Where the 2020 Presidential Candidates Stand on Tax Policy

Updated February 25, 2020

How would the 2020 presidential candidates change the tax code? We dig into the details of their latest proposals.

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Asterisks denote candidates who suspended their campaigns after this tool was launched.

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Overview
D

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.

Overview
D

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.

Overview
D

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.

Overview
D

Tom Steyer

Overview of tax proposals

Tom Steyer would increase income taxes for high-income taxpayers and corporations. He would reduce income taxes for low- and middle-income taxpayers and expand the child tax credit and the earned income tax credit. He would also create a wealth tax. He would impose a tax on some polluters.

Overview
D

Elizabeth Warren

Overview of tax proposals

Elizabeth Warren would increase income and payroll taxes for high-income taxpayers and corporations. Her plan includes a wealth tax and an increase in estate taxes. Under her plan, employers would be required to pay a share of the costs of covering their employees through the new Medicare for All program. She would eliminate tax preferences for oil and gas, reinstate the Superfund tax, and increase tax incentives to use energy-efficient technologies. She would impose a tax on organizations that spend substantial amounts on lobbying. She would also impose a tax on purchases of securities and transactions involving derivatives and force large banks to pay a financial risk fee.

Overview
D

Michael Bloomberg

Overview of tax proposals

Michael Bloomberg would increase income taxes for high-income individuals and corporations. He would expand the child tax credit, the earned income tax credit, and the premium tax credit. His plan also includes an increase in the estate tax and higher tobacco taxes. He would eliminate tax preferences for fossil fuels and increase tax incentives for investments in clean energy. He would impose a tax on purchases of securities and transactions involving derivatives. He also supports statehood for Puerto Rico, which would subject many of its residents to the US income tax but would also enable them to claim the earned income tax credit and other tax credits.

Overview
D

Tulsi Gabbard

Overview of tax proposals

Tulsi Gabbard would increase payroll taxes while reducing the tax on Social Security benefits. She would also eliminate tax preferences for fossil fuels and increase tax credits to use energy-efficient technologies. She would impose a tax on purchases of securities and transactions involving derivatives.

Overview
D

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.

Overview
R

Donald Trump

Overview of tax proposals

Donald Trump has not released a tax plan as part of his campaign for reelection. Newspaper articles suggest he is developing a proposal to cut taxes. In the past, he has indicated support for tax cuts for middle-income taxpayers.

Overview
R

Bill Weld

Overview of tax proposals

Bill Weld has not released a tax plan. In public statements during the campaign, he has spoken in favor of a flat tax, lower tax rates on capital gains, a carbon tax, and repeal of the estate tax.