From the wealthy to Wall Street, here’s how the 2020 Democrats would redraw the US tax code with their plans

Sanders Warren and Bloomberg

The Democratic presidential candidates have unveiled a series of tax plans that align with their political goals.
Despite an ideological gulf between them, the moderate and progressive wings of the party agree on hiking taxes on the very wealthy and corporations, and providing relief to the middle class.
Sanders and Warren seek to raise substantial new federal revenue to pay for sweeping government initiatives like Medicare for All and to wipe out student debt.
From the wealthy to Wall Street to Main Street, here’s how the 2020 Democrats would change how Americans are taxed.
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The 2020 Democratic presidential candidates have rolled out scores of tax proposals signaling their goals and what they would seek to achieve if they defeat President Trump and win the White House.

Despite their wide ideological differences, there is a consensus among progressive and moderate candidates to ramp up taxes on the richest citizens and corporations to fund plans that would realign the nation’s economy and provide relief for the middle class.

Sens. Bernie Sanders and Elizabeth Warren are two progressives leading the pack with huge spending plans sporting price tags well into the tens of trillions of dollars, arguing they will accelerate economic growth. Sanders is generating momentum and rising in polls after a near-win in the Iowa caucus and a victory in the New Hampshire primary.

Moderates such as former Vice President Joe Biden and former South Bend Mayor Pete Buttigieg are also proposing significant increases in federal spending, but are pursuing incremental changes on healthcare and education.

Gaining prominence in a volatile primary field, former New York City Mayor Mike Bloomberg rolled out a tax plan projected to raise trillions of dollars in tax revenue.

The tax-and-spend approach of the field represents a departure from past elections.

“It’s a bucking of the trends we’ve seen for the past 20 years, where Democratic administrations have relied on refundable tax credits,” said Janet Holtzblatt, a senior fellow at the Urban-Brookings Tax Policy Center who analyzed the tax plans of the 2020 candidates, noting that credits put money back into the pockets of taxpayers.

Instead, leading Democratic candidates are veering toward an activist model of governance with a stronger emphasis on redistributing wealth. And with the spending plans, she said, “you see it upfront.”

The size of their spending mirrors the ambition of each candidate to either adjust or completely remake the role of government — and their efforts to change American society with it.

From the wealthy to Wall Street to Main Street, here’s how the 2020 Democrats would change how Americans are taxed.

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Sen. Bernie Sanders has proposed substantial new taxes on wealthy Americans and corporations to fund an ambitious progressive agenda.

Sanders has centered his campaign around the idea of a wholesale progressive revolution. He pushed the Democratic Party significantly to the left on issues like a $15 minimum wage and tuition-free public college during his first presidential run in 2016.

He seeks to implement a Green New Deal, Medicare for All, and a federal …read more

Source:: Business Insider – Politics

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