Back already, huh? It’s been one week since the first round of democratic primary debates, where twenty candidates faced off over two nights on hot-button issues such as immigration, health care, tax policies, and plenty more.
If you consider yourself a politico, then you’ve probably been devouring every bit of news you could find over the past week, from policy analysis to debate recaps and everything in between.
However your political affiliations may lean, you deserve to be informed about the policies that will affect you, your family, and your financial future.
And while we may not be here to get political—far from it, actually!—we do think there’s value in giving you a brief rundown of where all the candidates stand on tax policy. With this many candidates, it can be hard to get a clear idea of what, exactly, everyone has to say on specific issues.
We’ve already covered the candidates from debate night one, so head on over there if you’d like to learn more about these candidates:
Otherwise, let’s get ready for night two’s candidates!
We know there are actually more than twenty candidates in the field—but with so many names, we felt it was important to focus on those who qualified for the debates based on polling and donations. Apologies if we missed your preferred candidate!
So, let’s dive into the candidates who debated on Thursday!
U.S. Senator from New York
First, Gillibrand, similar to John Delaney and Tulsi Gabbard, has been vocally opposed to the Republican tax cuts of the Tax Cuts and Jobs Act of 2017. She has also worked on policies that benefit homeowners, veterans, and small business owners, among others.
U.S. Representative from California
Among other issues, Swalwell’s tax priorities seem to support policies that would bolster and support economic activity within low-income communities.
U.S. Senator from Vermont
Following his presidential primary run in 2016, Sanders has among the most well-known tax plans—as well as one of the most progressive. Also, he wants to increase the federal estate tax to 77 percent on the wealthiest 0.2 percent of Americans.
U.S. Senator from California
With her tax plan, Harris plans to provide middle and working class taxpayers with a tax credit of up to $6,000 a year to help them keep up with living expenses. To pay for this tax gift, she proposes repealing portions of the 2017 tax laws benefiting those making over $100,000—as well as placing a fee on financial institutions.
Fmr. Vice President, Fmr. U.S. Senator from Delaware
Biden’s campaign has explained that he would aim to reverse the portions of the Tax Cuts and Jobs Act of 2017 that benefit the wealthy, ostensibly with a priority on benefiting the working and middle classes.
U.S. Senator from Colorado
Insight into Bennet’s tax priorities can be found in some of his legislation as a U.S. Senator. Most recently, that includes the Working Families Tax Relief Act, which aims to cut taxes for workers and families by expanding the Earned Income Tax Credit (EITC) and Child Tax Credit (CTC).
Mayor of South Bend, IN
When asked about taxes in various interviews, Buttigieg has referred to one popular progressive tax policy of a 70 percent marginal tax rate. While he hasn’t specifically endorsed that idea, he said, “I think the idea that some people aren’t paying their fair share, and we’ve got to change that—that’s something most Americans get.”
Fmr. Governor of Colorado
One key component of Hickenlooper’s tax plan is the creation of an “entrepreneurship tax credit” for small businesses with up to $10 million in revenue and five employees or fewer. Additionally, he proposes creating incentives for startups in “rural and distressed areas” and ending tax loopholes for “very wealthy” Americans.
Williamson supports several policies associated with the more progressive end of the candidate spectrum. To pay for many of these programs, she proposes increasing taxes on the wealthiest taxpayers.
Finally, Yang’s economic policies have been a central focus of his campaign. To pay for policies like a Universal Basic Income of $1,000 per month for each adult, he has proposed something called Value-Added Tax, which would aim to close loopholes for large companies that reduce their tax liabilities by moving money overseas.
Whichever side of the aisle you may fall on, you should always be informed about the candidates and the issues on the table.
Hopefully, this brief rundown has helped you cut through some of the noisy news cycle and get a better idea of the tax positions of the democratic primary candidates. The field will narrow over the next several months, but for now, it’s wide open. Keep reading, learning, and if you plan to watch, enjoy the next set of debates!
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