Amy Klobuchar on Tax Reform DFL Sr Senator (MN); Democratic presidential contender

Return to 39.6% top rate; open to wealth tax

Repeal significant portions of Trump tax bill

KLOBUCHAR: It could work. I am open to it. I would repeal significant portions of that tax bill that helped the rich, including what he did with the corporate tax rate, including what he did on international taxation. You add it all up, you got a lot of money that one, helps pay for that childcare, protects that dignity of work, makes sure we have decent retirement and makes sure that our kids can go to good schools.

Changes in corporate tax would fund infrastructure

A: Infrastructure is an economic need. I have the funding, I've shown how I can get this plan done, and as president I will get it done.

Q: You want to raise the corporate tax rate, which the Republicans just cut. That might be a heavy lift.

A: Look at what they did, they went down to 21 percent and every point if even to put it at 25 percent, which is a significant decrease from where it was, we would bring in $400 billion to pay for roads and bridges and levies and schools. That's a lot of money. Or how about the way they did the overseas income where they took an average rate instead of assessing it for each country. If we went back to each country, $150 billion in savings.

Extend Bush tax cuts except for those earning over $250K

For Bills, what to do about taxes is simple: a flat tax. He favors a solution that would tax every person and business 17.1 percent of their income, with just one or two deductions. That would allow tax returns to shrink to postcard size, and he said it may force some wealthy Americans to pay more.

Congress has three choices to reduce the debt, Bills said: grow the economy, reduce government or raise taxes. He said that cutting government would help the economy grow and could end up bringing in more taxes, even without a tax rate increase.

Roll back tax cuts on people making over $336,000 a year

KLOBUCHAR: This Congress has taken a $200 billion budget surplus and turned it into a $250 billion budget deficit. One out of 12 federal tax dollars that you pay goes to interest on that debt. We need to roll back the Bush tax cuts on people making over $336,000 a year. That’s the top 1%; that brings in $56 billion a year. Closing the tax shelters, $70 billion a year; taking back the oil giveaways, that balances the budget. We can’t keep living on a credit card.

KENNEDY: If you look at her tax proposal of $1.5 trillion, the top 1% only covers about a third of that. When someone like Ms. Klobuchar says she wants to tax the rich, the middle class gets drenched.

KLOBUCHAR: The proposals I’ve made does not change the tax cut for the middle class, in fact it adds tax cuts for the middle class. We’re going to pay for it by rolling back the tax cut on those in the top 1%.

Reduce $250B deficit by rolling back capital gains & top 1%

KLOBUCHAR: Our debt is approaching $9 trillion. This administration and this Congress took a $200 billion surplus and turned it into $250 billion deficit. One out of 12 of the federal tax dollars that Minnesotans are paying goes to interest on this debt. And this is my solution: First of all, let’s look at those $70 billion that’s being sheltered in the Cayman Islands and Bermuda for multi-millionaires. Get rid of those shelters. Next, look at capital gains. Not changing the rate, but having a third-party validator like brokerage houses post those because there’s underpayment. That brings in $17 billion. Roll back the tax cuts to the Clinton levels, to the top 1%. That brings another $56 billion in. Get rid of the no-bid contracts so we have competitive bidding, $10 billion.

Middle class tax cuts good; but current cuts are for rich

CC:Reverse federal income 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."

CC:Keep the inhertiance 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."