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Amy Klobuchar on Tax Reform

DFL Sr Senator (MN); Democratic presidential contender

 


Return to 39.6% top rate; open to wealth tax

She supports "at least" the 39.6 percent top marginal tax rate in effect before Trump took office. She said that a wealth tax "could work" and that she remains "open to it." Her administration would move quickly to equalize tax rates for capital gains and ordinary income, ensure that incomes over $1 million face a minimum 30 percent tax, and close the carried interest loophole that lets fund managers sidestep billions of dollars in taxes.
Source: The Nation magazine on 2019 Democratic primary , Nov 19, 2019

Repeal significant portions of Trump tax bill

Q: Will a wealth tax work?

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.

Source: October Democratic CNN/NYTimes Primary debate , Oct 15, 2019

Changes in corporate tax would fund infrastructure

Q: What about 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.

Source: ABC This Week 2019 interviews for 2020 Democratic primary , Mar 31, 2019

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

Klobuchar calls for extending tax cuts enacted under President George W. Bush on the middle class, but eliminating cuts for those earning more than $250,000 annually. Klobuchar ties tax reform to fixing the debt problem, and both need to be done in the next year, she said. "We have to find a path where we really send a message to the country and the world that we are serious."

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.

Source: West Central Tribune on 2012 MN Senate debate , Oct 20, 2012

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

KENNEDY: Ms. Klobucharís $1.5 trillion increase in taxes would be devastating for the economy and would kill jobs.

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. Thatís 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 canít 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 Iíve made does not change the tax cut for the middle class, in fact it adds tax cuts for the middle class. Weíre going to pay for it by rolling back the tax cut on those in the top 1%.

Source: Minnesota 2006 3-way Senate Debate, sponsored by LWV , Oct 30, 2006

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

Q: 57,000 households in Minnesota make over $200,000 a year. A lot of small businesses, people who create the jobs. And you want to come along and pound them with a new tax increase by taking away their tax cut. Why?

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, letís look at those $70 billion thatís 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 thereís 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.

Source: 2006 MN Senate debate, on Meet the Press , Oct 15, 2006

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

Iíve talked about rolling back tax cuts on the wealthy. People making over $1.3M per year -- their taxes have gone down 10 times that of the middle class. Iím talking about tax fairness. These tax cuts are going to the wealthiest, and [others] are getting screwed. Itís fine to talk about the middle class needing help and needing tax relief. But the [existing tax cuts] are for their friends who brought them to the dance.
Source: MN 2006 Senate debates - MPR interview , Jan 26, 2006

CC:Reverse federal income tax cuts.

Klobuchar opposes the CC survey question on keeping 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."

Source: Christian Coalition Surve 18CC-11a on Jul 1, 2018

CC:Keep the inhertiance tax.

Klobuchar opposes the CC survey question on eliminating Death 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."

Source: Christian Coalition Surve 18CC-11b on Jul 1, 2018

Other candidates on Tax Reform: Amy Klobuchar on other issues:
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