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Tom Steyer on Tax Reform
Democratic Presidential Challenger; CEO
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Cut taxes for 95% of Americans by 10%
Q: [to Senator Warren]: You have especially ambitious tax plans that would hike taxes an additional $8 trillion over the decade, the biggest tax increase since World War II. How do you answer top economists who say taxes of this magnitude would stifle
growth and investment?Elizabeth Warren: Oh, they're just wrong. Let's start with a wealth tax: a two cent tax on the great fortunes in this country, on $50 million dollars and above.
Tom Steyer: I agree with Senator Warren in much of what she says. I've been for a wealth tax for over a year. I'm in favor of undoing all the tax breaks for rich people and big corporations that this administration has put through. And in addition,
I've talked about equilibrating the taxes on passive investment income, which would allow us to cut taxes for 95% of Americans by 10%.
Source: Newshour/Politico/PBS December Democratic primary debate
, Dec 19, 2019
Supports higher estate tax, annual wealth tax
Steyer supports a higher estate tax and a 1 percent annual wealth tax on the nation's richest 0.1 percent, essentially those worth over $20 million.
As part of his People Over Profits Economic Agenda, he's pushing for a $15 national minimum hourly wage, a repeal of the Trump tax cuts, and two years of free public college.
Source: The Nation magazine on 2019 Democratic primary
, Nov 19, 2019
Repeal Trump tax cuts; close corporate tax loopholes
It is time for companies and the wealthiest Americans to pay their fair share. We can begin to do this by repealing the Trump tax cuts that went primarily to the wealthy and corporations, and by instituting a wealth tax --
1% on those whose net worth is above $32 million. Undoing years of Republican giveaways to corporations and the wealthy also means closing corporate tax loopholes across the board, and ending subsidies in large, successful industries.
Source: USA Today on 2019 Democratic primary
, Nov 7, 2019
Page last updated: Feb 25, 2020