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2020 DEMOCRATIC PRESIDENTIAL CANDIDATES ON TAXES AND INVESTMENTS

Explore each candidates position on various tax reform issues or toggle the switch below to compare two candidates. This site was last updated 10/2/19.

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Michael Bennet ON TAXES AND INVESTMENTS
Bennet

Vote on the Tax Cuts and Jobs Act (TCJA): Voted No

The TCJA (H.R. 1), also known as the Trump-GOP tax cuts, will cost $1.9 trillion over 10 years. The tax cuts heavily favor corporations and the wealthy.

Source: Roll Call Vote

Tax Cuts and Jobs Act

“I think the next Democratic president — I hope that it's me — will go and sign the bill reversing the Trump tax cuts in a county in the South where 70% of the people voted for Donald Trump, to be able to show them the math and say this is why you should be with us, not with him.”

Source: CSPAN starts at 8:01

Revenue Raised Over 10 Years: About $1.5 trillion

Source: JCT/ATF (TCJA 10-year tax cut lost about $1.5 trillion -- $1.9 trillion counting interest)

Child Tax Credit (CTC)

Bennet is the lead sponsor of the "American Family Act of 2019" (S. 690). It would significantly expand the Child Tax Credit (CTC), increasing maximum payments from $2,000 a year today to $3,000 for children between the ages of 6 and 16 and to $3,600 a year for children 5 and under. Benefits would be paid monthly, in advance, so families could better cover their living costs. Four million children could be lifted out of poverty.

Source: S. 690, Vox

Cost Over 10 Years: $105 billion (1 year)

Source: ITEP

Earned Income Tax Credit (EITC), Child Tax Credit (CTC)

Bennet is a leading sponsor of the "Working Families Tax Relief Act of 2019" (S. 1139). It would expand the EITC by 25% for families with children, make the CTC fully refundable and add a Young Child Tax Credit for children under 6. The bill would also substantially strengthen the EITC for childless workers. “It would improve the economic well-being of 46 million low- and moderate-income households with 114 million people.”

Source: S. 1138, CBPP

Cost Over 10 Years: $99 billion
Source: ITEP

Repeal Business Tax Loophole To Invest In Workers

Bennet will end a tax break created under the TCJA that allows owners of most pass-through businesses (businesses where the owners pay income taxes on profits rather than corporations) not to exclude 20% of their business income from taxation. This will effectively reduce the top personal income tax rate to as low as 29.6%, from 37%. Three-fifths of the value of this tax break will go to the richest 1% of business owners by 2024.

Sources: Bennet Plan to Reward Hard Work, CBPP

Revenue raised over 10 years: $342 billion (over 7 years, the tax break is scheduled to expire after 2025)

Source: ITEP

PAYS FOR

A $500 billion investment in a range of policies to benefit employers and employees, such as $50 billion for regional partnerships uniting the needs of employers with what’s taught in schools and how students pay for college. Bennet’s plan will also expand job training; provide bonuses for employers who hire the poor, long-term unemployed and formerly incarcerated; establish wage insurance; and create summer job and youth apprenticeship programs.

Source: Bennet Plan to Reward Hard Work

Payroll Tax for Paid Leave

Bennet is cosponsoring the “FAMILY Act” (S. 463), which will fund 12 weeks of paid family leave by assessing a 0.2% tax on workers’ wages, to be split evenly between employer and employee. Both shares together would amount to less than $4 per worker per week, on average.

Source: S. 463, Vox

Revenue Raised Over 10 Years: Not Available

PAYS FOR

Twelve weeks of guaranteed paid leave, either for the birth of a child, illness or to take care of a relative. It would pay out 66% of workers’ salaries, including at least $250 per month to each worker, capped at $4,000 per person per month.

Source: S. 463, Vox

Joe Biden ON TAXES AND INVESTMENTS
Biden

TCJA Reform & Capital Gains Taxes To Help Pay For Healthcare & College

Biden will reverse the TCJA tax cuts for the wealthy by restoring the 39.6% top marginal tax rate, up from 37%. Biden will also equalize the top tax rates on investment income and wages and salaries by requiring those who make over $1 million to pay a top rate of 39.6%, instead of the 20% rate on capital gains they currently enjoy. Biden also suggests he will eliminate the stepped-up basis loophole, which allows taxpayers to avoid paying any taxes on the growth in value of assets such as stocks if they are passed on to heirs of estates before they are sold.

Source: Biden for President Health Care Plan, C-SPAN (starts at 23:45)

Revenue Raised Over 10 Years: $139 billion from 39.6% tax rate; other estimates not available

Source: JCT

PAYS FOR

Biden will invest $750 billion over 10 years to help more working families afford healthcare. He will expand tax credits that help people buy health insurance under the Affordable Care Act (ACA). He will also provide premium-free access to a new public option under the ACA for 4.9 million lower-income families in 14 states that did not expand Medicaid under the ACA. Biden also suggests using the revenue saved from eliminating the stepped-up basis loophole to pay for free community college for between 6 and 9 million students.

Sources: CNN, Biden for President Health Care Plan, C-SPAN (starts at 23:45)

TCJA Repeal & Corporate Taxes to Address Climate Change

“The Biden [Climate] plan will be paid for by reversing the excesses of the Trump tax cuts for corporations, reducing incentives for tax havens, evasion, and outsourcing, ensuring corporations pay their fair share, closing other loopholes in our tax code that rewards wealth not work, and ending subsidies for fossil fuels.”

Separately, Biden said he will raise the corporate tax rate from 21% to 28%, which was the rate proposed by the Obama administration when there was a 35% corporate tax rate.

Sources: Biden for President, New York Post

Revenue Raised Over 10 Years: $675 billion by raising corporate tax rate

Source: CBO/JCT/ATF (pp. 39-40)

PAYS FOR

These tax increases will pay for “Joe Biden’s Plan for a Clean Energy Revolution and Environmental Justice,” which will make a $1.7 trillion federal investment in clean energy programs with the goal of reaching 100% clean energy by 2050.

Source: Biden for President

Cory Booker ON TAXES AND INVESTMENTS
Booker

Vote on the Tax Cuts and Jobs Act (TCJA): Voted No

The TCJA (H.R. 1), also known as the Trump-GOP tax cuts, will cost $1.9 trillion over 10 years. The tax cuts heavily favor corporations and the wealthy.

Source: Roll Call Vote

Repeal The Tax Cuts And Jobs Act

Booker proposes to “[r]epeal the Trump tax cuts for the wealthiest families and largest corporations.” He does not provide any more details. Booker does not provide enough detail for a firm estimate, but this kind of repeal could raise at least $2 trillion over 10 years.

Sources: Booker: Opportunity and Justice for Workers, Americans for Tax Fairness

Capital Gains Tax Reforms to Fund “Baby Bonds” and EITC

Booker will overhaul the way income earned from wealth is taxed so it is treated similar to wages and salaries. First, he will tax income from stock dividends and the sale of stock at the same rate as income from wages and salaries up to a top rate of 40.8%. He will adopt a mark-to-market framework for taxing investments, so that as “tradable” investment portfolios (e.g., stocks, bonds, mutual funds) of the wealthy increase in value they will pay taxes each year the way workers pay taxes on wages.

For investments that are “non-tradable” (e.g., a business or artwork) taxes will be deferred but collected through an interest charge once the items are sold. The mark-to-market system will only apply to unrealized capital gains of more than $2 million over a lifetime, so “the tax only applies to the most well-off.” Booker will also close the “stepped-up basis loophole,” which allows the wealthy to avoid paying taxes on the increased value of assets upon death or when gifting to others.

Sources: Fox News, S. 3766

Revenue Raised over 10 Years: Not Available

PAYS FOR

Booker has proposed two uses for the new capital-gains tax revenue. His legislation (S. 3766) will establish a savings account, or “baby bonds,” of $1,000 at birth for every child, with additional yearly deposits of up to $2,000 depending on family income, until a child reaches the age of 18. This will cost $60 billion over 10 years per Booker. Separately Booker has proposed the Rise Credit, which will nearly double EITC income eligibility, from $54,000 to $90,000 for a married couple. That will expand the credit for joint filers with three or more children by 25% -- from roughly $6,500 (IRS data) to about $8,000. For childless adults he expands the credit from about $500 to $4,000 -- an 800% increase. The one-year cost of these tax credits is $250 billion.

Sources: Axios, NBC News, IRS, ITEP

Estate Tax Reform to Fund Baby Bonds and a Renter’s Tax Credit

Booker’s American Opportunity Accounts Act (S. 3766) will restore estate-tax exemption amounts to 2009 levels and raise rates. The amount of estates exempt from taxation will decrease from $11 million for individuals ($22 million for couples) under the TCJA to $3.5 million and $7 million. The current 40% tax rate will increase to 45% and apply to estates worth up to $10 million. The portion of estates from $10-$50 million will be taxed at 50% and above $50 million will be taxed at 65%. It will also establish an annual cumulative limit of $50,000 on tax-exempt gifts and restrict the use of certain trusts. This reform will affect 0.5% of estates.

Sources: S. 3766, Bessemer Trust, Tax Policy Center

Revenue Raised Over 10 Years: About $300 billion

Source: ATF (see Sen. Sanders' proposal)

PAYS FOR

Booker appears to have proposed two uses for this revenue: “baby bonds” savings accounts and housing. His American Opportunity Accounts Act (S. 3766) will establish a savings account of $1,000 at birth for every child, with additional yearly deposits of up to $2,000 depending on family income, until a child reaches the age of 18. Booker estimates the costs at $60 billion over 10 years.

Sources: The Hill, Sen. Booker, Vox

Cory’s Plan To Provide Safe, Affordable Housing For All Americans would provide a refundable tax credit that would cover the difference between 30% of a person’s pre-tax income and the fair-market rent in their neighborhood. Booker estimates this plan will cost $134 billion annually and help 57 million Americans, including 17 million children.

Sources: Booker Medium post, NYT

Earned Income Tax Credit (EITC), Child Tax Credit (CTC)

Booker is cosponsoring two bills that will expand these working family tax credits. The “Working Families Tax Relief Act of 2019” (S. 1138) will expand the EITC by 25% for families with children, makes the CTC fully refundable and adds a Young Child Tax Credit for children under 6. The bill will also substantially strengthen the EITC for childless workers. The “American Family Act of 2019” (S. 690) will significantly increase the Child Tax Credit, bringing maximum payments from $2,000 a year today to $3,000 for children between the ages of 6 and 16 and to $3,600 a year for children 5 and under.

Sources: S. 1138, CBPP, S. 690, Vox

Cost Over 10 Years: $99 billion for EITC (1 year) and $105 billion (1 year)

Source: ITEP

Expand Payroll Taxes for Social Security

Booker is a cosponsor of Sen. Sanders’ “Social Security Expansion Act” (S.478), which will lift the Social Security payroll tax cap and subject all earned income above $250,000 to the tax. Currently, the payroll tax of 12.4% only applies to income up to $132,900. This legislation would apply the tax to the income of high earners (the top 1.8%) but leave earnings between $132,900 and $250,000 unaffected.

Sources: S. 478, Social Security Expansion Act Fact Sheet

Revenue Raised Over 10 Years: Not Available

PAYS FOR

This legislation extends the solvency of the Social Security Trust Fund by 52 years, from 2034 to 2071, according to the Social Security actuary. In addition the legislation would make various improvements to the program, such as increasing benefits by $1,342 a year for seniors now making less than $16,000 annually and increasing annual cost-of-living adjustments by more accurately measuring the spending patterns of seniors.

Sources: Sanders Social Security Expansion Act Fact Sheet, Sanders Press Release

Payroll Tax for Paid Leave

Booker is cosponsoring the “FAMILY Act” (S. 463), which will fund 12 weeks of paid family leave by assessing a 0.2% tax on workers’ wages, to be split evenly between employer and employee. Both shares together would amount to less than $4 per worker per week, on average.

Source: S. 463, Vox

Revenue Raised Over 10 Years: Not Available

PAYS FOR

Twelve weeks of guaranteed paid leave, either for the birth of a child, illness or to take care of a relative. It would pay out 66% of workers’ salaries, including at least $250 per month to each worker, capped at $4,000 per person per month.

Source: S. 463, Vox

Carbon Tax to Respond to Climate Change

Booker says “[a] federal price on carbon should be one part of a comprehensive response by the federal government to the threat of climate change. The proceeds should be paid out as a dividend in a progressive way that ensures that our climate policies are also reducing inequality and not burdening everyday families.” Booker has also suggested that some of the revenue raised would be paid out as a monthly dividend, but there are no details.

Sources: NYT, Independent Journal Review

Revenue Raised Over 10 Years: Revenue neutral

Polluter Taxes

Booker will reinstate and triple the Superfund Tax on chemical and oil companies, and double the fees on coal-mine operators. The money will be used to clean up Superfund sites.

Source: CORY 2020

Revenue Raised Over 10 Years: Not Available

Steve Bullock ON TAXES AND INVESTMENTS
Bullock

Tax Cuts & Jobs Act (TCJA)

Bullock criticized the TCJA as governor, arguing that “[TCJA] poses significant problems” for the Montana state budget and “disproportionately favors the wealthiest Americans and corporations at the expense of Montana workers and families.”

Source: Missoula Current, Great Falls Tribune

Revenue Raised Over 10 Years: Not Available

Individual Taxes, Capital Gains Taxes & Corporate Taxes

“I think you could look at a 28 percent [corporate tax rate] [and] still be competitive and close loopholes and turn around especially on the first top four brackets. Take it up another three points.” Bullock also supports taxing capital gains at the same rate as ordinary income.

Source: Pod Save America at 44:51

Revenue Raised Over 10 Years: $675 billion by raising corporate tax rate

Source: CBO/JCT/ATF (pp. 39-40)

Pete Buttigieg ON TAXES AND INVESTMENTS
Buttigieg

TCJA, Wealth Tax, Financial Transaction Tax

Buttigieg supports reversing the TCJA’s tax cuts for high earners, and would impose a wealth tax and a financial transaction tax but has not provided any details.

Source: Los Angeles Times

Revenue Raised Over 10 Years: Not Available

Individual Taxes

Buttigieg says he will consider raising the top marginal tax rate from 37% to 49.9999%.

Source: NYT

Revenue Raised Over 10 Years: Not Available

Corporate Taxes

Buttigieg supports single sales factor apportionment, which would tax multinational corporations based on the volume and country location of their sales to limit tax avoidance.

Source: You Tube, Tax Policy Center

Cost Over 10 Years: Not Available

Financial Transaction Tax

“I’m interested also — if we could find the right way to implement it and the devil’s in the details — in a financial transactions tax. Because you see preposterous levels of wealth sometimes being created around these millisecond differences in financial transactions that nobody can explain to us whether it adds any actual real value to the economy.”
Source: CNBC

Revenue raised over 10 years: Not Available

Carbon Tax & Other Fossil Fuel Taxes To Respond To Climate Change

Buttigieg says he will try to “pass an economy-wide price on carbon, which will automatically increase each year,” and that “revenue will be rebated back to Americans.” He also says he “will work to eliminate tax subsidies for the fossil fuel industries— including the intangible drilling oil and gas deduction, excess over cost depletion, and other subsidies.” Buttigieg does not specify the level of the carbon tax he proposes or how much it would raise.

PAYS FOR

Buttigieg says his climate plan will cost $1.5-$2 trillion. Among other things he proposes to “quadruple federal clean energy R&D funding to $25 billion per year by 2025;” capitalize an American Clean Energy Bank with $250 billion; use $250 billion for a Global Investment Initiative; “invest $100 billion over 10 years in surface transportation for cities;” extend “tax credits for solar, wind, geothermal, and other clean energy technologies;” and expand the tax credit to capture carbon, and increase the electric vehicle tax credit to a maximum of $10,000 per vehicle.

Source: Buttigieg: Mobilizing America: Rising to the Climate Challenge, Politico

Revenue Raised over 10 Years: Not Available

Julián Castro ON TAXES AND INVESTMENTS
Castro

TCJA Repeal, Capital Gains, Inheritance Tax, Earned Income Tax Credit (EITC) And Child Tax Credit (CTC)

Castro proposes a tax fairness and investment plan called “The People First Economic Plan for Working Families.” It will repeal the TCJA (no details provided) and replace the estate and gift tax with an “inherited wealth” tax. The first $2 million inherited would be tax free for a recipient over their lifetime, and additional amounts would be subject to federal income and payroll taxes.

Castro will also reform the taxation of capital gains by increasing tax rates to match those on wages. Currently, the top rate on wages is 37%, while the top rate on investment income is just 20%. Castro will institute a “Wealth Inequality Tax” with “mark-to-market” taxation of capital gains. It will require the top 0.1% (he says those with about $40 million in assets) to pay an annual tax on their investment income, instead of being able to defer taxation until an asset is sold and a gain realized, as under current law. His tax plan also closes the stepped-up basis loophole, which allows taxpayers to avoid paying any taxes on the growth in value of assets, such as stocks, if they are passed on to heirs of estates rather than sold by the owner.

Revenue raised over 10 years: No official estimate. The campaign estimates the inheritance tax portion would raise $250 billion.

Source: Julian Castro People First Economic Plan

PAYS FOR

  • CTC and EITC improvements: Castro will make the CTC fully refundable and increase the maximum benefit to $3,000 a year from the current $2,000. The EITC will be expanded and reformed to broaden qualifying dependents. A single individual earning $18,000 will get a $3,000 increase; a single parent with one child making $40,000 will get a $5,700 increase; and a married couple with one child and an adult dependent (e.g., an adult with disabilities or an elderly grandparent) will get a $7,200 increase.
  • Childcare: Castro will provide universal childcare via federal grants to state and local governments; he wants no family to pay more than 7% of their income for childcare. Families below 75% of a state’s median income will pay no fees.
  • Education: Castro will enact universal Pre-K for all 3- and 4-year olds and ensure college and job training are debt-free.
  • Housing: Castro will increase affordable housing via a new renters tax credit and expanding HUD choice vouchers to all who qualify.
  • Source: Julian Castro People First Economic Plan

Individual Taxes For Medicare for All

Castro has no specific plan but says he “can support folks at the top paying for fair share” and supports the principle behind Rep. Ocasio-Cortez's suggestion that the tax rate on income above $10 million should be as high as 70%. He wants to use the revenue for Medicare for All.

Source: ABC News

Revenue Raised Over 10 Years: Not Available

Carbon & Superfund Taxes To Respond To Climate Change

Castro has said: “The United States needs a federally mandated price on carbon.” He has not specified the level of the tax or how much it would raise. He also proposes “a restart of the Superfund tax and making ‘polluters pay’” and to triple the Superfund tax. This revenue would partially pay for Castro’s “People and Planet First Plan,” which will direct “$10 trillion in federal, state, local, and private investments over the next 10 years” to transition to a green economy.

Sources: NYT, Castro: People and Planet First Plan, CNN

Revenue Raised over 10 Years: Not Available

Tax Credits for Lead Safety

Castro supports Sen. Sheldon Whitehouse’s Home Lead Safety Tax Credit Act (S. 1575), which will provide a refundable tax credit of up to $3,000 to cover half the cost of cleaning up lead hazards.

Source: S. 1575, Julian Castro

Cost Over 10 Years: Not Available

John Delaney ON TAXES AND INVESTMENTS
Delaney

Vote on the Tax Cuts and Jobs Act (TCJA): Voted No

The TCJA (H.R. 1), also known as the Trump-GOP tax cuts, will cost $1.9 trillion over 10 years. The tax cuts heavily favor corporations and the wealthy.

Source: Roll Call Vote

Vote to Make the Tax Cuts and Jobs Act Permanent: Voted No

This legislation (H.R. 6760) would have made the Trump-GOP tax cuts that affect individuals permanent; currently they expire at the end of 2025. Those tax cuts would have heavily favored the wealthy.

Source: Roll Call Vote

TCJA Repeal, Capital Gains Taxes, & Robot Taxes

Delaney proposes “raising capital gains tax rates on high income earners, repealing the Trump tax cuts for high income earners, and creating a new Robot Tax on job-displacing capital investments.” Regarding investment taxes he has said he wants to “synchroniz[e] capital gains tax rates with ordinary income tax rates. We do not need a lower capital gains rate; that is an outdated incentive and contributes meaningfully to the structural unfairness in the tax code as investors pay lower taxes than workers,”

Source: John Delaney's Plan For Living Wage, Washington Post

Revenue Raised Over 10 Years: Not Available

PAYS FOR

Delaney’s Workers’ Tax Credit, which he says will nearly double participation in the EITC program -- providing assistance to 14 million more households, including a dramatic expansion in eligibility among childless households. Benefits will increase by $1,500 for low-income households with and without children.

Source: John Delaney's Plan For Living Wage

Surtax on Individual Taxes for Pre-K Education

Delaney’s Early Learning Act of 2017 (H.R. 3466) will impose a 1.5% surtax on an individual’s adjusted gross income over $500,000.

Source: Delaney for President

Revenue Raised Over 10 Years: Not Available

PAYS FOR

Delaney’s bill would create an Early Education Trust Fund to guarantee access to pre-K education for all four-year olds.

Source: Delaney for President

Corporate Taxes for Infrastructure

Delaney will increase the corporate tax rate from 21% to 27%.

Source: Delaney for President

Revenue Raised Over 10 Years: About $550 billion
Source: CBO/ATF

PAYS FOR

Delaney's infrastructure plan. It will increase funding for the existing Highway Trust Fund, as well as create new funding mechanisms, including an Infrastructure Bank, Climate Infrastructure Fund and five funds targeting specific infrastructure needs that would match federal funds with state and local contributions.

Source: Delaney for President

Carbon Tax

Delaney supports a "Carbon Fee and Dividend" that taxes carbon beginning at $15 per metric ton of CO2 (or equivalent) and increases $10 each year.

Source: NYT

Revenue Raised Over 10 Years: Revenue Neutral

PAYS FOR

Delaney’s carbon tax would be "return[ed] 100 percent to the taxpayers with an option to invest the dividend into a tax-advantaged savings account like a 529 or retirement account."

Source: NYT

Gas Tax for Infrastructure

Delaney will “[increase] the federal gas tax to account for inflation since the last increase.” The gas tax is currently 18.3 cents per gallon; adjusting it for inflation since the last increase in 1993 would have made it about 51 cents in 2018.

Source: Delaney for President, ITEP

Revenue Raised Over 10 Years: Not Available

PAYS FOR

Delaney's infrastructure plan. It would increase funding for the existing Highway Trust Fund, as well as create new funding mechanisms, including an Infrastructure Bank, Climate Infrastructure Fund and five funds targeting specific infrastructure needs that would match federal funds with state and local contributions.

Source: Delaney for President

Pharmaceutical Tax

“To address the unfair cost differential between the U.S. and other {developed] countries, the government would institute a 100% excise tax, levied on the pharmaceutical company on the difference between the average price of a drug sold in the U.S. and the price of that drug in similarly economically developed countries.”

Source: John Delaney's Plan to Lower Prescription Drug Prices

Revenue Raised Over 10 Years: Not available

Tulsi Gabbard ON TAXES AND INVESTMENTS
Gabbard

Vote on the Tax Cuts and Jobs Act (TCJA): Voted No

The TCJA (H.R. 1), also known as the Trump-GOP tax cuts, will cost $1.9 trillion over 10 years. The tax cuts heavily favor corporations and the wealthy.

Source: Roll Call Vote

Vote to Make the Tax Cuts and Jobs Act Permanent: Did Not Vote

This legislation (H.R. 6760) would have made the Trump-GOP tax cuts that affect individuals permanent; currently they expire at the end of 2025. Those tax cuts would have heavily favored the wealthy.

Source: Roll Call Vote

Tax Cuts and Jobs Act

“Gabbard slammed Trump’s tax reform bill, describing it as a ‘failure’ that resulted in ‘tax giveaways to corporations’ while ‘adding $1.5 trillion to the national debt and not translating to relief for working Americans or benefiting small business.’”

Source: Business Insider

Revenue Raised Over 10 Years: Not Available

Individual, Capital Gains & Financial Transaction Taxes for Healthcare

Gabbard cosponsored the “Expanded & Improved Medicare For All Act” (H.R. 676) from 2018, which would increase income taxes on the wealthiest 5%, enact a modest and progressive payroll tax and self-employment tax, institute a modest tax on unearned income, and place a small tax on stock and bond transactions.

Source: H.R. 676

Revenue Raised Over 10 Years: Not Available

Individual Taxes, Corporate Taxes

Gabbard wants to raise taxes on the wealthy and close corporate tax loopholes but provides no details.

Source: Business Insider

Revenue Raised Over 10 Years: Not Available

Financial Transaction Tax

Gabbard is cosponsoring the "Inclusive Prosperity Act of 2019" (H.R. 2923), which will tax stock trades at a rate of 0.5%, bond trades at 0.1%, and derivatives trades at 0.005% -- adding $5 to the cost of every $1,000 in stock traded, much less to other trades.

Source: H.R. 2923

Revenue Raised Over 10 Years: Up to $2.2 trillion

Source: Pollin, Heintz and Herndon

Fossil Fuel Tax Breaks & Climate Change

Gabbard was the lead sponsor of the “Off Fossil Fuels for a Better Future Act (OFF Act)” (H.R. 3671) in 2017. It would end special tax breaks for the fossil-fuels industry and close an offshore tax loophole.

Sources: H.R. 3671, Food & Water Watch

Revenue Raised Over 10 Years: Not Available

PAYS FOR

Low-income weatherization and retrofit assistance, electric vehicle rebate program for consumers, extension of tax credits for wind and solar energy, an "Equitable Transition Fund" to compensate communities for costs of moving to renewable energy, and retraining of fossil-fuel industry workers.

Sources: NYT, H.R. 3671

Child Tax Credit (CTC)

Gabbard is cosponsoring the "American Family Act of 2019" (H.R. 1560), which will significantly increase the Child Tax Credit, bringing maximum payments from $2,000 a year today to $3,000 for children between the ages of 6 and 16 and to $3,600 a year for children 5 and under.

Sources: H.R. 1560, Vox

Cost Over 10 Years: $105 billion (1 year)

Source: ITEP

Payroll Tax for Paid Leave

Gabbard is cosponsoring the “FAMILY Act” (H.R. 1185), which will fund 12 weeks of paid family leave by assessing a 0.2% tax on workers’ wages, to be split evenly between employer and employee. Both shares together would amount to less than $4 per worker per week, on average.

Sources: H.R. 1185, Vox

Revenue Raised Over 10 Years: Not Available

PAYS FOR

Twelve weeks of guaranteed paid leave, either for the birth of a child, illness or to take care of a relative. It would pay out 66% of workers’ salaries, including at least $250 per month to each worker, capped at $4,000 per person per month.

Sources: H.R. 1185, Vox

Kamala Harris ON TAXES AND INVESTMENTS
Harris

Vote on the Tax Cuts and Jobs Act (TCJA): Voted No

The TCJA (H.R. 1), also known as the Trump-GOP tax cuts, will cost $1.9 trillion over 10 years. The tax cuts heavily favor corporations and the wealthy.

Source: Roll Call Vote

Tax Cuts and Jobs Act & Working Families Tax Credits

Harris proposes to fully repeal the 2017 Trump-GOP tax law. She has said: “Get rid of the whole thing,” and replace it with her LIFT the Middle Class Act.

Source: Bloomberg

Revenue Raised Over 10 Years: About $1.5 trillion

Source: JCT/ATF (TCJA 10-year tax cut lost about $1.5 trillion; $1.9 trillion counting interest)

PAYS FOR

Harris’ LIFT the Middle Class Act will provide up to $3,000 to individuals and $6,000 to married couples in refundable tax credits for low- and middle-income workers (see details below). LIFT is estimated to cost $3.1 trillion.

Source: Bloomberg, Penn Wharton Budget Model

LIFT Working Families Tax Credit

Harris is the lead sponsor of LIFT (Livable Incomes for Families Today) the Middle Class Act (S. 3712). It would offer refundable tax credits matching the first $3,000 in earnings for single taxpayers with income up to $30,000, less up to $50,000; $6,000 for married couples with income up to $60,000, less up to $100,000. Pell Grants for college would count as income, worker eligibility would not require having children at home, and benefits could be accessed monthly instead of only as a lump sum at tax filing.

Sources: S. 3712, Tax Policy Center, ITEP

Cost Over 10 Years: $3.1 trillion

Source: Penn Wharton Budget Model

Individual, Capital Gains, Corporate & Financial Transaction Taxes For “medicare For All”

Harris has proposed several options to pay for her Medicare for All plan. These include an “income-based premium” tax of 4% on households earning more than $100,000; higher taxes on the top 1%; taxing capital gains at the same rate as ordinary income; a financial transaction tax of 0.2% on stock trades, 0.1% on bond trades, and .002% on derivative transactions; and “taxing offshore corporate income at the same rate as domestic corporate income.”

Source: Kamala Harris Medium post

Revenue Raised Over 10 Years: Not Available

Estate Tax & Raising Teachers’ Salaries

Harris has proposed raising $315 billion to boost teacher salaries by strengthening the estate tax. Her campaign has not provided details about the tax changes, but that amount of money is what Sen. Bernie Sanders says his estate tax reforms would raise. The Sanders bill (S. 309) is based on the 2009 estate-tax levels. It will exempt from taxation estates worth up to $3.5 million for individuals ($7 million for couples). Tax rates will increase from the current 40% flat rate to 45% for the portion between $3.5-$10 million, 50% for the portion between $10-$50 million, 55% for the portion between $50 million and $1 billion, and 77% for the portion over $1 billion. This reform will affect between 0.2% and 0.5% of estates.

Sources: Vox, Sen. Sanders, S. 309, Tax Policy Center

Revenue Raised Over 10 Years: $315 billion

Sources: Vox, Washington Post

PAYS FOR

Raising teacher salaries by an average of $13,500 over four years. The federal government would provide 10% of the funding in the first year and over the next three years kick in $3 for every $1 contributed by a state.

Source: Vox

Earned Income Tax Credit (EITC), Child Tax Credit (CTC)

Harris is cosponsoring two bills that will expand these working family tax credits. The “Working Families Tax Relief Act of 2019” (S. 1138) will expand the EITC by 25% for families with children, makes the CTC fully refundable and adds a Young Child Tax Credit for children under 6. The bill will also substantially strengthen the EITC for childless workers. The “American Family Act of 2019” (S. 690) will significantly increase the Child Tax Credit, bringing maximum payments from $2,000 a year today to $3,000 for children between the ages of 6 and 16 and to $3,600 a year for children 5 and under.

Sources: S. 1138, CBPP, S. 690, Vox

Cost Over 10 Years: $99 billion for EITC (1 year) and $105 billion for CTC (1 year)

Source: ITEP

Expand Payroll Taxes for Social Security

Harris is a cosponsor of Sen. Sanders’ “Social Security Expansion Act” (S.478), which will lift the Social Security payroll tax cap and subject all earned income above $250,000 to the tax. Currently, the payroll tax of 12.4% only applies to income up to $132,900. This legislation would apply the tax to the income of high earners (the top 1.8%) but leave earnings between $132,900 and $250,000 unaffected.

Sources: S. 478, Social Security Expansion Act Fact Sheet

Revenue Raised Over 10 Years: Not Available

PAYS FOR

This legislation extends the solvency of the Social Security Trust Fund by 52 years, from 2034 to 2071, according to the Social Security actuary. In addition the legislation would make various improvements to the program, such as increasing benefits by $1,342 a year for seniors now making less than $16,000 annually and increasing annual cost-of-living adjustments by more accurately measuring the spending patterns of seniors.

Sources: Sanders Social Security Expansion Act Fact Sheet, Sanders Press Release

Payroll Tax for Paid Leave

Harris is cosponsoring the “FAMILY Act” (S. 463), which will fund 12 weeks of paid family leave by assessing a 0.2% tax on workers’ wages, to be split evenly between employer and employee. Both shares together would amount to less than $4 per worker per week, on average.

Sources: S. 463, Vox

Revenue Raised Over 10 Years: Not Available

PAYS FOR

Twelve weeks of guaranteed paid leave, either for the birth of a child, illness or to take care of a relative. It would pay out 66% of workers’ salaries, including at least $250 per month to each worker, capped at $4,000 per person per month.

Sources: S. 463, Vox

Carbon & Other Fossil Fuel Taxes To Address Climate Change

Harris proposes a version of a carbon tax, which she terms a “climate pollution fee,” but has not specified the level of the tax or how much it would raise. Her plan also says she “will end federal subsidies for fossil fuels,” and “expand[ing] renewable and clean energy tax credits, including for energy storage and other supportive infrastructure.” Harris proposes a “$10 trillion [investment] in public and private funding to meet the initial 10-year mobilization necessary to stave off the worst climate impacts.”

Source: Harris: A Climate Plan For The People, Los Angeles Times

Renters Tax Credit

Harris is the lead sponsor of the “Rent Relief Act of 2019” (S. 1106), which would provide a refundable tax credit to help families with high rent costs. The credit would be available to people who pay more than 30% of their gross income on rent and make up to $100,000 ($125,000 in higher housing-cost areas). The credit would be worth a certain percentage of the difference between 30% of a person’s income and up to 150% of the “fair market rent” where they live. It is estimated this plan will cost $93 billion a year and help 57 million Americans.

Sources: S. 1106, Columbia University’s Center on Poverty and Social Policy, Vox

Cost Over 10 Years: About $1 trillion

Source: Columbia University’s Center on Poverty and Social Policy

Amy Klobuchar ON TAXES AND INVESTMENTS
Klobuchar

Vote on the Tax Cuts and Jobs Act (TCJA): Voted No

The TCJA (H.R. 1), also known as the Trump-GOP tax cuts, will cost $1.9 trillion over 10 years. The tax cuts heavily favor corporations and the wealthy.

Source: Roll Call Vote

TCJA, Individual Taxes, Capital Gains Taxes & Fossil Fuel Tax Breaks

Klobuchar says that to pay for certain priorities and reduce the federal debt she will “repeal the regressive portions of 2017 Republican tax reform, equalize tax rates for capital gains and ordinary income, put the Buffet rule in place [which will establish a minimum tax rate of 30% on individuals making over $1 million], and close the carried interest and big oil loopholes.”

Source: Amy’s First 100 Days

Revenue Raised Over 10 Years: Not Available

PAYS FOR

Klobuchar’s priorities include investing in quality childcare; providing paid family leave; supporting small business owners and entrepreneurs; establishing portable, worker-owned UP Accounts for retirement savings; allowing students to refinance their loans at lower interest rates, providing tuition-free community college and technical certifications, and expanding Pell Grant eligibility and award amounts; and reducing the federal debt.

Source: Amy’s First 100 Days

Corporate Taxes & Fee on Big Banks to Pay for Infrastructure

Klobuchar “will make a number of corporate tax reforms including adjusting the corporate tax rate to 25% [up from 21%], closing loopholes that encourage U.S. companies to move jobs and operations overseas, establishing a financial risk fee on our largest banks, and increasing efforts for tax enforcement.”

Source: Amy’s Plan to Build America’s Infrastructure

Revenue Raised Over 10 Years: $359 billion from corporate tax increase

Source: CBO/ATF

PAYS FOR

Klobuchar’s infrastructure plan, which includes $650 billion in federal funding for transportation, housing, schools, rural broadband, and green energy.

Source: Amy’s Plan to Build America’s Infrastructure

TCJA and Corporate Taxes

Klobuchar is the lead sponsor of the “Removing Incentives for Offshoring Act of 2018” (S. 3674). It will ensure that U.S. companies pay the full domestic tax rate on any earnings they ascribe to tax havens, thereby preventing the shifting of U.S. profits to low- or zero-tax countries. It will also eliminate a U.S. corporation’s “ability to deduct 10 percent of their tangible assets before the tax rate on foreign income applies,” which will end a tax incentive to shift jobs and operations offshore.

Sources: S. 3674, Klobuchar Press Release

Revenue Raised Over 10 Years: Not Available

Carried Interest Loophole & Opioid Fee to Address Addiction

Klobuchar wants to end the loophole that allows wealthy investment managers of private equity, real estate and hedge funds to pay the 20% capital-gains tax rate on “carried interest,” which are earnings tied to a percentage of the fund’s profits. Because this income from managing other people’s money is employment income, closing the loophole would result in it being taxed at regular income tax rates, which is 37% at the top. Klobuchar will also assess a 2 cents per milligram fee or tax on active opioid ingredients in a prescription pain pill paid by the manufacturer or importer.

Source: NYT, ATF

Revenue Raised Over 10 Years: $14 billion (carried interest only)

Source: CBO

PAYS FOR

Investments to improve access and treatment for substance use and mental health, as well as increased funding for related research.

Source: Amy’s Plan to Combat Addiction and Prioritize Mental Health

Earned Income Tax Credit (EITC), Child Tax Credit (CTC)

Klobuchar is cosponsoring two bills that will expand these working family tax credits. The “Working Families Tax Relief Act of 2019” (S. 1138) will expand the EITC by 25% for families with children, makes the CTC fully refundable and adds a Young Child Tax Credit for children under 6. The bill will also substantially strengthen the EITC for childless workers. The “American Family Act of 2019” (S. 690) will significantly increase the Child Tax Credit, bringing maximum payments from $2,000 a year today to $3,000 for children between the ages of 6 and 16 and to $3,600 a year for children 5 and under.

Sources: S. 1138, CBPP, S. 690, Vox

Cost Over 10 Years: $99 billion for EITC (1 year) and $105 billion for CTC (1 year)

Source: ITEP

Payroll Tax for Paid Leave

Klobuchar is cosponsoring the “FAMILY Act” (S. 463), which will fund 12 weeks of paid family leave by assessing a 0.2% tax on workers’ wages, to be split evenly between employer and employee. Both shares together would amount to less than $4 per worker per week, on average.

Source: S. 463, Vox

Revenue Raised Over 10 Years: Not Available

PAYS FOR

Twelve weeks of guaranteed paid leave, either for the birth of a child, illness or to take care of a relative. It would pay out 66% of workers’ salaries, including at least $250 per month to each worker, capped at $4,000 per person per month.

Source: S. 463, Vox

Carbon Tax

Klobuchar is “open” to a carbon tax, but “would not support one that increased prices for lower- and middle-income Americans.”
Source: NYT

Revenue Raised Over 10 Years: Not Available

Bernie Sanders ON TAXES AND INVESTMENTS
Sanders

Vote on the Tax Cuts and Jobs Act (TCJA): Voted No

The TCJA (H.R. 1), also known as the Trump-GOP tax cuts, will cost $1.9 trillion over 10 years. The tax cuts heavily favor corporations and the wealthy.

Source: Roll Call Vote

Individual, Payroll, Capital Gains, Wealth & Corporate Taxes For Medicare For All

To help finance his Medicare for All plan Sanders will require employees to pay a 4% income-based premium (exempting the first $29,000); require employers to pay a 7.5% premium (exempting the first $2 million in payroll); raise the income tax rate to 70% on the portion of individual income above $10 million; limit tax deductions for filers in the top tax bracket; raise the current 20% top rate on long-term capital gains and dividend income to match the 37% rate on wages and salaries; make the estate tax more progressive; establish a tax on “extreme wealth”; impose a fee on large financial institutions; and repeal corporate accounting gimmicks.

Source: Sen. Sanders

Revenue Raised Over 10 Years: Not Available

Wealth Tax To Fund Affordable Housing, Child Care & Medicare For All

Sanders proposes an annual tax on the wealth of households with a net worth above $32 million (about 180,000 households), which is approximately the richest 0.1%. His plan would assess a 1% tax on net worth above $32 million with increasing marginal rates topping out at 8% on net worth over $10 billion. For single filers, the brackets would be one-half those for married couples and start at $16 million.

Sources: Sanders’ Tax on Extreme Wealth, NYT

Revenue Raised over 10 years: $4.35 trillion

Sources: Sanders’ Tax on Extreme Wealth

PAYS FOR

Sanders’ has proposed using revenue from his wealth tax for a forthcoming universal child care plan, his Medicare for All plan and his Housing for All plan. Sanders’ housing plan includes a $1.48 trillion investment over 10 years in the National Affordable Housing Trust Fund to build and maintain 7.4 million affordable housing units, a $400 billion investment to build 2 million mixed-income social housing units, $70 billion to repair and modernize public housing and $410 billion to fully fund tenant-based Section 8 rental assistance.

Sources: NYT, Sanders Housing for All

Estate tax

Sanders is the lead sponsor of the "For the 99.8 Percent Act" (S. 309), which will restore estate-tax exemption amounts to 2009 levels and raise rates. The amount of estates exempt from taxation will fall from $11 million for individuals ($22 million for couples) under the TCJA to $3.5 million and $7 million. Tax rates will increase from the current 40% flat rate to 45% for the portion between $3.5-$10 million, 50% for the portion between $10-$50 million, 55% for the portion between $50 million and $1 billion, and 77% for the portion over $1 billion. It will also closes several loopholes in the estate and gift tax. This reform will affect between 0.2% and 0.5% of estates.

Sources: Sen. Sanders, S. 309, Tax Policy Center

Revenue Raised Over 10 Years: About $315 billion

Source: Washington Post

Corporate Taxes

Sanders is the lead sponsor of the "Corporate Tax Dodging Prevention Act of 2017" (S. 586), which would require companies to pay the same tax rate on domestic and foreign income, thus ending the lower tax rate for foreign income under the Tax Cuts and Jobs Act.

Source: S. 586, Sen. Sanders

Revenue Raised Over 10 Years: Not Available

Financial Transaction Tax to Cancel Student Debt & for "Free College"

Sanders is the lead sponsor of the "Inclusive Prosperity Act of 2019" (S. 1587), which would tax Wall Street stock trades at a rate of 0.5%, bond trades at 0.1%, and derivatives trades at 0.005% -- adding $5 to the cost of every $1,000 in stock traded, much less to other trades.

Sources: S. 1587, Sen. Sanders

Revenue Raised Over 10 Years: Up to $2.2 trillion

Source: Pollin, Heintz and Herndon

PAYS FOR

Eliminating all student debt held by 45 million Americans, which is estimated to cost $1.6 trillion, and providing a tuition-free education to public universities, community colleges and trade schools.

Source: Washington Post

Tax Fossil Fuel Industry For A Green New Deal

Sanders will “mak[e] the fossil fuel industry pay for their pollution, through litigation, fees, and taxes, and eliminat[e] federal fossil fuel subsidies” and “massively rais[e] taxes on corporate polluters’ and investors’ fossil fuel income and wealth.” It would partially pay for a $16.3 trillion public investment over 10 years for a “nationwide mobilization centered around justice and equity during which climate change will be factored into virtually every area of policy, from immigration to trade to foreign policy and beyond.”

Source: Sanders: The Green New Deal

Revenue Raised over 10 Years: Not Available

Expand Payroll Taxes for Social Security

Sanders is the lead sponsor of the “Social Security Expansion Act” (S.478) which will lift the Social Security payroll tax cap and subject all earned income above $250,000 to the tax. Currently, the payroll tax of 12.4% only applies to income up to $132,900. Sanders’ plan applies this tax to the income of high earners (the top 1.8%) but leaves earnings between $132,900 and $250,000 unaffected.

Sources: Sanders: Right to a Secure Retirement, S. 478, Sanders Social Security Expansion Act Fact Sheet.

Revenue Raised Over 10 Years: Not Available

PAYS FOR

Sanders’ plan extends the solvency of the Social Security Trust Fund by 52 years, from 2034 to 2071, according to the Social Security actuary. In addition, the legislation would make various improvements to the program, such as increasing benefits by $1,342 a year for seniors now making less than $16,000 annually and increasing annual cost-of-living adjustments by more accurately measuring the spending patterns of seniors.

Sources: Sanders Social Security Expansion Act Fact Sheet, Sanders Press Release

Earned Income Tax Credit (EITC), Child Tax Credit (CTC)

Sanders is cosponsoring two bills that will expand these working family tax credits. The “Working Families Tax Relief Act of 2019” (S. 1138) will expand the EITC by 25% for families with children, makes the CTC fully refundable and adds a Young Child Tax Credit for children under 6. The bill will also substantially strengthen the EITC for childless workers. The “American Family Act of 2019” (S. 690) will significantly increase the Child Tax Credit, bringing maximum payments from $2,000 a year today to $3,000 for children between the ages of 6 and 16 and to $3,600 a year for children 5 and under.

Sources: S. 1138, CBPP, S. 690, Vox

Cost Over 10 Years: $99 billion for EITC (1 year) and $105 billion for CTC (1 year)

Source: ITEP

Income Inequality Tax to Eliminate Medical Debt

Sanders will increase the income tax rates for corporations with large pay gaps between their CEO and median worker salaries. Sanders’ plan imposes a higher tax starting at “0.5 percentage points for companies that pay their top executives between 50 and 100 times more than their typical workers,” which would raise the corporate tax rate to 21.5%. The tax gets progressively larger as the discrepancy between a CEO’s pay and the average worker’s pay increases, topping out at 26% for a company that pays its CEO 500 or more times the average worker’s pay. This tax will apply to “all private and publicly held corporations with annual revenue of more than $100 million.” Sanders also mandates that “the pay ratio data for privately held corporations will be made public in the same manner that it is currently disclosed for publicly held corporations.”

Source: The Sanders Income Inequality Tax Plan

Revenue Raised over 10 years: $150 Billion

Source: The Sanders Income Inequality Tax Plan

PAYS FOR

Sanders’ plan to eliminate current medical debt, which has been estimated at $81 billion.

Source: The Sanders Income Inequality Tax Plan, Sanders: Eliminating Medical Debt

Payroll Tax for Paid Leave

Sanders is cosponsoring the “FAMILY Act” (S. 463), which will fund 12 weeks of paid family leave by assessing a 0.2% tax on workers’ wages, to be split evenly between employer and employee. Both shares together would amount to less than $4 per worker per week, on average.

Source: S. 463, Vox

Revenue Raised Over 10 Years: Not Available

PAYS FOR

Twelve weeks of guaranteed paid leave, either for the birth of a child, illness or to take care of a relative. It would pay out 66% of workers’ salaries, including at least $250 per month to each worker, capped at $4,000 per person per month.

Source: S. 463, Vox

Tom Steyer ON TAXES AND INVESTMENTS
Steyer

Tax Cuts And Jobs Act

Steyer ran ads in opposition to the Tax Cuts and Jobs Act in November 2017, which said: “They won’t tell you that their so-called tax reform plan is really for the wealthy and big corporations while hurting the middle class. It blows up the deficit, and that means fewer investments in education, healthcare and job creation.”

Source: Need to Impeach

Wealth Tax For Investments

“Congress should institute a new type of tax altogether: a 1 percent annual wealth tax on the top .1 percent of Americans. Here’s what that would look like. If you are worth more than $20 million, you'll pay a single penny on every dollar you have above that level. No deductions, no exemptions, no loopholes at all. Every .1 percenter pays.” Steyer suggests the revenue raised from a wealth tax could be used to invest in education, healthcare, or retirement security.

Source: USA Today op-ed

Revenue Raised Over 10 Years: $1.3 trillion

Source: ITEP

Estate Tax

Steyer calls for “raising the estate tax and closing trust fund loopholes” the wealthy use to evade paying the estate tax, but he has not provided more details.

Source: USA Today op-ed

Elizabeth Warren ON TAXES AND INVESTMENTS
Warren

Vote on the Tax Cuts and Jobs Act (TCJA): Voted No

The TCJA (H.R. 1), also known as the Trump-GOP tax cuts, will cost $1.9 trillion over 10 years. The tax cuts heavily favor corporations and the wealthy.

Source: Roll Call Vote

Wealth Tax to Cancel Student Debt, for "Free College" & Childcare

Warren proposes an "Ultra-Millionaires Tax," which will levy a 2% annual tax on household net worth over $50 million and a 3% tax on the portion over $1 billion. It is estimated to affect 75,000 households, or the richest 0.1%.

Source: Sen. Warren

Revenue Raised Over 10 Years: $2.75 trillion
Source: Saez and Zucman

PAYS FOR

Among the initiatives proposed are: $1.25 trillion to cancel student debt ($640 billion) and fund a “Universal Free College” program; $700 billion to create a universal child care program; $100 billion to fight the opioid epidemic; $32 billion to improve public lands and national parks; and $15 billion to offer Puerto Rican debt relief.

Source: Sen. Warren, Washington Post, Bloomberg News

TCJA Repeal & Carbon Tax For Clean Energy

Warren proposes to “revers[e] Trump’s tax cuts for the wealthiest individuals and giant corporations.” She also supports a carbon tax but has not specified at what level or said how much it will raise.

Source: Warren Plan: 100% Clean Energy for America, NYT

Revenue Raised over 10 Years: $1 Trillion from TCJA repeal

Source: Warren’s 100% Clean Energy for America

PAYS FOR

Warren proposes to use the funds to “subsidize the economic transition to clean and renewable electricity, zero emission vehicles, and green products for commercial and residential buildings.” This is part of $3 trillion in federal spending on green technology and environmental initiatives she proposes (see below).

Source: Warren’s 100% Clean Energy for America

Corporate Taxes to Pay for Green Manufacturing

Warren proposes three significant changes in corporate taxes that would raise about $1.25 trillion. Her "Real Corporate Profits Tax” will levy a 7% surtax on a company’s global corporate profits of more than $100 million. This is in addition to current U.S. tax obligations. Warren says it will affect 1,200 firms. She proposes to close TCJA corporate tax loopholes that incentivize offshoring, such as repealing the lowering of the corporate tax rate for profits earned offshore. She will also end federal tax subsidies for the oil and gas industries.

Sources: Sen. Warren, Moody's Analytics

Revenue Raised Over 10 Years: $1.25 trillion: $1.05 trillion from the 7% surtax, $150 billion from higher taxes on offshore profits, and $100 billion from ending fossil fuel subsidies.
Sources: Saez and Zucman, Moody's Analytics

PAYS FOR

Most of Warren’s Green Manufacturing Plan for America, which is a $2 trillion federal investment in clean energy research, manufacturing and exporting.

Source: Sen. Warren

Estate Tax for Affordable Housing

Warren has introduced the has "American Housing and Economic Mobility Act of 2019" (S. 3503), which will restore estate-tax exemption amounts to 2009 levels and raise rates. The amount of estates exempt from taxation will fall from $11 million for individuals ($22 million for couples) under the TCJA to $3.5 million and $7 million. Tax rates will increase from the current 40% flat rate to 55% for the portion between $3.5-$13 million and 60% for the portion between $13-$93 million. It will also levy a 10% surtax on the portion of estates over $1 billion—effectively creating a 75% rate. This reform will affect 0.5% of estates.

Sources: S. 3503, Moody's Analytics, Tax Policy Center

Revenue Raised Over 10 Years: $400 billion

Source: Moody's Analytics

PAYS FOR

"American Housing and Economic Mobility Act of 2019" (S. 3503), which will help control the cost of renting or buying a home by leveraging federal funding to build up to 3.2 million new housing units, bringing down rents by 10% for lower-income and middle-class families and creating 1.5 million new jobs.

Sources: Sen. Warren, Moody's Analytics

Payroll Tax For Social Security & Deficit Reduction

Warren will levy a new 14.8% payroll tax on individuals who earn more than $250,000 a year to be split by workers and their employers (7.4% for each). Currently, the Social Security payroll tax of 12.4% only applies to income up to $132,900. Warren will also assess a 14.8% tax on investment income that would apply to married couples making more than $400,000 and singles making more than $250,000 -- roughly the top 2%.

Sources: Warren Plan to Expand Social Security, NYT

Revenue Raised Over 10 Years: $4.2 Trillion

Sources: Moody’s Analytics, NYT

PAYS FOR

A $200 a month increase in Social Security benefits for 64 million recipients, an average increase of $200 a month for certain Supplemental Security Income beneficiaries, and other benefit improvements. Warren’s plan also extends the solvency of the Social Security Trust Fund from 2035 to 2054 and reduces the deficit by $1.1 trillion over 10 years.

Sources: Moody’s Analytics, NYT

Financial Transaction Tax

Warren says she wants to “institute[ing] a targeted financial transactions tax designed to have no impact on regular mom-and-pop investors.” She has not said what the tax rate would be or how she would use the revenue raised.

Source: Sen. Warren speech (p. 9)

Revenue Raised Over 10 Years: Not Available

Earned Income Tax Credit (EITC), Child Tax Credit (CTC)

Warren is cosponsoring two bills that will expand these working family tax credits. The “Working Families Tax Relief Act of 2019” (S. 1138) will expand the EITC by 25% for families with children, makes the CTC fully refundable and adds a Young Child Tax Credit for children under 6. The bill will also substantially strengthen the EITC for childless workers. The “American Family Act of 2019” (S. 690) will significantly increase the Child Tax Credit, bringing maximum payments from $2,000 a year today to $3,000 for children between the ages of 6 and 16 and to $3,600 a year for children 5 and under.

Sources: S. 1138, CBPP, S. 690, Vox

Cost Over 10 Years: $99 billion for EITC (1 year) and $105 billion for CTC (1 year)
Source: ITEP

Payroll Tax for Paid Leave

Warren is cosponsoring the “FAMILY Act” (S. 463), which will fund 12 weeks of paid family leave by assessing a 0.2% tax on workers’ wages, to be split evenly between employer and employee. Both shares together would amount to less than $4 per worker per week, on average.

Source: S. 463, Vox

Revenue Raised Over 10 Years: Not Available

PAYS FOR

Twelve weeks of guaranteed paid leave, either for the birth of a child, illness or to take care of a relative. It would pay out 66% of workers’ salaries, including at least $250 per month to each worker, capped at $4,000 per person per month.

Source: S. 463, Vox

Excise Tax On Gun Manufacturers For Gun Violence Prevention

Warren will raise the excise tax on gun and ammunition sales from 10% on handguns and 11% on other types of guns and ammunition to 30% on handguns and 50% on other guns and ammunition. She proposes to use this new federal revenue for “gun violence prevention and enforcement.”

Source: Elizabeth Warren Medium Post

Revenue Raised Over 10 Years: Not Available

Tax on Excessive Lobbying

Warren will tax “every corporation and trade organization that spends over $500,000 per year lobbying our government.” Companies that spend between $500,000 and $1 million per year on lobbying will have their expenditures taxed at a 35% rate. Amounts spent between $1 million to $5 million will be taxed at 60%. Spending over $5 million will be taxed at 75%.

Source: Warren: My Plan to Tax Excessive Lobbying

Revenue Raised over 10 years: $10 Billion

Source: Warren: My Plan to Tax Excessive Lobbying

PAYS FOR

The establishment of a “Lobbying Defense Trust Fund,” which will work to “strengthen congressional independence from lobbyists,” “give more money to federal agencies that are facing significant lobbying activity,” and establish a new “Office of the Public Advocate,” which will fight for the public interest.

Source: Warren: My Plan to Tax Excessive Lobbying

Marianne Williamson ON TAXES AND INVESTMENTS
Williamson

TCJA Repeal & A Wealth Tax To Fund Medicare For All & A Universal Basic Income (UBI)

Williamson will “repeal the 2017 $2 trillion tax cut” … “but would put back in the middle class tax cut, and close a lot of those corporate loopholes.” She also doesn’t “have a problem with [Sen.] Warren’s wealth tax proposal,” which will levy a 2% annual tax on household net worth over $50 million and a 3% tax on the portion over $1 billion.

Williamson and her campaign staff have proposed two separate investments using these funds, neither of which would come close to being fully financed by the revenues raised: Medicare for All and a Universal Basic Income (UBI) plan, which will provide $1,000 a month grants to all Americans aged 18 to 65 (or until they are eligible for their Social Security payment).

Sources: Yahoo Finance (starts at 2:40), CNBC, Twitter

Revenue Raised Over 10 Years: Not Available

Financial Transaction Tax

Williamson wants to “[c]harge a small fee each time someone buys stocks or exchanges currency. There would be no way for the wealthy to dodge the transaction fee which would be charged automatically for each such transaction.” She wants to use the revenue to pay for her proposed new investments.

Source: Marianne 2020

Revenue Raised Over 10 Years: Not Available

PAYS FOR

Warren proposes to use the funds to “subsidize the economic transition to clean and renewable electricity, zero emission vehicles, and green products for commercial and residential buildings.” This is part of $3 trillion in federal spending on green technology and environmental initiatives she proposes (see below).

Source: Warren’s 100% Clean Energy for America

Carbon Tax to Address Climate Change

Williamson supports a broad-based carbon tax at no more than $60 per ton of CO2. “Funds should be used to retire inefficient equipment, to incentivize zero-carbon-producing technologies and to spur a green economy.”

Source: NYT

Revenue Raised Over 10 Years: Not Available

Child Tax Credit (CTC)

Williamson “supports a new child care tax credit worth up to $14,000 per child, which would be paid directly to child care providers on a monthly basis.”

Source: Vox

Cost Over 10 Years: Not Available

Andrew Yang ON TAXES AND INVESTMENTS
Yang

Social Security Tax, Financial Transaction Tax, Capital Gains Taxes

Yang favors “removing the Social Security cap” but has not specified at what level. Currently, earnings above $132,900 are not subject to the 6.2% tax paid by both the employee and the employer. He will also implement a financial transactions tax, but has not specified the level, and supports “ending the favorable tax treatment for capital gains/carried interest” to curb financial speculation.

Source: Yang 2020, SHRM

Revenue Raised Over 10 Years: Not Available

PAYS FOR

Yang’s “Freedom Dividend,” which would provide a universal basic income (UBI) of $12,000 per year to every U.S. citizen over the age of 18.

Source: Yang 2020

Value-Added Tax (VAT) to Fund Universal Basic Income (UBI)

Yang will implement a valued-added tax (VAT) of 10%. A VAT is a consumption tax placed on the purchase of a product and service at each stage of development, from production to the point of sale. The amount charged is less than any costs of production that have already been taxed.

Source: Yang 2020, Investopedia

Revenue Raised Over 10 Years: $800 billion over an unspecified time period per Yang.

Source: Yang 2020

PAYS FOR

Yang’s “Freedom Dividend,” which would provide a universal basic income of $12,000 per year to every U.S. citizen over the age of 18.

Source: Yang 2020

Carbon Tax to Fund UBI & Renewable Energy Research/Investment

Yang is “in favor of a carbon fee and dividend system, taxing carbon at $40 per ton and increasing over time.”

Source: NYT

Revenue Raised Over 10 Years: Not Available

PAYS FOR

Half of the carbon tax revenue would fund Yang's UBI and the other half would be invested in “research and investment into renewable energy, sustainable agriculture, infrastructure improvements and similar areas.”

Source: NYT

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