Why is the GOP so hostile to a ‘free-market’ future?
A day after Republican senators passed a sweeping tax overhaul that would eliminate the estate tax, the party’s presidential candidates are refusing to commit to making major changes to the tax code.
In a joint statement Friday, the two party’s leading presidential candidates said they’re opposed to any changes to tax law that would raise taxes on the wealthy.
Donald Trump said he would not consider any changes and Jeb Bush said he’s not in favor of changes to taxation at all.
“We don’t want to raise taxes and we don’t have any plans to raise the tax burden on anybody,” Bush said.
“I don’t believe that you should increase taxes on middle class people.
We want to give them a little bit of flexibility.”
Trump said that the GOP’s tax plan is “designed to benefit the wealthy at the expense of middle class Americans.”
“We are a party that has a responsibility to the American people and the American taxpayers,” Bush continued.
“The only way we can deliver on that promise is to bring the middle class back to the table.
That’s why I’ve never said anything about raising taxes on millionaires.”
Jeb Bush: I don’t think the rich should pay more than they owe [the estate tax].
But we have to make sure the middle-class pays the same amount as the wealthy do.
[The Wall Street New Deal] Jeb Bush says he wants to make the middle and working class pay the same level of tax as the top 1 percent of earners.
“As we move toward a system that is more equitable and a system where we all pay the tax we should, I don and I will make sure that middle class pays a fair share of their income tax,” Bush told reporters Friday.
Trump has also taken a more moderate approach, saying he’s against any changes that would increase the burden on the middle or lower classes.
“What we’re saying is the wealthiest people in the world should pay what they owe, and everybody else should pay their fair share,” Trump said during a debate in Florida.
“But the middle, the working class, we’re not talking about the rich.
We’re talking about everybody.
And we’re going to pay our fair share.”
The White House did not respond to a request for comment.
Bush’s statement comes amid increasing interest in a tax overhaul and a growing public clamor for a tax plan that would not increase the tax liability of the wealthiest Americans.
Trump and his GOP colleagues have long been on record as opposing any changes at all to the estate and other tax laws that benefit the rich and the powerful.
In addition to the Republican tax bill, a handful of other Republican senators introduced tax bills that would have eliminated the estate or other estate tax.
Jeb Bush, Jeb Bush’s running mate, said in a statement Friday that he would oppose any changes in the tax system that would benefit the wealthiest.
“At a time when we need to be focused on creating jobs and helping people who have lost their jobs, we must be prepared to deal with the challenges of economic growth and prosperity,” Bush wrote.
“My plan would allow us to avoid tax increases on the wealthiest American families while protecting our economy and reducing our deficits.
We cannot allow the wealthy to use loopholes and deductions to pay lower taxes and then expect the middle to pay more.
That is not how our country works.”
The estate tax is imposed on estates of more than $5.49 million.
The legislation passed in 2019 eliminates the estate-tax rate to $11.8 million and reduces the estate’s income threshold to $6.9 million.
If the estate was not taxed, a person would owe no taxes on their entire estate.
But the estate would be taxed only on a portion of a person’s wealth.
Bush said in his statement that he opposes any changes he believes would increase taxes for those who already owe the estate.
“If we want to provide middle class families with relief, we should raise the estate taxes on estates that are above $5 million.
That will provide relief to middle class households,” he said.
The estate and personal income taxes are levied separately and the top rate of $2.7 million is the highest in the country.
Bush has said that he supports the estate estate tax reform, but he has not committed to changing the tax rules that would apply to estates worth more than that.
“In the past, we have made a point of not raising the estate rate for people who are wealthy and in the top one percent of the income distribution.
That has been a mistake.
We should be focused in the middle,” Bush has argued.
“That is the best way to address inequality, and we need a strong middle class that can grow the economy and create jobs.”
Jeb and Joe Biden on tax reform: We’ll look at every tax proposal that comes our way, but we don`t want to touch the estate of a billionaire Joe Biden and Jeb
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