Candidates have a plan, or a score of different ones, to change the tax code by caseydarnell
Presidential elections are decided by many things: media exposure, financial backing, personal chemistry, timing and luck. Policy positions often are just a way of signaling where a candidate stands on the political spectrum. But 2020 is shaping up to be different, the most ideas-driven election in recent American history. On the Democratic side, a robust debate about inequality has given rise to ambitious proposals to redress the imbalance in Americans’ economic situations.
In 2017, President Trump and Republicans promised higher wages and lower taxes for average Americans in the Tax Cuts and Jobs Act, which reduced federal taxes by a total of $1.7 trillion over 10 years. The corporate tax rate was slashed from 35 percent to 21 percent. Most of the 23 Democratic candidates have endorsed an expansion of government health care, and several have proposed plans to make college tuition-free. These and other social programs will cost billions or trillions of dollars annually. All of it, some Democrats say, will be paid for with higher taxes on the rich and corporations.
The 2017 Republican tax plan was the first major tax reform in three decades. The Tax Reform Act of 1986 received bipartisan support when it passed through Congress. That legislation reduced the top income tax rate from 50 percent to 33 percent and eliminated several tax deductions and tax shelters. Warren’s Real Corporate Profits Tax would tax any corporation that reports more than $100 million in profits at 7 percent for the amount that exceeds $100 million. She also wants to place a 2 percent tax on people with a net worth of more than $50 million and a 3 percent tax for those with a net worth above $1 billion.
The plans from Warren and Sanders would not directly increase or change the income tax rates for the wealthiest Americans. Warren’s wealth tax instead focuses on net worth, a person’s assets minus liabilities, which could be a larger amount than just income. Sanders’s estate tax is similar to a tax on net worth because the value of an estate depends on assets like bank and investment accounts, stocks and real estate.
When he kicked off his 2020 campaign at a Pittsburgh rally, Biden criticized tax breaks in the 2017 Republican tax plan and vowed to repeal it. He also suggested removing tax breaks and loopholes that reward millionaires. The Tax Policy Center estimated that about half of American households would receive an average tax cut of $3,200. Harris’s plan would cost the federal government an estimated $3 trillion over the next decade.
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