Steyer on GOP tax policy: ‘They’ve waged war on working families for 40 years’

4 The Record

Democratic presidential candidate Steyer supports wealth tax & tax cut

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.

Tax breaks

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.

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