Hillary Clinton to Propose Doubling Short-Term Capital Gains Tax

Investors are in a fury this morning on reports in the Wall Street Journal that Hillary Clinton will propose nearly doubling the short-term capital gains tax for wealthy individuals.

Under the proposed Clinton plan, investments held between one and two years would be taxed at the normal income-tax rate of 39.6%, or nearly double the existing 20% capital gains rate.

The change would affect single filers with more than $413,201 in taxable income and married couples filing jointly with taxable income above $484,850.

The rate wealthy individuals pay will be adjusted on a sliding scale. To qualify for the 20% rate taxpayers would have to hold the investment for at least six years.

Mrs. Clinton is expected to lay out the details of the plan in a speech on Friday in New York City.

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