Steyer proposes cuts for low- and middle-income families' taxes
Democratic presidential candidate Tom SteyerTom SteyerBloomberg wages war on COVID-19, but will he abandon his war on coal? Overnight Energy: 600K clean energy jobs lost during pandemic, report finds | Democrats target diseases spread by wildlife | Energy Dept. to buy 1M barrels of oil Ocasio-Cortez, Schiff team up to boost youth voter turnout MORE on Thursday rolled out proposals designed to provide tax cuts that would benefit most households.
“I will promote a new Democratic narrative of how our nation can prosper and thrive by fixing an unfair tax system that sees too many families sit around the dinner table wondering how to make ends meet,” Steyer said in a news release. “This working families tax package will put cash back in American pockets, rewrite the rules, revitalize the middle class, and give our party an economic vision that stands up to Donald Trump.”
Under the billionaire businessman’s plan, families making under $250,000 and individuals making less than $200,000 would “receive a 10% cut to their current tax rate,” according to the candidate’s website.
For example, someone in the 22 percent marginal tax bracket would see that bracket reduced to 19.8 percent, the campaign said.
Steyer’s campaign also said that the candidate would push for the enactment of a bill supported by Democratic senators to expand the earned income tax credit (EITC) and the child tax credit (CTC) — two credits that benefit low- and middle-income households. The bill would make the CTC fully refundable, and provide an additional credit to families with children under the age of 6. It also would increase the amount of the EITC.
The proposals are part of Steyer’s broader plan to revitalize the middle class, which also includes proposals to invest in infrastructure and workforce-development programs and strengthen labor protections.
Steyer would pay for his proposals through a wealth tax, rolling back President TrumpDonald John TrumpSenate advances public lands bill in late-night vote Warren, Democrats urge Trump to back down from veto threat over changing Confederate-named bases Esper orders ‘After Action Review’ of National Guard’s role in protests MORE’s 2017 tax law and taxing investment income at the same rate as wages and salaries. He is proposing to raise the top individual income tax rate from 37 percent to its pre-tax law level of 39.6 percent, and is proposing to raise the corporate tax rate from 21 percent to its pre-tax law level of 35 percent.
The tax-cut proposals come less than one month before the Iowa caucuses. Steyer is one of only six candidates to have qualified for Tuesday’s primary debate in the state, but he still trails in polls.
Other 2020 Democratic presidential candidates haven’t proposed tax rate cuts, but many have proposed expansions of the EITC and CTC as well as higher taxes on the wealthy.
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