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Bill Richardson on Taxes and Budget

The federal government is largely funded by a diversity of different taxes on income and commerce. The relationship between taxes and federal budget is very intimate and historically democrats and republicans have split on how to manage the relationship. This topic includes information about candidate positions on: raising, reducing, and eliminating certain taxes, a federal flat-tax system, and balancing the federal budget.

The issues

Bill Richardson supports an increase in taxes for the wealthiest Americans

There's no question that there's tax unfairness in this country, but we have to rebuild the economy. Yes, the Bush tax cuts have to go. But I would replace those Bush tax cuts with tax cuts for the middle class. We need to rebuild this economy by being pro-growth Democrats. We should be the party of innovation, of entrepreneurship, of building capital

2007 Democratic Primary Debate at Howard University Jun 28, 2007

Bill Richardson strongly supports tax cuts for middle-class families

There's no question that there's tax unfairness in this country, but we have to rebuild the economy. Yes, the Bush tax cuts have to go. But I would replace those Bush tax cuts with tax cuts for the middle class. We need to rebuild this economy by being pro-growth Democrats. We should be the party of innovation, of entrepreneurship, of building capital

2007 Democratic Primary Debate at Howard University Jun 28, 2007

Bill Richardson strongly supports a Constitutional amendment that would require Congress and the President to balance the budget each year

"Number two, I am for a constitutional amendment to balance the budget, a line-item veto and pay-as-you-go policies. I would get rid of the close to $30 billion earmarks that the Congress has."

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Bill Richardson strongly opposes a flat tax system across income levels

Richardson's appearance, which he billed as a "job interview," drew a dozen questions, ranging from surprise issues like the flat tax -- Richardson said he isn't a fan of it -- to central matters like the war in Iraq and illegal immigration.

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Bill Richardson is neutral on eliminating taxes on estates after an individual's death

We will eliminate the estate tax for all but the wealthiest estates, saving some tens of billions of dollars.

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Bill Richardson strongly supports the elimination of the marriage penalty which more greatly taxes couples with similar incomes

I will work with Congress to permanently abolish the "marriage penalty" in the tax code, making the system fairer to working women and their families.

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Bill Richardson strongly supports the elimination of the Alternative Minimum Tax

Of the eight Democrats running for president, only Governor Richardson of New Mexico has thus far made a full elimination of the AMT a plank in his economic platform

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Bill Richardson supports the reduction of taxes on capital gains

I was convinced that tax cuts would improve the prospects for keeping talented people and businesses, attracting new enterprises, and kick-starting the entire state economy. Our state personal income tax before I got elected was more than 8 percent. Taking on the tax issue would reinforce the idea that I was a different kind of Democrat. The legislature took up my tax package, which included the four-year cut in the personal income tax from 8.2% to 4.9 percent and a 50% cut in the capital gains tax, and the package passed the House without a single dissenting vote and the Senate by a margin of 39 to 2. I signed it into law on Valentine's Day, 2003

Between Worlds, by Bill Richardson, p.304-306 Nov 3, 2005