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Beto O`Rourke on Tax Reform
Democratic candidate for President; Texas Senator nominee
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Tax capital at same rate as regular income
Q: Would you support a 70 percent individual marginal tax rate? A: I would support a tax rate and a tax code that is fair to everyone. Tax capital at the same rate that you tax ordinary income.
Take that corporate tax rate up to 28 percent. You would generate the revenues you need to pay for the programs we're talking about.
Source: June Democratic Primary debate (first night in Miami)
, Jun 26, 2019
War tax on non-military households to support vet healthcare
Non-military households would pay a "war tax" to help cover the health care of veterans under a plan O`Rourke's campaign unveiled. Money collected would go into a new trust fund for veterans. Households making less than $30,000 per year would pay $25;
less than $40,000 would pay $57; less than $50,000 would pay $98; less than $75,000 would pay $164; less than $100,000 would pay $270; less than $200,000 would pay $485; and those making more than $200,000 would pay $1,000.
Source: CNN.com coverage of 2020 Democratic primary
, Jun 24, 2019
Voted for oil tax; opposed 2017 tax legislation
He has derided business tax cuts and opposed the GOP tax overhaul of 2017.
O'Rourke voted in favor of an oil tax in 2016 that would have taxed $10 on every barrel of crude oil.
Source: Axios.com "What you need to know about 2020"
, Apr 29, 2019
Wealth tax would generate revenue for 'common benefit'
"Fundamental to this experiment to America and our democracy is ensuring we don't have princes and princesses, kings and queens, a concentration of wealth and power and privilege," the former U.S. Representative from Texas said at a campaign stop
in Rock Hill, South Carolina. "That is exactly what we have in this country right now." A wealth tax would generate revenue for "our common benefit," such as infrastructure projects and health care, he said.
Source: Bloomberg News, "Wealth Tax," on 2020 Democratic primary
, Mar 22, 2019
Everyone should sacrifice, with higher top marginal tax rate
He also believes in a version of Alexandria Ocasio-Cortez's call for a higher top marginal tax rate, though he doesn't volunteer the 70 percent number, and he makes a different sort of argument. "If you're trying to mobilize this country to meet an
existential threat, as we did against the Nazis in World War II, then you're going to have to ask everyone to sacrifice," he says. "If you don't see a shared interest or shared opportunity to advance,
then we'll no longer see ourselves in this together and this country will truly break apart. This level of gross income inequality cannot persist,
and if there's a better way to get there, I'm open to it. But it's definitely going to involve higher marginal rates on the very wealthiest in this country."
Source: Joe Hagan in Vanity Fair on 2020 Democratic primary
, Mar 13, 2019
GOP tax plan helps rich & hurts middle class
H.R. 1 bets on trickle-down economics working when we know it doesn't. We know that providing billions of dollars in tax breaks to corporations and the richest Americans won't magically help middle class families. Rather, the exact opposite occurs.
While nearly 50% of the cuts?--?over $500 billion?--?flows to the top 1%, this tax bill would cause 36 million households in the middle class to see their taxes rise. The rich get richer while the middle class pays up.
Source: Medium.com on 2018 Texas Senate race
, Nov 16, 2017
Raising estate tax to 1990s level means $448B in new revenue.
O`Rourke voted NAY Death Tax Repeal Act
Heritage Action Summary: This bill would repeal the estate and generation-skipping transfer taxes, as well as cut the top gift tax rate.
Heritage Foundation recommendation to vote YES: (4/16/2015): Collectively, these measures repeal the pernicious double tax known as the "death tax," and result in a tax cut of $269 billion over 10 years. The death tax hurts economic growth and therefore limits the ability of Americans to prosper. Repealing the death tax would generate an average of 18,000 jobs annually and increase the overall net worth of American households by $300 billion a year. The federal government should encourage, not punish, Americans who work and pay taxes their whole lives, save enough to support themselves through retirement, and retain the ability to fulfill the American Dream by passing along a better life to their children.
Secretary of Labor Robert Reich recommendation to vote YES: (robertreich.org 6/4/2015):
At a time of historic economic inequality, it should be a no-brainer to raise a tax on inherited wealth for the very rich. Yet there's a move among some members of Congress to abolish it altogether. Today the estate tax reaches only the richest 2/10 of 1%, and applies only to dollars in excess of $10.86 million for married couples or $5.43 million for individuals. That means if a couple leaves to their heirs $10,860,001, they now pay the estate tax on $1. The current estate tax rate is 40%, so that would be 40 cents. Yet according to these members of Congress, that's still too much. Our democracy's Founding Fathers did not want a privileged aristocracy. Yet that's the direction we're going in. The tax on inherited wealth is one of the major bulwarks against it. That tax should be increased and strengthened.
Legislative outcome: Passed by the House 240-179-12; never came to vote in Senate.
Source: Supreme Court case 15-H1105 argued on Apr 16, 2015
CC:Reverse federal income tax cuts.
O`Rourke opposes the CC survey question on keeping tax cuts
The Christian Coalition Voter Guide inferred whether candidates agree or disagree with the statement, 'Make federal income tax cuts permanent'
Christian Coalition's self-description: "Christian Voter Guide is a clearing-house for traditional, pro-family voter guides. We do not create voter guides, nor do we interview or endorse candidates."
Source: Christian Coalition Surve 18CC-11a on Jul 1, 2018
CC:Keep the inhertiance tax.
O`Rourke opposes the CC survey question on eliminating Death Tax
The Christian Coalition Voter Guide inferred whether candidates agree or disagree with the statement, 'Permanent Elimination of the "Death Tax"'
Christian Coalition's self-description: "Christian Voter Guide is a clearing-house for traditional, pro-family voter guides. We do not create voter guides, nor do we interview or endorse candidates."
Source: Christian Coalition Surve 18CC-11b on Jul 1, 2018
Page last updated: Dec 15, 2019