Tom Steyer is one of two billionaires running for the Democratic Party’s nomination.
Former New York Mayor Michael Bloomberg is the other.
They both have a ton of money and they disagree on one of the big issues in this campaign: The wealth tax.
Steyer says he’s OK with the wealth tax initially proposed by Elizabeth Warren to address income inequality.
His proposal wouldn’t tax assets as much as hers, starting at a 1/2 cent for $32 million, increasing to 1.5 cents at $500 million and 2 cents for $1 billion and up.
Steyer explains why.
Steyer supports getting rid of the capital gains tax break and tax it as ordinary income and that the money generated from that could pay for a 10 percent tax cut to families that earn less than $250,000.
It sounds like this part of your proposal is revenue neutral.
Steyer explained how he can do more to close the deficit besides the wealth tax.
Watch the full conversation in the video above.
Local 4 News, your local election headquarters, is proud to present 4 The Record, a weekly news and public affairs program focused on the issues important to you. It’s a program unlike any other here in the Quad Cities. Tune in each Sunday at 10:30 a.m. as Jim Niedelman brings you up to speed on what’s happening in the political arena, from Springfield, Des Moines, Washington, D.C. and right here at home.