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Economy & Taxes

Michael Bennet (D)

• Policy of investment meant to stimulate economic growth in sectors like technology
• Upgrade and expand our mass transit systems, electric grid, and airports
• Connect rural communities to high-speed, reliable broadband
• Against Trump's trade war with China because of the negative impact on American farmers
• Hold China accountable on trade
• Raise the federal minimum wage to $12/hour
• Repeal the Trump tax cuts
• Supports increase in infrastructure spending
• Increase the Child Tax Credit from $2,000 to $3,000 per child aged 6-18 and $3,600 per child under the age of 6, and make it fully refundable

Joe Biden (D)

• Reform tax code to support middle class
• Raise the top individual income tax rate to 39.5%
• Raise capital gains taxes to same rate as ordinary income
• Rebuild the middle class as the backbone of economy
• Raise the federal minimum wage to $15/hour
• Supports free trade between countries and is against imposing tariffs
• Increase taxes on the wealthy
• Repeal the Trump tax cuts
• Close all tax loopholes
• Supports renegotiating the Trans-Pacific Partnership
• Supports increase in infrastructure spending
• Pursue a trade policy that benefits American farmers
• Invest $20 billion in rural broadband infrastructure
• Supports changing USMCA
• Replace secret-ballot elections for unions with public card-check system
• Provide a federal guarantee for public sector employees to bargain for better pay, benefits, and working conditions
• Allow the National Labor Relations Board to levy fines against employers who violate labor laws
• Ensure that workers can exercise their right to strike without fear of retaliation
• Impose a national ban on "right-to-work" laws
• Extend the right to organize and bargain collectively to independent contractors

Cory Booker (D)

• Proposed tax cuts for the lower and middle class which would be paid for by taxes on certain investments
• Trade deals like NAFTA need to be fairer to U.S. companies
• Fund Opportunity Account Program (See Social Security and Welfare) by increasing capital gains and estate taxes
• Raise the federal minimum wage to $15/hour
• Raise capital gains taxes to same rate as ordinary income
• Supports changing USMCA
• Supports Trump's goal of taking on China, but would repeal the tariffs his administration imposed on goods from China

Pete Buttigieg (D)

• Increase marginal tax rates on top income earners
• Raise the federal minimum wage to $15/hour and index it to wage growth
• Supports federal investment in clean water and wastewater infrastructure, transportation and mobility, and climate adaptation and resilience
• Spend $80 billion to expand high-speed broadband access to all currently underserved communities by creating a public option to compete with providers
• Critical of the North American Free Trade Agreement (NAFTA), believes it has moved jobs previously in the Midwest overseas
• Supports changing USMCA
• Supports Trump's goal of taking on China, but would repeal the tariffs his administration imposed on goods from China
• Opposes using tariffs to pressure countries
• Repeal "right-to-work" laws
• Introduce multimillion-dollar penalties for employer interference in union elections and workers’ rights
• Stop employers from permanently replacing workers who strike
• Allow workers at unionized worksites in the same line of work (such as fast food workers) to bargain towards a single bargaining agreement for all of their employers
• Give preference in government contracts to firms that treat their workers well
• Create a federal entrepreneurship fund to invest $20 billion over five years in entrepreneurs from underrepresented backgrounds
• Forgive Pell Grant recipients' college loans if they start a business employing at least three people within five years of leaving school
• Award 25% of federal contracting dollars (over $100 billion per year) to small business owners from underserved communities

Julián Castro (D)

• Raise the federal minimum wage to $15/hour
• Believes in a balanced federal budget
• Supports increasing taxes on the ultra-wealthy, like proposals to place a marginal tax rate of 70% on income over $10 million
• Raise capital gains taxes to same rate as ordinary income
• Repeal the Trump tax cuts
• Renegotiate NAFTA and supports changing USMCA
• Opposes the Trans-Pacific Partnership
• Supports Trump's goal of taking on China, but would repeal the tariffs his administration imposed on goods from China
• Supports increase in infrastructure spending
• Increase the Child Tax Credit from $2,000 to $3,000 per child, index it to inflation, and make it fully refundable
• Require people with $40 million or more in assets to pay taxes on investment income every year, whether they sell those assets or not
• Replace the estate tax with an “inherited wealth tax” that would apply federal income and payroll taxes to inheritances worth more than $2 million over the recipient’s lifetime
• Match the capital gains tax rate to that paid on earned income (For those making more than $400,000, the marginal rate would be 40%)

John Delaney (D)

• Raise the federal minimum wage to $15/hour
• Supports imposing a 30 percent tax on individuals earning more than $1 million
• Invest $1 trillion in infrastructure to create jobs
• Create a $50 billion infrastructure bank to fund projects across energy, water, transportation and telecommunications
• Fund infrastructure through increase in gasoline tax
• Raise taxes on the wealthy
• Raise capital gains taxes to same rate as ordinary income
• Invest in communities that were left behind during technological changes and globalization
• Get tougher on intellectual property theft by countries like China
• Supports Trump's goal of taking on China, but would repeal the tariffs his administration imposed on goods from China
• Opposes placing tariffs on certain industries
• Supports the Trans-Pacific Partnership

Tulsi Gabbard (D)

• Raise the federal minimum wage to $15/hour
• Break up big banks and hold Wall Street accountable for their risky investments
• Supports using tax incentives to stimulate job creation
• Opposes the Trans-Pacific Partnership
• Supports passing a modern Glass-Steagall Act
• Fund infrastructure through decrease in military spending
• Repeal the tariffs the Trump administration has imposed on goods from China

Amy Klobuchar (D)

• Raise the federal minimum wage to $15/hour
• $1 trillion infrastructure plan:
• Repair and replace our roads, highways, and bridges
• Provide protection against flooding and update and modernize our airports, seaports and inland waterways
• Expand reliable public transit options and update rail infrastructure
• Rebuild our schools and overhaul our country’s housing policy
• Connect every household to the internet by 2022
• Ensure clean water for everyone
to repair transportation system (airports, trains, bridges), expand broadband to all households, ensure clean water, and rebuild schools
• Infrastructure plan meant to create thousands of good-paying jobs
• Fund infrastructure through tax alterations on wealthy and corporations
• Renegotiate trade deals and end Chinese tariffs that hurt the agriculture industry
• Supports changing USMCA
• Supports using tariffs as a method to crack down on certain countries, but critical of Trump's approach
• Supports legislation to simplify the tax code, close wasteful loopholes, and provide incentives to keep jobs in America
• Raise capital gains taxes to same rate as ordinary income
• Apply a minimum tax rate of 30 percent on individuals making more than one million dollars a year
• Decrease red tape and burdensome regulations that hinder small business growth
• Expand the Child Tax Credit
• Connect every household to the internet by 2022
• Increase the maximum salary for a worker to qualify for the overtime pay
• Increase inspections of steel imports at ports of entry to combat Chinese steel dumping, the setting of the price of steel artificially low to prevent competition

Deval Patrick (D)

• Invest in infrastructure such as roads, rails, bridges, airports, train stations, broadband and a modernized efficient electric grid
• Also invest in school buildings and parks, laboratories and libraries
• Supports raising taxes on wealthy individuals, but not a wealth tax
• Will propose a "much simpler" tax system as president

Bernie Sanders (D)

• Wealth tax proposal: 1 percent tax on net worth above $32 million for a married couple
• Tax rate would increase to 2% on net worth from $50 to $250 million, 3% from $250 to $500 million, 4% from $500 million to $1 billion, 5% from $1 to $2.5 billion, 6% from $2.5 to $5 billion, 7% from $5 to $10 billion, and 8% on wealth over $10 billion
• These brackets are halved for singles
• The wealth of billionaires would be cut in half over 15 years
• Increase the marginal tax rate to 70% for income above $10 million
• Institute a 77% tax rate on inheritances above $1 billion
• Cap itemized deductions at 28% for households making over $250,000
• End the capital gains break for those with household income above $250,000
• Create a 1% tax on household net worth over $21 million
• Establish a federal jobs guarantee to ensure that everyone is guaranteed a stable job
• Raise the federal minimum wage to $15/hour
• Supports renegotiating NAFTA and changing USMCA
• Opposed the Trans-Pacific Partnership
• Cap credit card interest rates
• Restrict rapid-fire financial speculation with a financial transactions tax
• Rethink our trade policies and move toward fair trade rather than just free trade
• Supports using tariffs as a method to crack down on certain countries like China and Russia, but critical of Trump's approach
• Supports passing a modern Glass-Steagall Act
• Supports increase in infrastructure spending
• Provide unions the ability to organize once a majority of workers sign-up
• Ensure companies cannot prevent a union from forming by denying a first contract
• Repeal "right-to-work" laws
• Ban the permanent replacement of striking workers

Tom Steyer (D)

• Raise the federal minimum wage to $15/hour
• Supports a 1% annual wealth tax on wealth above $32 million to pay for infrastructure and education investments
• Repeal Trump's tax cuts
• Repeal the tariffs the Trump administration has imposed on goods from China

Donald Trump (R)

• The U.S. economy has seen consistent growth under the Trump administration
• The Trump tax cuts significantly lowered taxes on corporate profits, investment income, and the estate tax
• Pulled the U.S. out of Trans-Pacific Partnership
• Signed updated NAFTA accord with leaders of Mexico and Canada, known as the U.S.-Mexico-Canada Agreement (USMCA)
• Imposed a 10% tariff on $200 billion worth of imports from China and threatened to raise rate to 25%

Joe Walsh (R)

• In favor of expanding the Bush-ear tax cuts
• Favors cutting the capital gains tax
• Supports abolishing the estate tax
• Supports a free trade system and came out strongly against Trump's trade war with China and his decision to raise tariffs
• Believes the tariffs are a tax on middle-class Americans and are devastating to farmers

Elizabeth Warren (D)

• Wealth tax proposal: levy 2% tax on fortunes worth more than $50 million, and a 3% tax on fortunes over $1 billion to pay for universal childcare and student loan debt relief
• Raise the federal minimum wage to $15/hour
• Supports financial regulations to help foster economic stability
• Supports passing a modern Glass-Steagall bill
• Renegotiate NAFTA and change USMCA
• Opposed the Trans-Pacific Partnership because it would "undermine US sovereignty" and disproportionately benefit multinational corporations
• Supports using tariffs as a method to enforce environmental and labor standards, but would repeal the tariffs the Trump administration has imposed on goods from China
• Defend and create quality American jobs and promote American industry
• Allow the United States Postal Service to partner with local community banks and credit unions to provide access to low-cost, basic banking services like checking and savings accounts at post offices and online
• Proposes a trade plan with mandatory preconditions like enforcing core labor rights, upholding international human rights, membership to the Paris Climate agreement with a reducing emissions plan, and elimination of domestic fossil fuel subsidies
• Proposes mandating trade negotiators to publish drafts of their proposals to the public allowing comments to be made and policy to be shaped before becoming law
• Create a $85 billion grant program for nonprofits and local governments to expand broadband access in rural communities and on Native American lands
• Establish a $7 billion fund to close the gap in startup capital for entrepreneurs of color
• Labor and unions plan:
• Substantially increase penalties for violations of labor rights, worker safety laws, and anti-discrimination laws
• Repeal "right-to-work" laws
• Strengthen the right of workers to strike
• Crack down on the widespread practice of misclassifying workers as independent contractors
• Extend basic union protections to farm workers and domestic workers
• Guarantee farmers a price at their production cost and use government reserves to stabilize the market

Bill Weld (R)

• Supports balancing the budget through cuts in spending
• Promote economic growth through tax cuts
• Opposes the tariffs implemented by the Trump administration
• Against raising the minimum wage
• Supports free trade
• Address the predicted job losses due to automation and re-educate workers for the new economy

Marianne Williamson (D)

• Supports permanent tax cuts for the middle class
• Raise taxes on the wealthy
• Raise the estate tax
• Raise the federal minimum wage to $15/hour
• Infrastructure proposal includes accelerating electric vehicles and their charging infrastructure, rebuilding rail lines, updating clean water systems and "massively investing" in public transit
• Supports passing a modern Glass-Steagall Act
• Universal basic income of $1,000 per month
• Create a savings fund for each newborn an have the government match contributions by families on a sliding scale based on the family's wealth
• Believes providing the best education, health care & culture for children is the way to create a vibrant economy
• Increase the minimum wage and index it to inflation
• Eliminate preferential tax treatment of exchange traded funds, investments funds which are traded on stock exchanges
• Supports changing USMCA
• Repeal the tariffs the Trump administration has imposed on goods from China

Andrew Yang (D)

• Universal Basic Income Plan - Every American over 18 will receive $1,000 per month regardless of income or job status
• Implement a Value-Added Tax at 10%, a consumption tax placed on a product whenever value is added at each stage of the supply chain
• Introduce system allowing Americans to file taxes automatically
• Create a 0.1% financial transaction tax on the sale of stocks, bonds and derivatives
• Raise capital gains taxes to same rate as ordinary income
• Opposes the tariffs implemented by the Trump administration
• Eliminate the penny
• Leave the minimum wage up to the states
• Proposed to spend $1 trillion over five years on unspecified infrastructure
• Believes relieving businesses of health care costs will spur entrepreneurship
• Create a new measurement instad of GDP that better reflects the nation's health and well-being