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John Delaney on Tax Reform

Democratic candidate for President; U.S. Rep from MD-6

 


Raise capital gains rate, but no unconstitutional taxes

This is not about whether wealthy Americans should pay more. We can raise the capital gains rate to match the ordinary income. You know the last president to do that was actually Ronald Reagan. We can do that in our first year. I've called for the expansion of universal pre-K through an additional tax on high net worth individuals. But we don't need to come up with new taxes that are arguably unconstitutional and will be fought in court for years.
Source: July Democratic Primary debate (first night in Detroit) , Jul 30, 2019

Tax capital gains at the same rate as ordinary income

John Delaney on Capital Gains Taxes : Increase the capital gains tax rate.

SEVEN CANDIDATES HAVE SIMILAR VIEWS: Joseph Biden, Jr.; Cory Booker; John Hickenlooper; Amy Klobuchar; Seth Moulton; Bernard Sanders; Andrew Yang.

Delaney & Moulton would tax capital gains at the same rate as ordinary income. Sanders favors ending the capital gains break for those with household income above $250,000. Biden advocates doubling the tax rate for those making over $1 million.

Source: Politico "2020Dems on the Issues" , Jul 17, 2019

Increase marginal rate, tax investments like income

I think marginal tax rate should be higher but if we actually want to create more fairness in our tax code, we would also start taxing investment income more similar to what workers get paid at. There's a massive kind of unfairness between the amount of taxes people pay who invest for a living, versus people who pay who work for a living. And I think that can generate more revenues for the government.
Source: ABC This Week 2019 interviews of 2020 Presidential hopefuls , Jan 13, 2019

Allow the Bush tax cuts for the wealthy to expire

Congressional candidate John Delaney has a ten-point plan to make us more competitive, improve productivity, and expand the middle class:

Reform our tax code to simplify the overall approach and eliminate loopholes: This will allow for appropriate corporate income taxes that will encourage businesses to stay in the U.S. and discourage tax avoidance. We must also extend payroll tax cuts for working families and allow the Bush tax cuts for the wealthy to expire.

Source: 2012 House campaign website, delaney2012.com, "Issues" , Nov 6, 2012

Supports increasing tax rates.

Delaney supports the CC Voters Guide question on tax rates

Christian Coalition publishes a number of special voter educational materials including the Christian Coalition Voter Guides, which provide voters with critical information about where candidates stand on important faith and family issues. The Christian Coalition Voters Guide summarizes candidate stances on the following topic: "Increasing federal income tax rates"

Source: Christian Coalition Voter Guide 12-CC-q11a on Oct 31, 2012

Opposes eliminating the inheritance tax.

Delaney opposes the CC Voters Guide question on the inheritance tax

Christian Coalition publishes a number of special voter educational materials including the Christian Coalition Voter Guides, which provide voters with critical information about where candidates stand on important faith and family issues. The Christian Coalition Voters Guide summarizes candidate stances on the following topic: "Permanent elimination of the "Death Tax""

Source: Christian Coalition Voter Guide 12-CC-q11b on Oct 31, 2012

Supports an income tax increase.

Delaney supports the PVS survey question on income taxes

Project Vote Smart infers candidate issue stances on key topics by summarizing public speeches and public statements. Congressional candidates are given the opportunity to respond in detail; about 11% did so in the 2012 races.

Project Vote Smart summarizes candidate stances on the following topic: 'Budget: In order to balance the budget, do you support an income tax increase on any tax bracket?'

Source: Project Vote Smart 12-PVS-q11 on Aug 30, 2012

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

Delaney 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: Supreme Court case 15-H1105 argued on Apr 16, 2015

Other candidates on Tax Reform: John Delaney on other issues:
2020 Presidential Democratic Primary Candidates:
Sen.Michael Bennet (D-CO)
V.P.Joe Biden (D-DE)
Mayor Mike Bloomberg (I-NYC)
Gov.Steve Bullock (D-MT)
Mayor Pete Buttigieg (D-IN)
Sen.Cory Booker (D-NJ)
Secy.Julian Castro (D-TX)
Rep.John Delaney (D-MD)
Rep.Tulsi Gabbard (D-HI)
Sen.Amy Klobuchar (D-MN)
Mayor Wayne Messam (D-FL)
Gov.Deval Patrick (D-MA)
Sen.Bernie Sanders (I-VT)
CEO Tom Steyer (D-CA)
Sen.Elizabeth Warren (D-MA)
Marianne Williamson (D-CA)
CEO Andrew Yang (D-NY)

2020 GOP and Independent Candidates:
Rep.Justin Amash (Libertarian-MI)
CEO Don Blankenship (C-WV)
Howie Hawkins (Green-NY)
Gov.Larry Hogan (R-MD)
Gov.John Kasich (R-OH)
V.P.Mike Pence (R-IN)
Gov.Mark Sanford (R-SC)
CEO Howard Schultz (I-WA)
Pres.Donald Trump (R-NY)
Gov.Jesse Ventura (I-MN)
V.C.Arvin Vohra (Libertarian-MD)
Rep.Joe Walsh (R-IL)
Gov.Bill Weld (L-NY,R-MA)
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External Links about John Delaney:
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2020 Withdrawn Democratic Candidates:
State Rep.Stacey Abrams (D-GA)
Mayor Bill de Blasio (D-NYC)
Sen.Kirsten Gillibrand (D-NY)
Sen.Mike Gravel (D-AK)
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Page last updated: Dec 14, 2019