Tim Walz on Tax Reform

	Tim Walz on Tax Reform Democrat

Child Tax Credit provides billions of dollars to parents

Our plan starts by focusing help on the families who need it most, in the form of a nation-leading Child Tax Credit that would put billions of dollars in the pockets of parents struggling to make ends meet. If we got this done and nothing else, we'd reduce child poverty in Minnesota by 25 percent. Doing so isn't just a moral imperative or the right thing to do. It's a critical piece of our plan to improve our schools and grow our economy. Source: 2023 State of the State Address to the Minnesota legislature , Apr 19, 2023

Trump tax cuts go mostly to top 1%

Q: Support President Trump's tax cuts?

Jeff Johnson (R): Support Trump tax cuts, would lower Minnesota taxes.

Tim Walz (D): No. Opposed 2017 tax cuts. Says 86 million middle-class families will see taxes increase while top 1% get 83% of benefit. Cutting MN taxes means cutting programs.

Source: 2018 CampusElect.org Issue Guide on Minnesota Governor race , Oct 9, 2018

The wealthy are not the engine of our economy

A critical difference between Tim Walz and his opponent is the way in which they use tax policy to drive our economy. Walz's opponent, like the President and his majority in Congress, believes that the wealthy and big corporations are the engine of our economy. Republican tax policies are designed to not only minimize the tax burden on the wealthiest Americans, but to redistribute some of the taxes paid by the middle class to the wealthy. Tim Walz disagrees. Source: 2006 House campaign website, www.timwalz.org, "Issues" , Nov 7, 2006

Don't repeal the estate tax; do repeal Bush tax cuts

Q: Do you support the permanent repeal of the federal estate tax?

A: No.

Q: Do you support making President Bush's tax cuts permanent?

A: No. I propose returning to the PAYGO system of budgeting. I will also vote to repeal recent tax cuts for the wealthiest Americans and to close tax loopholes that currently allow American companies to avoid their tax obligations.

Source: 2006 Congressional National Political Awareness Test , Nov 7, 2006

Raising estate tax to 1990s level means $448B in new revenue.

Walz 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: Congressional vote 15-H1105 on Apr 16, 2015