April: raise top tax rate; October: "soft-pedals" wealth tax
Last spring, he declared his support for a wealth tax and welcomed the idea of raising the top income tax rate from its current 37 percent to 49.9999 percent. These days, as he pivots to pick up the moderate voters abandoning Biden, "Mayor Pete" seems
to be soft-pedaling positions that might brand him as any sort of class warrior. At the October candidate debate, he rushed away from an opportunity to explain his case for a wealth tax.
Source: The Nation magazine on 2019 Democratic primary
, Nov 19, 2019
Financial transactions tax, wealth tax, and estate tax
Mayor Pete Buttigieg has criticized the 2017 tax reform bill signed by President Trump, saying it just provided tax cuts for the wealthy--again, nothing new when it comes to the 2020 Democratic presidential candidates.
However, the mayor has hinted at a few tax increases that he would consider as president, including:
Higher income tax rates for the top brackets;
A "wealth tax" on the richest Americans;
A carbon tax;
A financial transactions tax; and
Eliminating unspecified corporate tax breaks.
He has also called for a "more equitable use of the estate tax," which could possibly mean lowering the exemption amount back down to pre-2010 levels.
During an interview with CNBC's John Harwood, Buttigieg said "the reality is there are some people who are not paying their fair share. Some people frankly are getting a bit of a free ride on the productive energy of this country and this economy."
He said he would consider˙raising the marginal tax rate for high-earners. Additionally, he said a wealth tax makes sense, as does potentially expanding the estate tax for the biggest and wealthiest estates.
Source: Fox Business News on 2020 Democratic primary
, Apr 15, 2019
