Julian Castro proposed a new inherited wealth tax on heirs receiving more than $2 million in their lifetimes, which he said he would use to help pay for a $3,000-per-child tax credit and expansion of the Earned Income Tax Credit.The Democratic presidential candidate also would also match the capital gains tax rate to that paid on earned income. For those making more than $400,000, the marginal rate would be 40%. And Castro would use a mark-to-market accounting method that would tax assets as they appreciate, not when they’re sold.Castro’s tax plan, released Thursday, differs from wealth taxes offered by rivals Bernie Sanders, who has proposed a 77% tax on billionaires’ estates, and Elizabeth Warren, who wants a tax of at least 2% on all assets of more than $50 million. Castro didn’t specify the rate for his inheritance tax, but it’s based on a “silver spoon” tax proposal that would charge 15% above the income tax rate.“Why in the richest nation on Earth should we tax work more than wealth?” Castro said in a blog post announcing the plan. “The wealthy few have set up the rules to work for themselves, while working families who labor for a living are left behind.”
In the meantime, on the D side, here are some ideas being floated:
Bottom line is that they both use our money for pork projects and then spend all day figuring out to squeeze more money out of us to cover the huge budget.
Agree with everything except the budget. They don't care about covering it up any more.
https://www.bloomberg.com/opinion/articles/2019-10-24/the-warren-and-sanders-wealth-tax-proposals-have-problems
Ask the middle and lower class how this last plan worked out for them.
The ones I spoke with felt it helped them. It was more those who had high SALT and enough to itemize who were hurt.
Just the opposite from what I heard. Maybe one of us needs to get out more?
Did you hear complaints how they owed this and didn't the year before?
When a plan is to assuage some vague feelings there is no way it would end up being effective at even that.
That's one of the dumbest arguments I've heard, whether you get a refund or owe when you file taxes is not the way to measure how the tax cut affected you. The only number that matters is your total tax liability. Bringing home more every pay check but then owing money at the end of the year does not mean the tax cut was bad.
It helped me significantly, probably cut my tax liability in half.
Great for you, mine tripled!!!