate, Donald Trump said that Hillary Clinton’s plan would “more than double” capital gains taxes.
Fact-Check: MOSTLY TRUE
Tax reform proposals tend to be complicated, and there is disagreement about their projected effects, but as the Wall Street Journal described Clinton’s proposal:
The proposal calls for taxes on gains from investments held for less than two years to nearly double to the standard income-tax rate of 39.6%. The rate would gradually drop, reaching 20% for investments held at least six years. Under current law, the 20% rate is available for top earners if they hold investments for at least one year. These figures don’t count an extra 3.8% tax on net investment income for upper-income earners included as part of the health-care law.
So, not “more than double,” but “nearly double,” with a gradual drop in the rate over six years – the latest effort by politicians to micro-manage the “free market” and control investment decisions. (The Wall Street Journal quoted some analysts who doubted Clinton’s plan would either raise the tax money she wants, or affect investment decisions the way she anticipates.)