Tom Steyer Would Pay $18 Million More in Taxes Under Democrats’ Plan
- Democrats are weighing plans to quickly hike taxes on wealthy
- Steyer exemplifies how rich could pay more in party’s plans
Tom Steyer
Photographer: Kerem Yucel/AFP via Getty Images
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Billionaire and Democratic presidential contender Tom Steyer would pay $17.9 million more in annual taxes under a plan Democrats are considering should they sweep Congress and the White House in the 2020 election.
Steyer, who reported more than $181 million in earnings last year, would see his tax rate jump to 32% from 22.1%, according to an analysis by the Americans for Tax Fairness released Monday. That’s still below the 37% top individual rate, but would mean Steyer and other top earners would collectively pay $635 billion more in over a decade, according to the Urban-Brookings Tax Policy Center.