2016 FactCheck: on Tax Reform

Hillary Clinton: FactCheck: Hillary's plan raises taxes only for top 5%

Fact-checked: "Clinton's plan wouldn't raise taxes at all for 95% of Americans, according to the nonpartisan Tax Policy Center. The very wealthiest would take the greatest hit, though a doubling is highly questionable. Two-thirds of her proposed increases would hit the top 0.1 percent of richest Americans, the center estimates. The main components of her tax plan: a minimum 30 percent tax on those earning at least $1 million a year, and a 5 percent tax surcharge for those earning more than $5 million a year. She would also cap the value of tax deductions and exclusions for wealthier taxpayers."

Donald Trump: FactCheck: Cutting carried interest gains $18B in revenue

The "carried-interest tax loophole" allows managers of investment funds to treat the bulk of their earnings as long-term capital gains instead of income. The current tax rate on capital gains for higher-income tax brackets is 20%. The ordinary tax rate for the same ultra-wealthy class is 39.6%. This tax break benefits only about 2,000 people in the country. The Congressional Budget Office estimates that taxing carried interest at ordinary rates would net $18 billion over 10 years. ["Capital and Main," by Judith Lewis Mernit, June 21, 2016]

In plain English, yes, Trump is proposing getting rid of a tax loophole that would raise taxes on a few wealthy people, and lower taxes by $18 billion overall (if the revenue were distributed in a way that benefited other taxpayers).

Donald Trump: OpEd: Can't release tax returns while under audit? Nixon did

PENCE: [Trump] is going to release his tax returns when the audit is over.

KAINE: Richard Nixon released tax returns when he was under audit.

FACTCHECK: When asked about Trump's assertion, the IRS said in a statement, "Nothing prevents individuals from sharing their own tax information." But while tax law does not prevent Trump from releasing his returns, waiting until his audit is completed may be beneficial, experts said.

Donald Trump: OpEd AdWatch: Trump more liberal on taxes than Democrats

The ad, called `Politician,` begins by showing images of Democratic presidential candidates Bernie Sanders and Hillary Clinton and asks which presidential candidate supports higher taxes. `It's Donald Trump,` the narrator says.

Asked for backup, the Club for Growth referred us to a Feb. 15, 2000, article in The Advocate in which Trump states, `My plan to impose a onetime net worth tax of 14.25% on the super-wealthy, when combined with our current projected surpluses, will raise enough to pay off the national debt.` But Trump isn't advocating anything like that in 2015.

Donald Trump: FactCheck: Proposed 14% tax on wealthy in 2000, but not now

But Trump isn't advocating anything like that in 2015. On Aug. 18, Trump said he would not propose changes that increase the net amount of taxes. But he also stopped short of agreeing to sign the Americans for Tax Reform pledge against raising taxes because `I may want to switch taxes around.`

Donald Trump: No net increase in taxes, but increases on wealthy

In an Aug. 26 interview, the host noted that `carried interest` would affect not only hedge fund managers, but also people in limited real estate partnerships like Trump, asking `So you are proposing you'd like to raise taxes on yourself?`

`That's right. I'm OK with it,` Trump said. `You've seen my statements, I do very well, I don't mind paying some taxes. The middle class is getting clobbered in this country. I know people in hedge funds, they pay almost nothing and it's ridiculous, OK?` Some interpreted those remarks as Trump agreeing to raise taxes on the wealthy.