Here's how the top 7 Democratic candidates want to transform the US economy
- Ahead of the next debate, Joe Biden, Sen. Bernie Sanders, Sen. Kamala Harris, and Mayor Pete Buttigieg are among the leading Democratic presidential candidates for 2020.
- The candidates believe in reviving the the middle class and major US infrastructure investments.
- From the Affordable Care Act and eliminating student debt, to "baby bonds" and an ultra-millionaire tax, the candidates have different approaches to fixing the US economy.
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Following is a transcript of the video.
How the top Democratic candidates would transform the US economy
1. Joe Biden
Biden often talks about economic inequality. He wants to close the wealth gap by reversing Trump's tax cuts for the wealthy and give everyone an equal chance to access good healthcare, education, and housing.
2. Sen. Elizabeth Warren
After announcing her 2020 candidacy, Warren proposed the "Ultra-Millionaire Tax." She says this plan could generate $2.75 trillion in revenue in 10 years. This money would go towards universal childcare, student loan debt relief, and down payments on a Green New Deal.
3. Sen. Bernie Sanders
Sanders wants to make public college free and eliminate student debt with the "College for All Act." To pay for this, he proposes applying a new tax on Wall Street transactions. Sanders says this tax would bring in $2.4 trillion in 10 years.
4. Sen. Kamala Harris
Harris wants to implement a tax credit for the middle class. Her policy would reverse the Trump tax cut that benefitted big corporations and the top 1%. The new tax revenues would go toward a tax credit of up to $6,000 for working families.
5. Mayor Pete Buttigieg
Buttigieg believes there should be a big investment in US infrastructure. He also wants to reduce the cost of college and make it debt-free for low-income families. Buttigieg wants to accomplish this through a state-federal partnership.
6. Beto O'Rourke
O'Rourke proposed a detailed economic plan to combat climate change. His plan calls for $250 billion in research and development and $1 trillion in climate change tax incentives.
7. Sen. Cory Booker
Booker's signature economic policy is called "baby bonds." It's a government-run savings program for children aimed to close the wealth-gap. Children would receive up to an additional $2,000 each year, depending on family income. Booker believes "baby bonds" will give every American a shot at economic opportunity.
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