Clinton plan calls for ending certain tax 'loopholes'
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Democratic presidential candidate Hillary ClintonHillary Rodham ClintonManafort to share notes from Russian meeting with Senate probe: report Scarborough to Trump: Switch cable news to ‘SportsCenter’ Ex-Bush ethics lawyer: Trump calling for Clinton to be prosecuted is an ‘impeachable offense’
 MORE 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.

"Hillary is committing to shutting down the private tax system for the ultra-wealthy, by closing loopholes that exist today, and remaining vigilant for new loopholes lawyers and accountants try to find next," a campaign fact sheet stated.
 
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Clinton said she would end the carried interest tax break that benefits investment fund managers, which is unpopular with liberal Democrats as well as some of the Republican presidential candidates. The candidate has called for ending the preference since she was in the Senate, according to the fact sheet.
 
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.
 
Clinton would also clamp down on the so-called "Romney loophole" that allows very wealthy people to shelter money in tax-preferred retirement accounts. She would also end "loopholes" relating to foreign reinsurance and tax gaming through derivative trades that high-income money managers use to lower their taxes.
 
The candidate also would take other steps to reform the taxation of capital and would explore other measures to prevent high-income people from avoiding taxes, according to the fact sheet.
 
On the estate tax, Clinton would restore the tax to the parameters for 2009 by lowering the exemption to $7 million per couple and increasing the rate to 45 percent.
 
The new information about Clinton's tax plan comes a day after the former secretary of State unveiled her proposal for a 4 percent surcharge tax on those making more than $5 million per year. That tax builds on Clinton's commitment to implement the "Buffett Rule," which ensures that those making more than $1 million pay at least 30 percent of their incomes in taxes.
 
Imposing the surcharge, closing the loopholes and making changes to the estate tax would raise as much as $500 billion over a decade, the campaign said.