OnTheIssuesLogo

Tom Steyer on Tax Reform

Democratic Presidential Challenger; CEO

 


Cut taxes for 95% of Americans by 10%

Q: [to Senator Warren]: You have especially ambitious tax plans that would hike taxes an additional $8 trillion over the decade, the biggest tax increase since World War II. How do you answer top economists who say taxes of this magnitude would stifle growth and investment?

Elizabeth Warren: Oh, they're just wrong. Let's start with a wealth tax: a two cent tax on the great fortunes in this country, on $50 million dollars and above.

Tom Steyer: I agree with Senator Warren in much of what she says. I've been for a wealth tax for over a year. I'm in favor of undoing all the tax breaks for rich people and big corporations that this administration has put through. And in addition, I've talked about equilibrating the taxes on passive investment income, which would allow us to cut taxes for 95% of Americans by 10%.

Source: Newshour/Politico/PBS December Democratic primary debate , Dec 19, 2019

Boost taxes 1% on wealthiest 0.1% of Americans

Tom Steyer on Wealth Taxes: Boost taxes on wealthy Americans.

EIGHT CANDIDATES HAVE SIMILAR VIEWS: Peter Buttigieg; John Delaney; Seth Moulton; Beto O`Rourke; Bernard Sanders; Joseph Sestak; Elizabeth Warren; Marianne Williamson.

Tom Steyer has proposed a 1 percent tax on the wealthiest 0.1 percent of Americans. Former Rep. Joe Sestak advocates raising the estate tax rate to 45 percent and lowering the exemption to $3.5 million for the 400 wealthiest families in the country.

Source: Politico "2020Dems on the Issues" , Jul 17, 2019

Upper income people have done disproportionally well

Steyer is in favor of raising taxes. In 2017, Steyer said that upper-income individuals have done "disproportionately well" at the expense of working-class people. His campaign website states that Steyer "backed an initiative that closed corporate tax loopholes, generating at least $1.7 billion for public schools."
Source: Townhall.com on 2020 Democratic primary , Jul 9, 2019

Upper-income people have done "disproportionately well"

Steyer is in favor of raising taxes. In 2017, Steyer said that upper-income individuals have done "disproportionately well" at the expense of working-class people. His campaign website states that Steyer "backed an initiative that closed corporate tax loopholes, generating at least $1.7 billion for public schools."
Source: Townhall.com, 2019 interview series , Jul 9, 2019

Oppose legislative supermajority for raising fees & levies

Source: Ballotpedia.org on California ballot measure voting records , Jul 2, 2019

Tax surcharge on personal incomes over $250,000

Source: Ballotpedia.org on California ballot measure voting records , Jul 2, 2019

Tax reform bill keeps the rich happy but hurts middle class

"It turned out that the system that had benefited people like me, was in fact stacked against everyone else. It's why I left my investment firm and resolved to use my savings for the public good," Steyer says. "But here we are, 9 years later, and this President and a Republican Congress are making a bad situation even worse."

"They won't tell you that their so-called tax reform plan is really for the wealthy and big corporations while hurting the middle class. It blows up the deficit," he says.

Source: CNN coverage, "$10M ad buy" on 2020 presidential hopefuls , Oct 16, 2017

Implement 1 percent annual wealth tax on America's richest

Along with filling in the holes of our Swiss cheese tax code, Congress should institute a new type of tax altogether: a 1 percent annual wealth tax on the top .1 percent of Americans. Here's what that would look like. If you are worth more than $20 million, you'll pay a single penny on every dollar you have above that level. No deductions, no exemptions, no loopholes at all. Every .1 percenter pays.
Source: Steyer Op-Ed in USA Today by 2020 presidential hopefuls , Oct 22, 2016

OpEd: Steyer's tax proposal would hit poor hardest

Tom Steyer wants to bail out California's troubled university system with a 10% oil extraction tax. It would generate about $2 billion annually. Steyer suggests his tax would make little difference at the pump because energy is a global market. But the costs either would be passed along to consumers, which would hit the poor and various government budgets hardest, or it would be absorbed by the oil companies, which would mean less investment, fewer jobs, less tax revenue.
Source: Human Events magazine on 2020 Democratic primary , May 26, 2015

Other candidates on Tax Reform: Tom Steyer on other issues:
2020 Presidential Democratic Primary Candidates:
Sen.Michael Bennet (D-CO)
V.P.Joe Biden (D-DE)
Mayor Mike Bloomberg (I-NYC)
Gov.Steve Bullock (D-MT)
Mayor Pete Buttigieg (D-IN)
Sen.Cory Booker (D-NJ)
Secy.Julian Castro (D-TX)
Rep.John Delaney (D-MD)
Rep.Tulsi Gabbard (D-HI)
Sen.Amy Klobuchar (D-MN)
Gov.Deval Patrick (D-MA)
Sen.Bernie Sanders (I-VT)
CEO Tom Steyer (D-CA)
Sen.Elizabeth Warren (D-MA)
Marianne Williamson (D-CA)
CEO Andrew Yang (D-NY)

2020 GOP and Independent Candidates:
Rep.Justin Amash (Libertarian-MI)
CEO Don Blankenship (C-WV)
Howie Hawkins (Green-NY)
Gov.Larry Hogan (R-MD)
Gov.John Kasich (R-OH)
V.P.Mike Pence (R-IN)
Gov.Mark Sanford (R-SC)
CEO Howard Schultz (I-WA)
Pres.Donald Trump (R-NY)
Gov.Jesse Ventura (I-MN)
V.C.Arvin Vohra (Libertarian-MD)
Rep.Joe Walsh (R-IL)
Gov.Bill Weld (L-NY,R-MA)
Abortion
Budget/Economy
Civil Rights
Corporations
Crime
Drugs
Education
Energy/Oil
Environment
Families/Children
Foreign Policy
Free Trade
Govt. Reform
Gun Control
Health Care
Homeland Security
Immigration
Infrastructure/Technology
Jobs
Principles/Values
Social Security
Tax Reform
War/Iraq/Mideast
Welfare/Poverty

External Links about Tom Steyer:
Wikipedia
Ballotpedia

2020 Withdrawn Democratic Candidates:
State Rep.Stacey Abrams (D-GA)
Mayor Bill de Blasio (D-NYC)
Sen.Kirsten Gillibrand (D-NY)
Sen.Mike Gravel (D-AK)
Sen.Kamala Harris (D-CA)
Gov.John Hickenlooper (D-CO)
Gov.Jay Inslee (D-WA)
Mayor Wayne Messam (D-FL)
Rep.Seth Moulton (D-MA)
Rep.Beto O`Rourke (D-TX)
Rep.Tim Ryan (D-CA)
Adm.Joe Sestak (D-PA)
Rep.Eric Swalwell (D-CA)
Search for...





Page last updated: Dec 29, 2019