Steyer would have owed $18M more in taxes under lawmakers' proposal: liberal group

Steyer would have owed $18M more in taxes under lawmakers' proposal: liberal group
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Billionaire Democratic presidential candidate Tom SteyerTom Fahr SteyerKlobuchar, Steyer unable to name Mexico's president in pointed interview Sunday shows - Spotlight shines on Bloomberg, stop and frisk Toward 'Super Tuesday' — momentum, money and delegates MORE would have owed almost $18 million more in federal income taxes for 2018 under a "millionaires surtax" proposed by Democratic lawmakers, according to a report issued Monday by the left-leaning American for Tax Fairness.

Over the 10-year period from 2009 through 2018, Steyer would have owed nearly $136 million in additional taxes under the proposal, the group said. Steyer's tax returns showed that he paid almost $305 million in federal income taxes on nearly $1.4 billion in adjusted gross income during that time period, according to the group.

“The robust effect the Millionaires Surtax would have on the tax liability of one of the nation’s richest men is a good illustration of how effective this simple reform would be in ensuring the super wealthy pay something closer to their fair share,” American for Tax Fairness Executive Director Frank Clemente said in a statement.

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Rep. Don Beyer (D-Va.) and Sen. Chris Van HollenChristopher (Chris) Van HollenSenate Dems blast Barr for 'clear violation' of duty in Stone case, urge him to resign Senate Democrats introduce legislation to change impeachment trial rules Warren asks for probe of whether Trump violated law by delaying Puerto Rico funds MORE (D-Md.) introduced legislation late last year to create a 10 percentage point surtax on income exceeding $2 million for married couples and $1 million for single filers. The Urban-Brookings Tax Policy Center, which is led by a former Obama administration official, has estimated that this type of surtax would raise about $635 billion over 10 years.

The surtax is one of a number ideas Democrats have floated in recent months to increase taxes on the rich, and backers of the proposal tout its simplicity. American for Tax Fairness is one of several progressive groups that are championing the proposal.

The group's analysis is based on figures in Steyer's tax returns, which he has made public as part of his campaign. The group focused on Steyer because he's likely one of only a small number of Democratic presidential candidates who would have consistently been subject to the surtax over the past decade.

A second Democratic presidential candidate, former New York City Mayor Mike Bloomberg, is also a billionaire but has not yet released his tax returns.

Steyer has not offered the millionaires surtax as a campaign proposal but he has called for other taxes on the rich, such as a wealth tax. His campaign said he wants to work with Congress to raise taxes on the wealthy.

"Tom took the Giving Pledge to give half his money to good causes and supported a wealth tax before he declared his candidacy because he believes those who have done well in this system have a special obligation to give back to our society," Steyer's campaign said in a statement Monday. "As President, he looks forward to working with Congress to ensure the wealthy pay their fair share in order to reduce economic inequality and bring forth progressive plans to invest in our economy, expand healthcare, and tackle climate change."