Mayor Pete Buttigieg has called for the following tax increases on the American people:
Eliminating the Trump Tax Cuts: Such repeal would significantly raise taxes on middle class households. If Buttigieg repealed the Trump Republican tax cuts:
-A family of four earning the median income of $73,000 would be stuck paying $2,000 more in taxes each and every year.
-A single parent with one child making $41,000 would pay $1,300 more in taxes each and every year.
“The campaign also exclusively provided IndyStar details about how it would pay for the $5.7 trillion in total spending Buttigieg has proposed so far, including the middle-class proposal, largely through a capital gains tax on the top 1% of all earners and through eliminating President Donald Trump’s tax cuts,” according to The Indy Star.
Obamacare Individual Mandate Tax: Buttigieg’s repeal of the Tax Cuts and Jobs Act means that the much-loathed Obamacare Individual Mandate Tax will return with a vengeance. Most households stuck paying this tax make less than $75,000.
Carbon Tax: A Buttigieg carbon tax would significantly increase household costs such as cooling and heating, transportation, and groceries.
Buttigieg’s carbon tax plan is a large, continually ratcheting national energy tax, which would allow congress to raise taxes automatically each year without having to vote. It would require a large bureaucracy to implement and run.
Even Hillary Clinton decided against a carbon tax during her 2016 presidential race. Her campaign’s internal policy memo concluded the following:
“As with the increase in energy costs, the increase in the cost of non-energy goods and services would disproportionately impact low income households.”
The “dividend” component of the Buttigieg carbon tax also means that many Social Security recipients will have to pay taxes on their Social Security benefits for the first time.
Corporate Tax Hike to 35%: Buttigieg wants to raise the 21% corporate tax rate up to 35%. This would give the USA the highest corporate tax rate in the developed world, ruining American competitiveness. A corporate tax increase would also directly raise the cost of utility bills in all 50 states.
Financial Transactions Tax: Pete Buttigieg told CNBC that he is considering a financial transactions tax to pay for his expensive policy proposals:
“We should think about turning to a more equitable use of the estate tax, especially for the biggest and wealthiest estates. 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,” Buttigieg said.
As noted by Fred Hatfield in The Wall Street Journal, a financial transaction tax would hit the middle class. Joe Biden even admits that the tax would hit middle class Americans. Hatfield noted that Sweden ended up repealing their financial transaction tax “after 50% of its trading volume migrated to London.”
“A new financial transaction tax that would impact investments held by middle class Americans,” Joe Biden said in response to Elizabeth Warren’s Medicare for All plan.
Capital Gains Tax Hike: Buttigieg has said that he would tax capital gains the same way that income is taxed, which would harm Americans’ ability to build a nest egg and hurt the value of their homes, farms, and businesses. If Buttigieg repeals the TCJA, as well as treat capital gains as income, the tax rate would be 39.6%.
Parcel Tax Hike: In May, Buttigieg joined Los Angeles Mayor Eric Garcetti at a rally hosted by SEIU union bosses to endorse a “parcel tax hike” on homes and businesses, known as Measure EE. Luckily, even the left-leaning residents of the city voted against the tax, and it failed. But it gives you a sense of Buttigieg’s high-tax sensibilities and eagerness to appease union bosses at the expense of the people.
To view the many tax hikes being pushed by the 2020 candidates visit www.atr.org/HighTaxDems