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John Delaney on Tax ReformDemocratic candidate for President; U.S. Rep from MD-6 |
SEVEN CANDIDATES HAVE SIMILAR VIEWS: Joseph Biden, Jr.; Cory Booker; John Hickenlooper; Amy Klobuchar; Seth Moulton; Bernard Sanders; Andrew Yang.
Delaney & Moulton would tax capital gains at the same rate as ordinary income. Sanders favors ending the capital gains break for those with household income above $250,000. Biden advocates doubling the tax rate for those making over $1 million.
Reform our tax code to simplify the overall approach and eliminate loopholes: This will allow for appropriate corporate income taxes that will encourage businesses to stay in the U.S. and discourage tax avoidance. We must also extend payroll tax cuts for working families and allow the Bush tax cuts for the wealthy to expire.
Christian Coalition publishes a number of special voter educational materials including the Christian Coalition Voter Guides, which provide voters with critical information about where candidates stand on important faith and family issues. The Christian Coalition Voters Guide summarizes candidate stances on the following topic: "Increasing federal income tax rates"
Christian Coalition publishes a number of special voter educational materials including the Christian Coalition Voter Guides, which provide voters with critical information about where candidates stand on important faith and family issues. The Christian Coalition Voters Guide summarizes candidate stances on the following topic: "Permanent elimination of the "Death Tax""
Project Vote Smart infers candidate issue stances on key topics by summarizing public speeches and public statements. Congressional candidates are given the opportunity to respond in detail; about 11% did so in the 2012 races.
Project Vote Smart summarizes candidate stances on the following topic: 'Budget: In order to balance the budget, do you support an income tax increase on any tax bracket?'
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.