Many of the most powerful investors are pensions and endowments that don’t pay capital gains taxes. For those that do pay taxes, Mr. Gale noted, the big and increasingly important private equity funds rarely engage in short-term trading, generally hold their investments for more than five years and would thus be unaffected by the proposed change.
.. Mrs. Clinton’s focus on so-called short-termism is unlikely to alienate most donors from the financial industry. Her policy suggestions pick up on proposals that have recently been made by overhaul-minded executives in the financial industry, including Warren E. Buffett and the chief executive of BlackRock, Laurence D. Fink, who have long bemoaned the fixation on quarterly financial results at the expense of long-term investment and growth.