Tax Policy Center: Where the 2020 Presidential Candidates Stand on Tax Policy

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https://2020-presidential-candidates-tax-policy.urban.org/

Joe Biden

Overview of tax proposals

Joe Biden would increase income and payroll taxes for high-income individuals and corporations, expand the earned income tax credit and the premium tax credit, create a new renter’s tax credit, and enhance incentives to save for retirement and purchase homes. He would eliminate tax preferences for fossil fuels and increase tax incentives to use energy-efficient technologies. His plan would also force big banks to pay a financial risk fee.

Pete Buttigieg

Overview of tax proposals

Pete Buttigieg would increase income taxes for investors and businesses while expanding the child tax credit, the earned income tax credit, and the premium tax credit. He would also repeal the cap on the deduction for state and local taxes for many taxpayers. He would eliminate tax preferences for fossil fuels, impose a carbon tax, and increase tax incentives for investment in energy-efficient technologies. He would also impose a tax on purchases of securities and transactions involving derivatives.

Amy Klobuchar

Overview of tax proposals

Amy Klobuchar would increase income and payroll taxes for high-income taxpayers and corporations, expand the child tax credit and the earned income tax credit, and enhance incentives for retirement saving. She would eliminate tax preferences for fossil fuels and increase tax incentives for investment in energy-efficient technologies. Her plan would also force big banks to pay a financial risk fee.

Bernie Sanders

Overview of tax proposals

Bernie Sanders would increase income and payroll taxes for very high–income taxpayers and corporations. His plan includes a wealth tax and an increase in estate taxes. Although he has not released a plan for how to pay for Medicare for All, he has released a list of options, including a 4 percent income-based premium, as examples of how the program could be financed. He would eliminate fossil fuel tax preferences, impose a tax on the fossil fuel industry, and extend tax credits to displaced energy workers. He would also impose a tax on purchases of securities and transactions involving derivatives.