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Where Scott Brown, Elizabeth Warren stand on taxes

ELIZABETH WARREN

Income taxes: Let the George W. Bush-era tax cuts expire for those making more than $250,000 a year.

Dividends: Raise rates to what they would be if they were taxed at the same rate as ordinary income, but only on income over $250,000 a year.

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Capital gains: Raise rates from 15 percent to 20 percent on income above $250,000 a year.

(Together, these proposals for income, dividend, and capital gains taxes, which President Obama has also proposed, would raise $850 billion over 10 years, according to the nonpartisan Tax Policy Center.)

Millionaires: Implement the so-called Buffett Rule, championed by billionaire investor Warren Buffett, which would impose a 30 percent minimum tax on people with incomes over $1 million a year. This would raise $47 billion over 10 years.

Estate tax: Increase estate taxes to 45 percent on incomes over $3.5 million, and $7 million for married couples. This would raise $118 billion over 10 years.

Investment income: Close the “carried interest” loophole that allows managers at private equity firms and hedge funds to have certain profits taxed at lower capital gains rates. This would raise $13.5 billion over 10 years.

Oil companies: End tax subsidies for the oil and gas industry. This would raise $40 billion over 10 years.

SCOTT BROWN

Tax pledge: Signed anti-tax activist Grover Norquist’s pledge to “oppose any and all efforts to increase the marginal income tax rates for individuals and/or businesses . . . and oppose any net reduction or elimination of deductions and credits, unless matched dollar for dollar by further reducing tax rates.”

Close loopholes/cut rates: Seeks to close loopholes and deductions as part of a broad plan to lower rates. He has not, however, released a formal plan that would detail which rates he wants to cut or which deductions and loopholes he wants to close.

The senator has spelled out his general vision in a speech about taxes to the South Shore Chamber of Commerce in August and in a letter to the Globe in January. “I support closing loopholes and ending carve-outs for special interests as part of comprehensive reform that makes our tax code fairer, simpler, and more competitive globally and encourages economic growth by lowering rates for everyone,” Brown wrote. “But we should not be raising rates on taxpayers just to fuel more spending.”

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