Martin O`Malley on Tax Reform



Tax capital gains the same as normal income

There's one entitlement we can no longer afford, and that is those earning more than a million dollars feel they're entitled to pay a lower tax rate on capital gains. If we were to raise the marginal rate to 45 percent for people earning more than a million dollars and if we tax capital gains the same we do earnings from hard work, you could generate $800 billion over the next ten years and that would do so much good for affordable college, debt-free college, investing in our cities.
Source: 2015 ABC/WMUR Democratic primary debate in N.H. , Dec 19, 2015

Wealthiest should pay more but not as much as under Reagan

Q [to Sen. Sanders]: Let's get specific. How high would you go on tax rates? You have said before you would go above 50%.

SANDERS: We haven't come up with an exact number yet, but it will not be as high as the number under Dwight D. Eisenhower, which was 90%. I'm not that much of a socialist compared to Eisenhower. But we are going to end the absurdity, as Warren Buffet often reminds us, that billionaires pay an effective tax rate lower than nurses or truck drivers. That makes no sense at all. There has to be real tax reform, and the wealthiest and large corporations will pay when I'm president.

O'MALLEY: May I point out that under Ronald Reagan's first term, the highest marginal rate was 70%. And in talking to a lot of our neighbors who are in that super wealthy, millionaire and billionaire category, a great numbers of them love their country enough to do more again in order to create more opportunity for America's middle class.

Source: 2015 CBS Democratic primary debate in Iowa , Nov 14, 2015

Cut $9.1B spending with no fee nor tax increases

Think back: When we took office, Maryland had a $1.7 billion structural deficit. No sooner had we taken action together to address that deficit, than the recession hit. Our State revenues took a huge hit, right along with so many family incomes.

Since that time, the O'Malley-Brown Administration has used the challenge of these times to make our government more efficient, and more effective. We have cut spending by $9.1 billion dollars. Today, we now have the smallest executive branch since 1973--and the budget I presented to you last week puts us on a track to totally eliminate that structural deficit without the need for any new fees or taxes.

We remain one of only seven states that has maintained a triple-A bond rating all through the recession, and to this day. We have built up our Rainy Day Fund to $800 million dollars, and we have placed this year in our general reserve an operating surplus of $37 million dollars.

Source: 2014 State of the State Address to Maryland legislature , Jan 23, 2014

Cut taxes on bottom 85% while raising taxes on top 15%

Q: Over the last seven years, you've raised state income taxes on the top 15%. You've raised fees or taxes 24 times.

O'MALLEY: We've lowered them on the 85%.

Q: Right, the other 85% went down. You supported the Dream Act, and you're looking at an increase in the minimum wage.

O'MALLEY: Well, I believe that the people of our state and, also, the people of our country, want us to make choices on their behalf that yield results, results that make our economy grow by making our middle class grow.

Q: But those are policies which we used to call liberal agenda.

O'MALLEY: Yes. And I'm proud of each of those things. But, also, these things are also good for an economy. These things are good for building an innovation economy and attracting the most talented workforce. I think they all go together. What the people of our country want is not ideology, not trickle-down economics, but middle-out economics, where we strengthen our middle class to grow our economy & to give our kids a better future.

Source: CNN SOTU 2014 interview series: 2016 presidential hopefuls , Jan 12, 2014

$12B in federal economic stimulus as state block grants.

O`Malley signed $12B in federal economic stimulus as state block grants

The nation's governors urge you to include state countercyclical funding as part of your legislation to stimulate the economy. This would include $6 billion in Medicaid assistance by freezing scheduled federal FMAP reductions and increasing all states' F Congress approved $20 billion in assistance to states, including $10 billion in Medicaid and $10 billion in block grants. The governors' current stimulus proposal is essentially the same, with the exception that it is a total of $12 billion as opposed to $20 billion. This proposal can be enacted quickly, as there is precedent and it is timely, temporary and targeted.

Additionally, governors appreciate federal efforts to use tax policy to get additional money into the hands of consumers and businesses to stimulate the economy. When considering tax changes to spur economic growth, governors urge Congress and the Administration to follow the maxim of "Do no harm" by avoiding changes at the federal level that would diminish state tax revenues or force state actions that would undermine the effectiveness of federal efforts.

We look forward to working with you to enact the appropriate stimulus program.

Source: Letter from 37 governors to House & Senate Leadership NGA-0801TX on Jan 28, 2008

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Page last updated: Aug 18, 2016