Democratic Candidates Respond: Will Taxes Go Up Under Your Economic Plan?

Candidates discuss taxes and the economy at the ABC News Democratic presidential debate.
4:17 | 12/20/15

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Transcript for Democratic Candidates Respond: Will Taxes Go Up Under Your Economic Plan?
Richard but let me ask about your tax plan because from the crushing cost of a college education the next question most families have. Is will my taxes go up under the next president. You have said it your goal not to raise taxes on families making under 250000. Dollars a year a goal but can you say that's a promise as you stand here tonight. That is pledge that I'm making I made it a prime ran in 2008 yes. And it was the same one that attack President Obama made because I don't think we should. Be imposing new big programs that are going to raise middle class families taxes we just heard that most families haven't had a wage increase since. 2001. Since you know the end of the last Clinton administration when it comes did go up. For everybody. And we've got to get back to where people can save money again. Where they can invest in their families and I don't think the middle class tax should be part of anybody's plan right now. Let me respond Secretary Clinton put it responds to league's number one. Most important economic reality of today it's an over the last thirty years. There has been a transfer. All trillions of dollars. From the middle class of the top 110 of 1% what's in a doubling of the percentage of wealth that they all now. When secretary Clinton's I'm not that raise taxes on the middle class let me tell you what she is site. She is disagreeing. With FDR and Social Security. LBJ on Medicare and with the vast majority of progressive Democrats in the house and the senate will today all fighting. To end the disgrace of the United States being the only major country on earth that doesn't provide paid family and medical leave. What the legislature it is it's Obama 61. A week not you can say that's a tax on the middle class that it will provide. Three months. Paid family and medical leave for the working fat with of this country. I think Secretary Clinton about 61 is weak is a pretty good and doesn't think you'll ever. When it paid for that actually makes the wealthiest pay for engine. Well they're not there were a Democrat and senate up. Is supportable all this proposal introduced what your good friend my good friend Kirsten Gillibrand wrote that the world got is the legislature and how that that will finally provide them. That article I want to bring in governor O'Malley and as we heard a promise there from Secretary Clinton because people want to know about their taxes will they go on. She is now promised here tonight not to raise them on families making 250000. Or less. Can you make that same promise of your elected or not never made a promise like that but unlike either of these two fine people but actually balanced the budget every single year. I was one of others the only one of only seven states that had a triple A bond rating. By the time I left the average tax burden on Maryland families that same as when I started. But I did pass a more progressive income tax and that's the highest earning a people to pay another 14%. But David look this is the big I agree by the way that we should have paid family. And I agree with senator Sanders on that and just like Social Security. And unlike the Republicans I think we should actually expand Social Security. And increase average monthly. Benefits but look there's one big entitlement we can no longer afford as a country. And Dennis the entitlement that the super wealthy among us those earning more than a million dollars feel that they're entitled to pay. Lower income tax rates and how far lower prefer death income tax rate when it comes to capital gains. If we were to raise the marginal rate to 45%. For people earning more than a million dollars. And if we tax capital gains essentially the same we do. Off but earnings from hard work and sweat and toil you could generate 800 billion dollars. Over the next ten years and that would do so much good for affordable college. Debt free college cutting youth unemployment and half investing in our cities again. So that things I have done an office. Are the things that actually invest in growing our economy and making wages go up that's the issue that we need to tackle as Americans and we can do it and we know how governor belly thing.

This transcript has been automatically generated and may not be 100% accurate.

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