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(Reuters)
- Republican Donald Trump is touting tax cuts and economic gains during
his presidency as a reason why he should get re-elected in November
2020.
FILE
PHOTO: Former Vice President Joe Biden speaks as South Bend Mayor Pete
Buttigieg, Senator Bernie Sanders, Senator Elizabeth Warren and Senator
Kamala Harris listen during the 2020 Democratic U.S. presidential debate
in Houston, Texas, U.S., September 12, 2019. REUTERS/Mike Blake
Democrats
hoping to thwart his bid for a second term say, however, that Trump’s
economy has only benefited the rich while leaving behind the working
class. Many are proposing broad changes such as a rollback of Trump’s
tax cuts and free college tuition.
One sign of how broad the
appetite for change is among Democrats: All but one of the dozen
candidates who qualified for the Oct. 15 Democratic debate want to more
than double the federal minimum wage to $15 an hour from $7.25.
The
one who did not support such an increase, businessman Andrew Yang,
instead wants to pay every American adult $1,000 per month.
Here are some of the views of the top 2020 presidential candidates on jobs, taxes and government assistance.
Republican President Donald Trump
Trump
credits his administration’s efforts to deregulate industries and cut
taxes for a bullish stock market and a historically low unemployment
rate.
“Do you think it was luck that got us to the best Stock
Market and Economy in our history,” the president asked on Twitter last
month. “It wasn’t!”
Yet economic growth rates have slowed this
year as the benefits of the 2017 tax cut fade and tariffs imposed on
Chinese imports hurt American farmers and manufacturers.
Trump is
now considering additional tax cuts for the middle class, and White
House economic adviser Larry Kudlow said in September that such a plan
would be announced in mid-2020.
Trump also wants to make new
investments in infrastructure, from roads to airports, and negotiate new
trade deals, particularly with China.
Former Vice President Joe Biden
Biden,
a top contender for the 2020 Democratic nomination, would roll back
some of the 2017 tax cuts. Doing so would help pay for his plans to
improve and expand the Affordable Care Act, formally known as Obamacare,
which was passed in 2010 but which Trump has sought to replace.
Biden
wants to roll back some of Trump’s tax cuts by raising the marginal tax
rate on the highest income earners back to 39.6%, from 37%, and would
also raise some taxes on investment profit.
Like many of the
Democratic candidates, he also supports expanding some tax credits for
lower-income workers and raising the federal minimum wage.
“It’s
time to reward work, not just wealth,” Biden says regularly in campaign
events. Yet Biden has stopped short of endorsing some of the more
aggressive economic proposals of his rivals, from universal income
guarantees to imposing federal taxes on wealth.
Mayor Pete Buttigieg of South Bend, Indiana
Hailing
from a city ravaged by the loss of automobile manufacturing, Buttigieg
has emphasized efforts to renew a U.S. economy he sees as tilted to the
wealthy.
“Our country is in trouble,” he said in a debate in
July. “GDP is going up and life expectancy is going down. Think about
what that means. And it’s only getting tougher.”
Buttigieg
proposes plans to pour billions of dollars of investment into the
African-American community and into rural areas. He has also proposed
legislation requiring companies to disclose gender pay disparities and
boosting paid sick leave and family-leave policies.
U.S. Senator Kamala Harris of California
The
former prosecutor supports reversing Trump’s tax cut on corporations
and high-paid workers and using the extra revenue to expand tax rebates
for the middle class.
Harris also wants to expand support for
college tuition and paid family leave and provide tax credits to people
who spend at least 30 percent of their income on rent and utilities.
She
proposes paying for a proposed expansion of government-provided
healthcare benefits by raising taxes on companies and the top 1% of
income earners, as well as new levies on stock and bond transactions.
U.S. Senator Bernie Sanders of Vermont
Sanders,
a U.S. senator from Vermont and a self-described “democratic
socialist,” won a devoted following with a message during the 2016
Democratic nominating race about income and wealth inequality.
In
his second run for the party’s nomination, Sanders has rolled out
aggressive proposals, including guaranteeing all Americans a job,
canceling student loan and medical debt, paying for tuition-free public
colleges and raising taxes on the wealthy.
Sanders and a fellow
progressive presidential candidate, U.S. Senator Elizabeth Warren of
Massachusetts, also support a wealth tax.
Sanders said his
proposed “tax on extreme wealth” would begin at 1% for those with a net
worth above $32 million and rise in increments to 8% on wealth over $10
billion, hitting the wealthiest 180,000 Americans.
Many of
Sanders’ proposals, however, are controversial and seem unlikely to
garner the necessary support from Congress if the Senate stays in
Republican hands after next year’s elections.
U.S. Senator Elizabeth Warren of Massachusetts
Before
joining Congress, Warren rose to prominence for pushing to strengthen
consumer protection after the 2008 global financial crisis.
As a
presidential candidate, she has become known for a sweeping series of
plans for economic reforms, including a wealth tax. That plan would tax
2% of people’s net worth above $50 million and 3% for wealth over $1
billion.
Warren also supports hiking Social Security benefits for
older Americans, canceling some student-loan debt, making tuition free
at public colleges and breaking up technology companies, such as
Alphabet Inc’s Google, Amazon.com Inc, Facebook Inc and Apple Inc, which
she regards as monopolies.
U.S. Senator Cory Booker of New Jersey
Booker has focused his campaign on the “common pain” felt by Americans because of racial and wealth inequality.
“The
dream of this country is under threat right now,” he said at a
Democratic debate in July, noting that young people now may end up in
worse shape financially than their parents.
The former Newark,
New Jersey, mayor proposes giving American newborns $1,000 each and
making additional annual contributions to the savings accounts of
children from lower-income households.
The proposal is intended
to give more people a chance at homeownership by giving them some cash
that they could use to buy a house, but Booker would also propose giving
renters a tax credit so they would not have to pay more than 30 percent
of their income on shelter.
Booker also supports expanding tax credits and creating “a path to debt-free college.”
Former U.S. Representative Beto O’Rourke of Texas
O’Rourke,
a native of the U.S.-Mexican border town El Paso, has blasted Trump’s
use of tariffs as a “huge mistake” and has vowed to suspend them on his
first day in office.
Tariffs “constitute the largest tax
increase on the American consumer, hitting the middle class and the
working poor especially hard, and farmers in Iowa and across the country
are bearing the brunt of the consequences,” O’Rourke said at a July
Democratic debate. “When have we ever gone to war, including a trade
war, without allies, friends and partners?”
Slideshow (13 Images)
The
former U.S. congressman proposes imposing new taxes on financial
transactions, raising Social Security benefits as well as directing
government contracts to small businesses and those owned by women and
ethnic minorities.
Businessman Andrew Yang
The former tech
executive is focusing his campaign on what he calls the “Freedom
Dividend” - Yang wants to give all Americans over the age of 18 a $1,000
check every month.
He has pitched the idea to support the economy, lift people out of poverty and help workers displaced by increasing automation.
Yang
has proposed paying for the new benefit partly by levying a 10%
value-added tax, a fee attached to purchases made by businesses and
consumers.
He would also propose lifting taxes on capital gains
and carried interest, two types of profit earned on investments, as well
as introducing a new tax on financial transactions.
Former U.S. Housing Secretary Julian Castro
Castro,
who was housing secretary under former President Barack Obama, wants to
provide new tax rebates to low-income renters and developers of
affordable housing. He also supports increasing tax rebates available to
some parents and expanding childcare benefits.
He would pay for
the benefits by imposing a new tax on inheritances over $2 million and
repeal Republicans’ 2017 tax cuts within his first 100 days as
president.
U.S. Senator Amy Klobuchar of Minnesota
Klobuchar,
who has sponsored or co-sponsored more than 100 bills that became law,
has proposed a list of more than 100 actions she wants to take in her
first 100 days as president.
They include directing her attorney
general to review mergers that have already taken place to prevent
monopolies from forming, allowing students to refinance loans at lower
interest rates and repealing part of the Trump tax cuts.
Former hedge-fund manager Tom Steyer
Tom
Steyer, a former investor who is the only billionaire among the
Democratic candidates, has said he supports a tax that would cut his own
wealth.
He has proposed charging people with a net worth over $32 million a new 1% tax.
For
middle-income workers, he wants to increase tax rebates and retirement
benefits. He also plans to guarantee two years of free college,
refinance student loans at lower interest rates and increase investment
in infrastructure.
U.S. Representative Tulsi Gabbard of Hawaii
The
Iraq war veteran and congresswoman from Hawaii has centered her
campaign on her anti-war stance, not the economy. But she has also said
she would serve “the interests of all Americans, not just the rich and
powerful” as president and said that many Americans had struggled
financially since the 2008 global financial crisis. She has
advocated taking money currently spent on the military and “tax
giveaways” to wealthy people and corporations and using that to expand
Social Security programs for the old and disabled.
Reporting by Trevor Hunnicutt in New York; Editing by Soyoung Kim and Peter Cooney
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