Posted on 08/15/2019 9:28:01 AM PDT by yesthatjallen
Democratic presidential candidate Julián Castro on Thursday released an economic plan that includes higher taxes on the wealthy and tax relief for low- and middle-class people.
The rollout of Castro's economic plan comes as the former Housing and Urban Development secretary is trying to qualify for September’s third round of Democratic presidential debates in Houston. Castro needs to reach 2 percent in one more poll in order to qualify.
Castro said on a call with reporters from the early voting state of Iowa that he’s confident he’ll make the debate stage next month, saying he’s been spending time in early nominating states and focused on releasing “bold” proposals.
“We know today that in our country there are a lot of families that are working hard, but are not getting ahead the way that they would like to, or the way that they ought to be, or the way that they used to be in years past,” Castro said.
Castro's economic plan centers on new tax proposals.
Some of these proposals focus on increasing taxes on the rich. For example, Castro would create an “inherited wealth” tax that would replace the current estate and gift taxes. Under the tax, the first $2 million would be exempt, and inherited amounts over that would be subject to income and payroll taxes.
Additionally, Castro would tax capital gains and ordinary income at the same rates. For those in the top 0.01 percent of asset holders — those with assets of about $40 million or more — their investment gains would be taxed annually, as opposed to when the investments are sold. And he would end the “step up in basis” tax break that benefits those who inherit investments.
Castro also plans to generally repeal President Trump’s 2017 tax-cut law.
In addition to raising taxes on the rich, Castro is also proposing to provide tax relief for working families through a “working families first” credit that would replace and expand upon the existing earned income tax credit (EITC) and child tax credit (CTC).
Castro would expand upon the CTC by increasing it from $2,000 to $3,000, making it fully refundable, and allow people to receive it in monthly installments. He would expand upon the EITC by allowing more people to be eligible for it, allowing people to receive credit amounts on a monthly basis and having the IRS offer free filing services for those qualifying for the credit.
Castro’s economic plan also includes other components. These include a $15 minimum wage, paid family and medical leave, a universal child care program that would prevent families from paying more than 7-percent of their income in child care, universal pre-K and efforts to make housing more affordable.
Many of Castro’s proposals have similarities to plans offered by other Democratic presidential candidates. Several of the candidates have called for expanding tax credits for low- and middle-income families, and several have proposed taxing capital gains and ordinary income at the same rates.
I wouldn’t trust this America-hating vicious commie to take my garbage to the curb.
Over 10 million people starved to death as a result
He should move out of the country...to say...Cuba?
What the masses clamoring for this garbage fail to contemplate is that “the rich” are not defenseless prey waiting to be slaughtered.
“The rich” have the means to avoid taxes, and if that becomes unworkable, they have the means to relocate to a more welcoming environment.
And the loser will be America.
It is well known here in The Alamo City that the Castro twins are NOT “loaded with gray matter” between the ears & they are both LEFTIST DIMocRATS.
Julian has about the same chance of ever being the POTUS as I do. = NONE.
Yours, TMN78247
“Congress is not empowered to tax for those purposes which are within the exclusive province of the States.” Justice John Marshall, Gibbons v. Ogden, 1824.
”From the accepted doctrine that the United States is a government of delegated powers, it follows that those not expressly granted, or reasonably to be implied from such as are conferred, are reserved to the states, or to the people. To forestall any suggestion to the contrary, the Tenth Amendment was adopted. The same proposition, otherwise stated, is that powers not granted are prohibited [emphasis added].” —United States v. Butler, 1936.
"The “Holy Grail” of organized crime is to control government power to tax." —me
"The constitutionally undefined political parties are basically rival, corrupt voter unions, “union dues” paid by means of unconstitutional federal taxes.” —me
"The smart crooks long ago figured out that getting themselves elected to federal office to make unconstitutional tax laws to fill their pockets is a much easier way to make a living than robbing banks." —me
"Federal career lawmakers probably laugh all the way to the bank to deposit bribes for putting loopholes for the rich and corporations in tax appropriations laws, Congress actually not having the express constitutional authority to make most appropriations laws where domestic policy is concerned. Such laws are based on stolen state powers and uniquely associated stolen state revenues." —me
Patriots need to elect a new patriot Congress in the 2020 elections that will not only promise to support PDJT’s vision for MAGA, now KAG, but will all promise to surrender state power that the corrupt, post-17th Amendment ratification feds have been stealing from the states back to the states.
And to make such changes permanent, patriots also need to support PDJT in leading the states to repeal the 16th and ill-conceived 17th Amendments.
Remember in November 2020!
MAGA! Now KAG! (Keep America Great!)
Has this asshat apologized for his brother doxxing trump campaign contributors yet?
If you want to see how liberals think, bring up the Earned Income Tax Credit - EITC. Someone pays $2,000 in Fed Income Tax, gets a $5,000 refund. The extra $3,000 obviously comes from other taxpayers (it’s welfare). You will never get a liberal to admit the $3,000 comes from others. The liberals I’ve talked to kept saying the extra money didn’t come from other taxpayers, but they never would say where it comes from. Complete denial of reality (but these are the same folks that say a man has a uterus).
An idea that is about as timely as "the moon is made of green cheese."
Honestly why not just make it illegal to have assets and income over a certain amount. Seize those illegal gains and distribute them to the “deserving masses”. Oh and while there at it too many people get to buy more groceries than others. Check those food bags too.
This mealy mouth take over of people’s lives is far too slow to usher in the grand change this nation awaits. Our betters care even if we don’t.
Sarcasm.
And Castro will still have people escaping shot....beyond laughable.
Over ten million is correct, but it’s a very low number compared to reality.
I know a few low class people that are wealthy. Will they have their taxes raised, or lowered?
We do not have a tax problem, we have a spending problem.
Julian Castro looks like your typical Chinese waiter.
This Castro nutter (and all democrats) obviously wants the same tax rates that England enjoyed during and after WW2.
The highest wartime rate was 99.25%.
After the war it was reduced to 90% and held there during the 50’s and 60’s. During the 70’s the English rates rose to 98% until Margaret Thatcher started cutting rates in the 80’s.
The Beatles wrote their song “Taxman” for a reason.
Will he have the courage to declare that amount of gross annual income that he will use to define “who is rich?”
Does he also propose to publish a list of the names, addresses, phone numbers and places of employment of everyone who donates $200 or more to the Trump campaign?
By extrapolation I suppose he plans to post every American’s 1040 form in an online searchable database.
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