Biden Endorses Carbon Tax

Share on Facebook
Tweet this Story
Pin this Image

Posted by Adam Sabes on Wednesday, September 4th, 2019, 9:55 PM PERMALINK

Democrat presidential candidate Joe Biden endorsed a carbon tax tonight during a CNN town hall. 

Here's the key exchange:

CNN's Anderson Cooper: "Would you support a carbon tax? Some other candidates say they would."

Biden: "Yeah, no, I would."

A Biden carbon tax would significantly increase household costs such as cooling and heating, transportation, and groceries, 

Carbon taxes are highly unpopular with voters. In fact, carbon tax advocates can’t even get a carbon tax passed in a single blue state, as this timeline shows.

Carbon taxes also saddle state and local governments with huge costs. For example, a school district in Calgary was forced to kick 400 kids off the school bus program in order to pay a $3.3 million carbon tax bill.

It's no wonder conservative groups wrote a letter to Congress stating: "We oppose any carbon tax."

Photo Credit: Marc Nozell/Flickr


Kamala Harris Calls for Ban on Plastic Straws

Share on Facebook
Tweet this Story
Pin this Image

Posted by Adam Sabes and John Kartch on Wednesday, September 4th, 2019, 6:40 PM PERMALINK

During a CNN climate town hall tonight, Democrat presidential candidate Kamala Harris called for a national ban on plastic straws.

CNN host Erin Burnett: "Do you ban plastic straws?"

Kamala Harris: "I think we should. Yes."

Photo Credit: sunny kumar/Flickr


Tax Foundation Statements in Support of Indexing Capital Gains

Share on Facebook
Tweet this Story
Pin this Image

Posted by ATR on Wednesday, September 4th, 2019, 1:33 PM PERMALINK

“Capital gains should be indexed to inflation.” – Tax Foundation -- July 29, 2018

“When that inflation is ignored in the taxation process, the investor gets taxed on gains that they didn’t make.” -- Tax Foundation -- July 23, 2018

“Let's get real. Inflation-related gains on the sale of assets are not a real increase in wealth. It's time to index the purchase price of assets for inflation to provide savers some relief from this tax on fictitious income.” – Tax Foundation – March 6, 2018

“It is time to ‘get real’ with capital gains taxes. The purchase price of assets later sold for capital gains or losses continues to *not* be adjusted for inflation.” – Tax Foundation – July 16, 2018

“Under the current tax system, capital gains are not adjusted for inflation, meaning individuals pay tax on income plus any capital gain that results from price-level increases. Inflationary gains do not represent a real increase in wealth, thus taxes on inflationary gains are taxes on ‘fictitious’ income, which increases the effective tax rate on saving and investment.” – Tax Foundation – April 16, 2019

“In other cases, inflation can account for 100 percent of the capital gains tax owed; further, inflation can cause a nominal gain to be realized despite suffering a capital loss in real terms. Ultimately, the lower rate on capital gains does not mitigate the inflation issue, as taxpayers still face tax liability whether they made a real gain or real loss.” – Tax Foundation – April 16, 2019

“Inflation-related gains on the sale of assets are not a real increase in wealth. Indexing the purchase price (tax basis) for inflation would provide savers some relief for this type of tax on fictitious income.” – Tax Foundation – March 6, 2018

“Failure to index the purchase price (tax basis) of assets increases the effective tax rate on saving and investment. Less capital is formed, depressing wages and employment.” – Tax Foundation – March 6, 2018

“Inflation is low today, but that may not always be the case. Indexing provides important protection for all citizens, even those who have no capital gains, by reducing government’s ability and incentive to raise effective tax rates by inflating the currency.” -- Tax Foundation – March 6, 2018

“It is time to ‘get real’ with capital gains taxes. Many elements of the income tax are adjusted for inflation, such as tax brackets, standard deductions, and income thresholds or dollar amounts of some tax credits. However, the purchase price of assets later sold for capital gains or losses is not adjusted for inflation. As a result, inflation can do a real number on savers by turning real losses into taxable nominal gains. To avoid such outcomes, it would make sense for the government to allow an inflation adjustment for the cost of assets held outside of tax-preferred saving arrangements. (In pensions, retirement plans, and education savings plans, the problem is handled by other means, either by tax deferral or by exclusion of tax on gains.)” – Tax Foundation – March 6, 2018

“Some might argue that capital gains receive preferred tax treatment under current law, because the gain is deferred until realized, and it receives a lower tax rate than ordinary income. The lower rate is the ‘capital gains differential,’ which is sometimes rationalized as compensating savers for inflation. However, the capital gain differential does not properly adjust for the excess real tax burden due to inflation. If the nominal gain is really a loss, then even a reduced tax rate is too high. If the gain is in part a real gain, but a small one, then the reduced rate is helpful, but still inadequate. – Tax Foundation – March 6, 2018

“In some instances, the practice of taxing the nominal gain can lead to an infinite effective rate on real capital gains when the increase in price is only due to inflation.” – Tax Foundation – December 17, 2013

“When stocks are bought at particular high points in the market, inflation can account for 100 percent of the capital gains tax owed. In fact, the inflationary increase in price can cause a nominal capital gain for a taxpayer despite suffering a capital loss in real terms.” – Tax Foundation – December 17, 2013

“Taxpayers can end up paying a very high tax rate on capital gains and can even pay taxes on capital gains when the real value of their investment has actually declined. In fact, research from the 1980s showed that taxpayers paid an additional $500 million in extra tax due to inflation in just 1973. Taxes on capital damage economic growth, and failing to account for inflation exacerbates the damage.” -- Tax Foundation – December 17, 2013

“While repealing this tax would be the preferable option, inflation indexing would be an improvement that would link the tax to real increases in income rather than increases in inflation.” -- Tax Foundation – December 17, 2013

“Capital Gains Taxes Should Be Indexed to Inflation” – Tax Foundation – July 24, 2018

 

 

Photo Credit: SalFalko


Buttigieg on Carbon Tax: “I know you're not supposed to use the 'T' word when you're in politics, but we might as well call it what it is."

Share on Facebook
Tweet this Story
Pin this Image

Posted by Adam Sabes on Wednesday, September 4th, 2019, 12:43 PM PERMALINK

Tonight Democrat presidential candidate Pete Buttigieg repeated his desire to impose a carbon tax. 

"First of all, it's one of the reasons why I propose we assess a carbon tax. I know you're not supposed to use the 'T' word when you're in politics, but we might as well call it what it is," Buttigieg said during a CNN town hall.

Buttigieg also called for a carbon tax, during a June debate. 

"We need to do a carbon tax and dividend, but I would propose we do it in a way that is rebated out to the American people in a progressive fashion so that most Americans are made more than whole," Buttigieg said in Miami.

Buttigieg's carbon tax plan is a large tax increase that would give Congress power to raise taxes automatically each year without having to vote. It would require a large bureaucracy to implement and run.

Such a carbon tax would also impose severe tax increases on Social Security recipients.

Because the Buttigieg carbon tax would significantly increase household costs -- cooling and heating, transportation, groceries, etc. -- the bill directs the federal government to send payments to households in an attempt to compensate for the increased cost burden.

But these payments, called "dividends" by Buttigieg -- are subject to federal income tax. The tax will not only siphon money from households to be sent to Washington -- it will also impact Social Security benefits.

report published by the pro-carbon tax Citizens' Climate Lobby acknowledges the following:

"Taxability of Dividends raises three separate issues: (i) additional complexity for taxpayers; (ii) the equity of the disparate effective marginal tax rates on taxable Dividends for various residents; and (iii) the method or methods by which those taxes would be paid."

Regarding Social Security recipients, the report states:

"Over the income-related phase-in range for the taxation of social security benefits, each additional $1.00 of non-social security income causes an additional $0.50 or $0.85 of social security benefits to become taxable. In most situations, the ordinary income tax rate in the phase-in range is 10 percent; however, at some income levels, the rate is 12 percent. Thus, $1.00 of non-social security income -- including income from the Dividend -- will be taxed at effective marginal rates of 15 percent, 18 percent, or 22.2 percent."

The report gives an example of how the tax would hit a typical couple over age 65 with an income of $38,000 and a Social Security benefit of $12,000:

"Based on that income, the tax rate schedule shows that their marginal tax rate would be 10 percent. However, the addition of $1,584 of taxable Dividends from the Carbon Fee causes more of their social security benefits to become taxable, and their marginal tax rate due to the Dividends is 20.12 percent, so that after paying their income tax, the couple is left with only 79.88 percent of their gross Dividend."

It’s no wonder voters consistently reject carbon taxes at the ballot box, even in blue states. https://www.atr.org/carbon-tax-toxic-ballot-box-timeline

Photo Credit: New Hampshire Public Radio/Flickr


Elizabeth Warren Endorses Carbon Tax and “Climate Adjustment Fee”

Share on Facebook
Tweet this Story
Pin this Image

Posted by Adam Sabes on Wednesday, September 4th, 2019, 12:18 PM PERMALINK

Democrat presidential candidate Elizabeth Warren endorsed a carbon tax and said, "We need a climate adjustment fee," on Wednesday during a CNN town hall.

Warren endorsed a carbon tax without hesitation:

CNN’s Chris Cuomo: "Yes to a carbon tax?" 

Elizabeth Warren: "Yes."

Warren also wants to saddle U.S. border personnel with charging a carbon tax on goods destined for American households:

"I think that we need a climate adjustment fee on products that are imported to the United States."

As Warren would further explain, companies importing goods into the United States would be asked, "How much carbon was used to produce that?

A carbon tax would impose burdens on households due to higher costs of cooling and heating, transportation, and groceries.

Even Hillary Clinton decided against a carbon tax after an internal Clinton report determined the following:

The Hillary memo states the cost of the carbon tax will be passed on to consumers:“While oil, natural gas, and coal companies would be responsible for paying the fee, they would likely pass a significant share of the associated cost on to their customers.”

The Hillary memo states that a carbon tax would have a disproportionate impact on low-income households: “As with the increase in energy costs, the increase in the cost of nonenergy goods and services would disproportionately impact low income households.”

The Hillary memo states that a carbon tax would cause gas prices to increase 40 cents a gallon and residential electricity prices to increase 12% - 21%: “In our analysis, for example, a $42/ton GHG fee increases gasoline prices by roughly 40 cents per gallon on average between 2020 and 2030 and residential electricity prices by 2.6 cents per kWh, 12% and 21% above levels projected in the EIA’s 2014 Annual Energy Outlook respectively. 

The Hillary memo states a carbon tax would cause household energy bills to go up significantly: “Average household energy costs would increase by roughly $480 per year, or 10% relative to the levels projected in EIA’s 2014 Outlook.”

The Hillary memo states that a carbon tax would increase the cost of household goods and services: “The cost of other household goods and services would increase as well as companies pass forward the higher energy costs paid to produce those goods and services on to consumers.”

(Source: MEMORANDUM FOR HILLARY RODHAM CLINTON -- Jan. 20, 2015)

Carbon taxes are highly unpopular with voters. In fact, carbon tax advocates can’t even get a carbon tax passed in a single blue state, as this timeline shows.

Carbon taxes also saddle state and local governments with huge costs. For example, a school district in Calgary was forced to kick 400 kids off the school bus program in order to pay a $3.3 million carbon tax bill.

It's no wonder conservative groups wrote a letter to congress stating: "We oppose any carbon tax."

See more:

2020 Democrats: We Want a Carbon Tax

Biden Endorses Carbon Tax

Kamala Harris Calls for Ban on Plastic Straws

Elizabeth Warren's Climate Plan Calls For "Reversing" GOP Tax Cuts

Sanders: We’re Going to “Absolutely” Raise the Corporate Tax Rate

Elizabeth Warren on Corporate Tax Cuts: “I really want to see them rolled back.”

Bill de Blasio Calls for Corporate Tax Rate Hike

Amy Klobuchar: Raise the Corporate Tax Rate to 25%

Biden on capital gains tax: “We should raise the tax back to 39.6 percent”

Kamala Harris Threatens to Repeal GOP Tax Cuts 3 Times in August

Joe Biden: “I’m going to eliminate most all” of GOP Tax Cuts

Cory Booker Calls for Repeal of "Toxic" GOP Tax Cuts

Marianne Williamson Joins Dems Calling for TCJA Repeal

Kamala Admits Her Plan Would End Employer Insurance

“Medicare for All” is a Middle Class Tax Increase, Say Dems

Elizabeth Warren Can’t Dodge the Middle Class Tax Question Forever

Dem Socialized Healthcare Plan Will Lead to Middle Class Tax Hikes

Elizabeth Warren "Wealth Tax" was described by the WaPo editorial board as having "a certain authoritarian odor"

Supposed “Moderate” Democrat John Delaney Wants to Impose Carbon Tax on the American People

Klobuchar Suggests Capital Gains Tax Hike and “Doing Something” About TCJA

VIDEO: 2020 Democrats Will Raise Your Taxes

Kamala Harris Campaign Headquarters Located in Opportunity Zone Created by GOP Tax Cuts

Julian Castro: “We’re going to have to raise taxes.”

Biden and Harris: Raise the Corporate Tax Rate

Biden tweet: Ignore the fact I’ve already called for middle class tax hikes

Kamala Harris: “I Will Reverse” Trump’s Tax Cuts

Kamala Harris Calls for Repeal of Tax Cuts Four Times in Three Minutes

Julian Castro Caught Lying about GOP Tax Cuts

NYT: Bidencare Will be Funded by “rolling back” GOP tax cuts

Kamala Harris: I Will Repeal “That Tax Bill”

Cory Booker: “I do support” Imposing Carbon Tax on Americans

Harris: “We are Going to Repeal That Tax Bill”

Biden: I Will Raise Corporate Tax Rate to 28%

Kamala Harris Continues to Lie about Tax Cuts

Jay Inslee: “Repeal the Trump Tax Cuts”

Biden Running Ads to “Repeal Trump’s Tax Cuts.”

VIDEO: Ten Times Biden Threatened to Repeal Tax Cuts

Here’s what happens if Dems repeal tax cuts

VIDEO: 10 Times 2020 Democrats Have Threatened to Repeal TCJA

Kamala Harris: When I Enter Office "I Will Repeal" the TCJA

Biden: “First thing I would do as President is Eliminate the President’s Tax Cut.”

Bernie Sanders claims people would be “delighted to pay more in taxes”

Biden: Tax Cuts Will be “Gone” If I’m Elected

Kamala Harris: I Will Repeal Tax Cuts “on day one”

Biden again says capital gains tax is “Much too Low”

Biden: Capital gains tax “much too low”

VIDEO: Five Times Biden has Threatened to Repeal Tax Cuts

Biden: “First thing I’d do is repeal those Trump tax cuts.”

Joe Biden broke his middle class tax pledge

“Mayor Pete” Calls for Steep Tax Hike on Homes and Businesses

Kamala Harris Vows Repeal of Tax Cuts “on Day One”

Biden: “When I’m President, if God willing I am, we’re going to reverse those Trump tax cuts.”

 

 

Photo Credit: Joe Crimmings/Flickr


Elizabeth Warren's Climate Plan Calls For "Reversing" GOP Tax Cuts

Share on Facebook
Tweet this Story
Pin this Image

Posted by Adam Sabes on Tuesday, September 3rd, 2019, 10:21 PM PERMALINK

Democrat presidential candidate Elizabeth Warren revealed on Tuesday night that her climate plan calls for “reversing" the Tax Cuts and Jobs Act.

"Today, I’m announcing I’ll commit an additional $1 trillion over 10 years — fully paid for by reversing Trump’s tax cuts for the wealthiest individuals and giant corporations— to match Governor Inslee’s commitment, and to subsidize the economic transition to clean and renewable electricity, zero emission vehicles, and green products for commercial and residential buildings," Warren said in a Medium post.

Warren's promise to repeal the tax cuts is a promise to raise taxes. If the tax cuts were repealed:

  • A family of four earning the median income of $73,000 would see a $2,000 tax increase.
  • A single parent (with one child) making $41,000 would see a$1,300 tax increase.
  • Millions of low and middle income households would be stuck paying the Obamacare individual mandate tax.
  • Utility bills would go up in all 50 states as a direct result of the corporate income tax increase.
  • Small employers will face a tax increase due to the repeal of the 20% deduction for small business income.
  • The USA would have the highest corporate income tax rate in the developed world.
  • Taxes would rise in every state and every congressional district.
  • The Death Tax would ensnare more families and businesses.
  • The AMT would snap back to hit millions of households.
  • Millions of households would see their child tax credit cut in half.
  • Millions of households would see their standard deduction cut in half, adding to their tax complexity as they are forced to itemize their deductions and deal with the shoebox full of receipts on top of the refrigerator.

In Warren's home state of Massachusetts, households making the average income of $77,385 received an average tax cut of around $1,921, according to a recent Tax Foundation report. According to the same report, every congressional district in America received a tax cut.

The Washington Post also stated: “Most Americans received a tax cut.”

More evidence of the benefits flowing from the tax cuts can be found in a recent H&R Block report, which stated, “overall tax liability is down 24.9 percent on average.”

In Massachusetts, the report found that residents received a 27.6% reduction in their taxes, on average. 

Even left-leaning and establishment media outlets confirm the good news arising from the Tax Cuts and Jobs Act:

If you want to stay up-to-date on Democrats and their threats to raise taxes, visit www.atr.org/HighTaxDems.

 

See more:

Sanders: We’re Going to “Absolutely” Raise the Corporate Tax Rate

Elizabeth Warren on Corporate Tax Cuts: “I really want to see them rolled back.”

Bill de Blasio Calls for Corporate Tax Rate Hike

Amy Klobuchar: Raise the Corporate Tax Rate to 25%

Biden on capital gains tax: “We should raise the tax back to 39.6 percent”

Kamala Harris Threatens to Repeal GOP Tax Cuts 3 Times in August

Joe Biden: “I’m going to eliminate most all” of GOP Tax Cuts

Cory Booker Calls for Repeal of "Toxic" GOP Tax Cuts

Marianne Williamson Joins Dems Calling for TCJA Repeal

Kamala Admits Her Plan Would End Employer Insurance

“Medicare for All” is a Middle Class Tax Increase, Say Dems

Elizabeth Warren Can’t Dodge the Middle Class Tax Question Forever

Dem Socialized Healthcare Plan Will Lead to Middle Class Tax Hikes

Elizabeth Warren "Wealth Tax" was described by the WaPo editorial board as having "a certain authoritarian odor"

Supposed “Moderate” Democrat John Delaney Wants to Impose Carbon Tax on the American People

Klobuchar Suggests Capital Gains Tax Hike and “Doing Something” About TCJA

VIDEO: 2020 Democrats Will Raise Your Taxes

Kamala Harris Campaign Headquarters Located in Opportunity Zone Created by GOP Tax Cuts

Julian Castro: “We’re going to have to raise taxes.”

Biden and Harris: Raise the Corporate Tax Rate

Biden tweet: Ignore the fact I’ve already called for middle class tax hikes

Kamala Harris: “I Will Reverse” Trump’s Tax Cuts

Kamala Harris Calls for Repeal of Tax Cuts Four Times in Three Minutes

Julian Castro Caught Lying about GOP Tax Cuts

NYT: Bidencare Will be Funded by “rolling back” GOP tax cuts

Kamala Harris: I Will Repeal “That Tax Bill”

Cory Booker: “I do support” Imposing Carbon Tax on Americans

Harris: “We are Going to Repeal That Tax Bill”

Biden: I Will Raise Corporate Tax Rate to 28%

Kamala Harris Continues to Lie about Tax Cuts

Jay Inslee: “Repeal the Trump Tax Cuts”

Biden Running Ads to “Repeal Trump’s Tax Cuts.”

VIDEO: Ten Times Biden Threatened to Repeal Tax Cuts

Here’s what happens if Dems repeal tax cuts

VIDEO: 10 Times 2020 Democrats Have Threatened to Repeal TCJA

Kamala Harris: When I Enter Office "I Will Repeal" the TCJA

Biden: “First thing I would do as President is Eliminate the President’s Tax Cut.”

Bernie Sanders claims people would be “delighted to pay more in taxes”

Biden: Tax Cuts Will be “Gone” If I’m Elected

Kamala Harris: I Will Repeal Tax Cuts “on day one”

Biden again says capital gains tax is “Much too Low”

Biden: Capital gains tax “much too low”

VIDEO: Five Times Biden has Threatened to Repeal Tax Cuts

Biden: “First thing I’d do is repeal those Trump tax cuts.”

Joe Biden broke his middle class tax pledge

“Mayor Pete” Calls for Steep Tax Hike on Homes and Businesses

Kamala Harris Vows Repeal of Tax Cuts “on Day One”

Biden: “When I’m President, if God willing I am, we’re going to reverse those Trump tax cuts.”

 

Photo Credit: Marta Evry/Flickr


Sanders: We’re Going to “Absolutely” Raise the Corporate Tax Rate

Share on Facebook
Tweet this Story
Pin this Image

Posted by Adam Sabes on Tuesday, September 3rd, 2019, 3:35 PM PERMALINK

Democrat presidential candidate Bernie Sanders said in a 2017 interview that he would “Absolutely” raise corporate tax rates.

Here’s the key exchange during the December 17, 2017 episode of CBS show Face The Nation hosted by John Dickerson:

Dickerson: “But there's no question that in order to achieve all of the things you want taxes are going to have to go up on corporations. If they're down to 21 as a result of this legislation, you can't find the money anywhere else.

Sanders: “Absolutely. Yes. In my view absolutely.

Before President Trump signed the Tax Cuts and Jobs Act into law, the U.S. had the highest corporate tax rate in the developed world: 35 percent. The tax cuts permanently reduced the corporate tax rate to a more competitive 21 percent. 

State corporate taxes average 6.0 percent across the U.S., so if Sanders reversed the tax cuts he would end up imposing a combined average corporate rate of 41 percent. 

This would give the U.S. a much higher corporate tax rate than the United Kingdom (19 percent), China (25 percent), Canada (26.8 percent), and Ireland (12.5 percent). In fact, Sanders approach would impose a tax rate much higher than the current combined corporate rate across the 36 member Organisation for Economic Development and Cooperation (OECD), which is currently 23.7 percent.

An increase in the corporate tax rate would also directly raise the cost of utility bills in all 50 states.

Sanders joins fellow Democrats Kamala Harris, Joe Biden, Elizabeth Warren, Beto O’Rourke, and Amy Klobuchar in calling for a corporate tax rate increase.

See more:

Elizabeth Warren on Corporate Tax Cuts: “I really want to see them rolled back.”

Bill de Blasio Calls for Corporate Tax Rate Hike

Amy Klobuchar: Raise the Corporate Tax Rate to 25%

Biden on capital gains tax: “We should raise the tax back to 39.6 percent”

Kamala Harris Threatens to Repeal GOP Tax Cuts 3 Times in August

Joe Biden: “I’m going to eliminate most all” of GOP Tax Cuts

Cory Booker Calls for Repeal of "Toxic" GOP Tax Cuts

Marianne Williamson Joins Dems Calling for TCJA Repeal

Kamala Admits Her Plan Would End Employer Insurance

“Medicare for All” is a Middle Class Tax Increase, Say Dems

Elizabeth Warren Can’t Dodge the Middle Class Tax Question Forever

Dem Socialized Healthcare Plan Will Lead to Middle Class Tax Hikes

Elizabeth Warren "Wealth Tax" was described by the WaPo editorial board as having "a certain authoritarian odor"

Supposed “Moderate” Democrat John Delaney Wants to Impose Carbon Tax on the American People

Klobuchar Suggests Capital Gains Tax Hike and “Doing Something” About TCJA

VIDEO: 2020 Democrats Will Raise Your Taxes

Kamala Harris Campaign Headquarters Located in Opportunity Zone Created by GOP Tax Cuts

Julian Castro: “We’re going to have to raise taxes.”

Biden and Harris: Raise the Corporate Tax Rate

Biden tweet: Ignore the fact I’ve already called for middle class tax hikes

Kamala Harris: “I Will Reverse” Trump’s Tax Cuts

Kamala Harris Calls for Repeal of Tax Cuts Four Times in Three Minutes

Julian Castro Caught Lying about GOP Tax Cuts

NYT: Bidencare Will be Funded by “rolling back” GOP tax cuts

Kamala Harris: I Will Repeal “That Tax Bill”

Cory Booker: “I do support” Imposing Carbon Tax on Americans

Harris: “We are Going to Repeal That Tax Bill”

Biden: I Will Raise Corporate Tax Rate to 28%

Kamala Harris Continues to Lie about Tax Cuts

Jay Inslee: “Repeal the Trump Tax Cuts”

Biden Running Ads to “Repeal Trump’s Tax Cuts.”

VIDEO: Ten Times Biden Threatened to Repeal Tax Cuts

Here’s what happens if Dems repeal tax cuts

VIDEO: 10 Times 2020 Democrats Have Threatened to Repeal TCJA

Kamala Harris: When I Enter Office "I Will Repeal" the TCJA

Biden: “First thing I would do as President is Eliminate the President’s Tax Cut.”

Bernie Sanders claims people would be “delighted to pay more in taxes”

Biden: Tax Cuts Will be “Gone” If I’m Elected

Kamala Harris: I Will Repeal Tax Cuts “on day one”

Biden again says capital gains tax is “Much too Low”

Biden: Capital gains tax “much too low”

VIDEO: Five Times Biden has Threatened to Repeal Tax Cuts

Biden: “First thing I’d do is repeal those Trump tax cuts.”

Joe Biden broke his middle class tax pledge

“Mayor Pete” Calls for Steep Tax Hike on Homes and Businesses

Kamala Harris Vows Repeal of Tax Cuts “on Day One”

Biden: “When I’m President, if God willing I am, we’re going to reverse those Trump tax cuts.”


Elizabeth Warren on Corporate Tax Cuts: “I really want to see them rolled back.”

Share on Facebook
Tweet this Story
Pin this Image

Posted by Adam Sabes on Tuesday, September 3rd, 2019, 11:47 AM PERMALINK

Democrat Presidential Candidate Elizabeth Warren said in a July 2018 interview with CNBC’s John Harwood that she “really” wants to see the GOP-enacted corporate tax rate reductions “rolled back.” 

Here’s the key exchange: 

CNBC’s John Harwood: “If Democrats take the Congress, if you're in the White House, or both, would you like to see these corporate tax cuts repealed?”

Elizabeth Warren: “Yeah, I really want to see them rolled back.

[Click here for official transcript]

Before President Trump signed the Tax Cuts and Jobs Act into law, the U.S. had the highest corporate tax rate in the developed world: 35 percent. The tax cuts permanently reduced the corporate tax rate to a more competitive 21 percent. 

State corporate taxes average 6.0 percent across the U.S., so if Warren fully “rolled back” the tax cuts she would end up imposing a combined average corporate rate of 41 percent.

This would give the U.S. a much higher corporate tax rate than the United Kingdom (19 percent), China (25 percent), Canada (26.8 percent), and Ireland (12.5 percent). In fact, Warren’s approach would impose a tax rate much higher than the current combined corporate rate across the 36 member Organisation for Economic Development and Cooperation (OECD), which is currently 23.7 percent.

An increase in the corporate tax rate would also directly raise the cost of utility bills in all 50 states.

Warren joins fellow Democrats Kamala Harris, Joe Biden, Beto O’Rourke, and Amy Klobuchar in calling for a corporate tax rate increase. 

On top of her corporate income tax rate increase, Warren has called for a new 7% tax on corporations that alone would amount to a $1 trillion tax increase over ten years.

See more:

Bill de Blasio Calls for Corporate Tax Rate Hike

Amy Klobuchar: Raise the Corporate Tax Rate to 25%

Biden on capital gains tax: “We should raise the tax back to 39.6 percent”

Kamala Harris Threatens to Repeal GOP Tax Cuts 3 Times in August

Joe Biden: “I’m going to eliminate most all” of GOP Tax Cuts

Cory Booker Calls for Repeal of "Toxic" GOP Tax Cuts

Marianne Williamson Joins Dems Calling for TCJA Repeal

Kamala Admits Her Plan Would End Employer Insurance

“Medicare for All” is a Middle Class Tax Increase, Say Dems

Elizabeth Warren Can’t Dodge the Middle Class Tax Question Forever

Dem Socialized Healthcare Plan Will Lead to Middle Class Tax Hikes

Elizabeth Warren "Wealth Tax" was described by the WaPo editorial board as having "a certain authoritarian odor"

Supposed “Moderate” Democrat John Delaney Wants to Impose Carbon Tax on the American People

Klobuchar Suggests Capital Gains Tax Hike and “Doing Something” About TCJA

VIDEO: 2020 Democrats Will Raise Your Taxes

Kamala Harris Campaign Headquarters Located in Opportunity Zone Created by GOP Tax Cuts

Julian Castro: “We’re going to have to raise taxes.”

Biden and Harris: Raise the Corporate Tax Rate

Biden tweet: Ignore the fact I’ve already called for middle class tax hikes

Kamala Harris: “I Will Reverse” Trump’s Tax Cuts

Kamala Harris Calls for Repeal of Tax Cuts Four Times in Three Minutes

Julian Castro Caught Lying about GOP Tax Cuts

NYT: Bidencare Will be Funded by “rolling back” GOP tax cuts

Kamala Harris: I Will Repeal “That Tax Bill”

Cory Booker: “I do support” Imposing Carbon Tax on Americans

Harris: “We are Going to Repeal That Tax Bill”

Biden: I Will Raise Corporate Tax Rate to 28%

Kamala Harris Continues to Lie about Tax Cuts

Jay Inslee: “Repeal the Trump Tax Cuts”

Biden Running Ads to “Repeal Trump’s Tax Cuts.”

VIDEO: Ten Times Biden Threatened to Repeal Tax Cuts

Here’s what happens if Dems repeal tax cuts

VIDEO: 10 Times 2020 Democrats Have Threatened to Repeal TCJA

Kamala Harris: When I Enter Office "I Will Repeal" the TCJA

Biden: “First thing I would do as President is Eliminate the President’s Tax Cut.”

Bernie Sanders claims people would be “delighted to pay more in taxes”

Biden: Tax Cuts Will be “Gone” If I’m Elected

Kamala Harris: I Will Repeal Tax Cuts “on day one”

Biden again says capital gains tax is “Much too Low”

Biden: Capital gains tax “much too low”

VIDEO: Five Times Biden has Threatened to Repeal Tax Cuts

Biden: “First thing I’d do is repeal those Trump tax cuts.”

Joe Biden broke his middle class tax pledge

“Mayor Pete” Calls for Steep Tax Hike on Homes and Businesses

Kamala Harris Vows Repeal of Tax Cuts “on Day One”

Biden: “When I’m President, if God willing I am, we’re going to reverse those Trump tax cuts.”

Photo Credit: Edward Kimmel/Flickr


Ending the Inflation Tax on Capital Gains Will Help Millions of Middle Class Households

Share on Facebook
Tweet this Story
Pin this Image

Posted by Tom Hebert on Saturday, August 31st, 2019, 11:00 AM PERMALINK

Indexing capital gains taxes to inflation would benefit millions of middle income households. 

ATR looked at Internal Revenue Service data from 2016 (the most recent available data) to determine what percentage of middle class households had a capital gains filing:

24,139,920 households had a capital gains filing.

56% (13,487,170) of capital gains households made less than $100,000.

82% (19,695,490) of capital gains households made less than $200,000.

In Pennsylvania, more than one million households had a capital gains filing in 2016. 60 percent of these households made less than $100,000, and 84 percent of households made less than $200,000. 

These results are just from one year. Imagine how many middle income households would be helped over the course of a decade by ending the inflation tax.

The breakdown for all 50 states is below. 

Alabama
226,500 households had a capital gains filing.
132,140 (58%) made less than $100k
191,350 (85%) made less than $200k

Alaska
50,380 households had a capital gains filing. 
26,830 (53%) made less than $100k
42,000 (83%) made less than $200k

Arizona
468,470 households had a capital gains filing. 
280,680 (60%) made less than $100k
398,060 (85%) made less than $200k

Arkansas
149,030 households had a capital gains filing. 
93,700 (63%) made less than $100k
128,600 (86%) made less than $200k

California
3,036,260 households had a capital gains filing.
1,489,030 (49%) made less than $100k
2,297,060 (76%) made less than $200k

Colorado
528,160 households had a capital gains filing.
287,880 (55%) made less than $100k
431,940 (82%) made less than $200k

Connecticut
370,530 households had a capital gains filing. 
185,720 (50%) made less than $100k
283,540 (77%) made less than $200k

Delaware
74,220 households had a capital gains filing. 
41,910 (57%) made less than $100k
62,780 (85%) made less than $200k

Florida
1,481,850 households had a capital gains filing.
896,240 (61%) made less than $100k
1,240,750 (84%) made less than $200k

Georgia
565,790 households had a capital gains filing. 
299,930 (53%) made less than $100k
452,150 (80%) made less than $200k

Hawaii 
Note: 2015 data presented. 2016 data unavailable. 
115,420 households had a capital gains filing.
69,370 made less than $100k
100,680 made less than $200k

Idaho
121,910 households had a capital gains filing.
80,600 (66%) made less than $100k
108,130 (89%) made less than $200k

Illinois
1,080,400 households had a capital gains filing. 
589,230 (55%) made less than $100k
877,810 (81%) made less than $200k

Indiana
426,670 households had a capital gains filing. 
270,410 (63%) made less than $100k
371,080 (87%) made less than $200k

Iowa
266,630 households had a capital gains filing.
170,630 (64%) made less than $100k
236,240 (89%) made less than $200k

Kansas
236,020 households had a capital gains filing.
146,750 (62%) made less than $100k
204,140 (87%) made less than $200k

Kentucky
231,590 households had a capital gains filing.
145,380 (63%) made less than $100k
200,410 (87%) made less than $200k

Louisiana
238,420 households had a capital gains filing. 
138,840 (58%) made less than $100k
198,750 (83%) made less than $200k

Maine
103,550 households had a capital gains filing. 
68,010 (66%) made less than $100k
91,300 (88%) made less than $200k

Maryland
485,940 households had a capital gains filing. 
228,570 (47%) made less than $100k
378,940 (78%) made less than $200k

Massachusetts
682,790 households had a capital gains filing.
329,540 (48%) made less than $100k
515,440 (75%) made less than $200k

Michigan
757,870 households had a capital gains filing.
473,780 (63%) made less than $100k
654,980 (86%) made less than $200k

Minnesota
534,310 households had a capital gains filing.
278,180 (52%) made less than $100k
418,190 (78%) made less than $200k

Mississippi
111,550 households had a capital gains filing
68,480 (61%) made less than $100k
96,130 (86%) made less than $200k

Missouri
453,470 households had a capital gains filing.
288,740 (64%) made less than $100k
394,870 (87%) made less than $200k

Montana
99,880 households had a capital gains filing.
69,030 (69%) made less than $100k
89,680 (90%) made less than $200k

Nebraska
172,900 households had a capital gains filing. 
110,470 (64%) made less than $100k
152,840 (88%) made less than $200k

Nevada
176,340 households had a capital gains filing. 
106,420 (60%) made less than $100k
148,570 (84%) made less than $200k

New Hampshire
130,390 households had a capital gains filing.
71,210 (55%) made less than $100k
107,560 (83%) made less than $200k

New Jersey
889,750 households had a capital gains filing. 
436,310 (49%) made less than $100k
678,400 (76%) made less than $200k

New Mexico
114,520 households had a capital gains filing. 
71,420 (62%) made less than $100k
100,160 (88%) made less than $200k

New York
1,667,340 households had a capital gains filing.
907,220 (54%) made less than $100k
1,321,100 (79%) made less than $200k

North Carolina
670,350 households had a capital gains filing.
383,900 (57%) made less than $100k
557,750 (83%) made less than $200k

North Dakota
66,670 households had a capital gains filing
40,660 (61%) made less than $100k
57,970 (87%) made less than $200k

Ohio
832,260 households had a capital gains filing.
522,480 (63%) made less than $100k
718,890 (86%) made less than $200k

Oklahoma
204,400 households had a capital gains filing.
125,070 (61%) made less than $100k
174,380 (85%) made less than $200k

Oregon
356,920 households had a capital gains filing. 
211,730 (59%) made less than $100k
303,800 (85%) made less than $200k

Pennsylvania
1,082,680 households had a capital gains filing.
647,490 (60%) made less than $100k
911,900 (84%) made less than $200k

Rhode Island
81,930 households had a capital gains filing. 
46,140 (56%) made less than $100k
68,630 (84%) made less than $200k

South Carolina
303,650 households had a capital gains filing. 
180,170 (59%) made less than $100k
258,450 (85%) made less than $200k

South Dakota
81,840 households had a capital gains filing. 
53,760 (66%) made less than $100k
72,290 (88%) made less than $200k

Tennessee
361,910 households had a capital gains filing.
213,120 (59%) made less than $100k
301,140 (83%) made less than $200k 

Texas
1,510,740 households had a capital gains filing.
765,970 (51%) made less than $100k
1,179,050 (78%) made less than $200k

Utah
181,300 households had a capital gains filing. 
103,490 (57%) made less than $100k
152,350 (84%) made less than $200k

Vermont
63,770 households had a capital gains filing.
41,650 (65%) made less than $100k
56,380 (88%) made less than $200k

Virginia
700,430 households had a capital gains filing. 
334,720 (48%) made less than $100k
550,050 (79%) made less than $200k

Washington
675,760 households had a capital gains filing.
347,390 (52%) made less than $100k
538,630 (80%) made less than $200k

West Virginia
79,490 households had a capital gains filing. 
52,840 (67%) made less than $100k
70,800 (89%) made less than $200k

Wisconsin
541,240 households had a capital gains filing.
353,220 (65%) made less than $100k
479,990 (89%) made less than $200k

Wyoming
49,480 households had a capital gains filing. 
31,010 (63%) made less than $100k
43,280 (87%) made less than $200k

Photo Credit: SalFalko


State Of State Governments: Growing In Some States, Shrinking In Others

Share on Facebook
Tweet this Story
Pin this Image

Posted by Americans for Tax Reform on Friday, August 30th, 2019, 3:41 PM PERMALINK

Today Americans for Tax Reform released an updated list of states ranked by their size of state government, using state spending as a percentage of state GDP as the metric for comparison.

When looking at how the size of all 50 state budgets compares to the size of those state economies, ATR included both general fund spending and federal transfer funds included in state budgets, which comprised more than 30% of total state expenditures in 2017, the most recent year for which data is available.

In addition to looking at the size of all 50 state governments today, ATR examined how the size of all 50 state governments has changed over the past decade. The average size of state government in 2007 was 12.01% (state spending as a percentage of the economy), rising slightly to 12.08% in 2017 (representing a 0.5% increase in size of state government).

While the last decade has seen the average size of state government stay relatively flat, there was an uptick in size of government in the middle of the decade (coinciding with the gusher of federal cash the Obama administration showered on states with the 2009 stimulus act).

Over the past five years, the average size of state government is down by 1.5%, dropping from 12.24% in 2012 to 12.08% in 2017. We’ve seen states move in different directions in recent years, with the size of state government growing in 25 states and shrinking in the other 25 states.

50 States Ranked By Size (State Spending/State GDP)

 

1. West Virginia (23.3%)

2. New Mexico (20.8%)

3. Arkansas (20.3%)

4. Alaska (18.9%)

5. Mississippi (18.5%)

6. Oregon (17.7%)

7. Vermont (17.0%)

8. Hawaii (16.4%)

9. Kentucky (16.3%)

10. Rhode Island (14.9%)

11. Delaware (14.8%)

12. Montana (14.8%)

13. Wisconsin (14.6%)

14. Maine (13.4%)

15. North Dakota (13.2%)

16. Arizona (12.9%)

17. Alabama (12.6%)

18. Oklahoma (12.4%)

19. Iowa (12.4%)

20. Connecticut (11.9%)

21. Louisiana (11.9%)

22. Wyoming (11.8%)

23. South Carolina (11.1%)

24. Maryland (10.9%)

25. Michigan (10.8%)

26. Pennsylvania (10.7%)

27. Minnesota (10.6%)

28. Ohio (10.6%)

29. Colorado (10.5%)

30. Idaho (10.3%)

31. Massachusetts (10.3%)

32. Nebraska (10.0%)

33. New Jersey (9.9%)

34. Virginia (9.9%)

35. New York (9.8%)

36. Kansas (9.7%)

37. Tennessee (9.4%)

38. California (9.3%)

39. Indiana (9.1%)

40. North Carolina (8.9%)

41. Nevada (8.9%)

42. Georgia (8.8%)

43. Utah (8.6%)

44. Washington (8.6%)

45. South Dakota (8.5%)

46. Missouri (8.4%)

47. Illinois (8.2%)

48. Florida (7.8%)

49. New Hampshire (7.3%)

50. Texas (6.7%)

Fastest Growing State Governments Of The Past Five Years

These ten states had the greatest increase in state spending as a percentage of GDP from 2012-2017 (% growth in size of state government): 

  1.    Nevada (48.86%)                                             6.   Kentucky (12.17%)
  2.    New Mexico (26.65%)                                     7.   Arkansas (6.80%)
  3.    Arizona (22.96%)                                             8.   Connecticut (5.87%)
  4.    Oregon (14.41%)                                              9.   New Jersey (5.68%)
  5.    North Dakota (12.24%)                                   10.  Hawaii (5.44%)

 

Fastest Shrinking State Governments Of The Past Five Years 

These ten states had the greatest decline in state spending as a percentage of GDP from 2012-2017:

  1.    West Virginia (-26.21%)                                   6.   Maine (-12.83%)
  2.    Wyoming (-21.37%)                                         7.   South Carolina (-12.14%)
  3.    North Carolina (-21.15%)                                 8.   Tennessee (-11.94%)
  4.    Massachusetts (-20.11%)                                  9.   Alaska (-7.77%)
  5.    Pennsylvania (-19.20%)                                   10.  Utah (-6.54%)

 

 

Source of information: Bureau of Economic AnalysisNational Association of State Budget Officers

Photo Credit: Fourth Photography


×