Paul L. Caron

Thursday, February 27, 2020

NY Times: One Guaranteed Winner In The Democratic Presidential Primary: Plans To Tax The Rich

New York Times, One Guaranteed Winner in the Democratic Primary: Plans to Tax the Rich:

The Democratic primary race remains highly unpredictable, but there is one thing we already know for sure about the party’s next presidential nominee: She or he has big plans to tax the very rich.

Every leading candidate in the party’s 2020 field — from relative moderates like Joseph R. Biden Jr.Michael R. BloombergPete Buttigieg and Amy Klobuchar to liberals like Bernie Sanders and Elizabeth Warren — has proposed trillions of dollars in new taxes on businesses and wealthy Americans. In each case, and to wildly varying degrees, the money would fund new government spending in areas like health care, education, housing and climate change, and a range of other programs meant to help the poor and the middle class.

Democratic candidates have long campaigned on higher taxes for the rich, but this year’s set of plans represents a striking escalation from past party nominees. They are a product of what longtime Democratic policy hands describe as a confluence of inequality trends, grass-roots pressure, the severing of some candidates’ ties with the wealthy liberal donor class and a Democratic voter backlash against the 2017 tax cuts signed by President Trump, which delivered their largest benefits to corporations and high earners.

In a campaign where the leading candidates have sparred over electability and progressivity, the Democrats’ tax and spending plans provide one of the most vivid illustrations of how widely their ambitions for the size of government diverge — and how far their party has moved in the last four years toward taxing the small slice of Americans who reap the economy’s largest rewards.

The most modest of the leading Democrats’ proposals, Mr. Biden’s, would raise taxes by more than twice as much as Hillary Clinton proposed in 2016. Mr. Buttigieg and Ms. Klobuchar would raise them by twice as much as Mr. Biden. Ms. Warren would raise taxes by three times as much as Mr. Buttigieg and Ms. Klobuchar. Mr. Sanders has not yet detailed all his proposed tax increases, but to cover his full spending ambitions, he would need to raise even more revenue than Ms. Warren.

Even Mr. Bloomberg, a billionaire himself, would raise taxes on the rich and corporations by an estimated $5 trillion, which is about 50 percent more than Mr. Biden would.

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So the Democrats are all white, but they favor diversity, and several of them area quite wealthy, but they want to tax the rich? Interesting.

Posted by: Mike Livingston | Feb 27, 2020 2:15:58 AM