SAN ANTONIO (KTSA News) — Former San Antonio mayor and current Democratic Party presidential candidate Julian Castro is pitching two new taxes and a tax credit Thursday in his bid for the White House.
The Castro campaign revealed what it called the “People First” Economic Plan for Working Families. It seeks to take money from those with money and give it to people without money through taxes and tax credits.
One of those taxes would be a new ‘Inherited Wealth Tax’, which the campaign said would replace estate and gift taxes with a federal tax on inherited incomes of more than $2 million.
The other tax it would create is what the campaign has dubbed the ‘Wealth Inequality Tax’. That tax is aimed for the top 0.1% (one-tenth of one percent) of earners, which the campaign said would treat capital income the same as labor income. Though, the campaign also said it would be only for the top 0.01% of earners. It is not clear which number the campaign is suggesting.
The campaign also said it would repeal the recently passed tax bill, which it has dubbed the ‘failed Trump tax bill’, saying it overwhelmingly benefited corporations and the wealthy.
On top of the new taxes, the Castro campaign said it would create what it called a “‘Working Families First’ Credit” to expand the child tax credit to $3,000 per child per family, which will more than double the current allowance.
It would also increase the Earned Income Tax Credit.
The Castro campaign is also calling for universal child care, universal pre-kindergarten for three- and four-year-olds and other new rules governing how people are paid.
“At a time when wealth inequality is through the roof and wages are flat, Donald Trump and Republicans in Congress are hell bent on lining the pockets of the wealthiest few,” said Castro. “Families working hard to make ends meet shouldn’t pay more in taxes than the wealthiest earners. My new plan would put working families first: providing critical relief to families who count on a paycheck, and ensuring the wealthiest Americans pay their fair share.”