Feb. 4 (UPI) — Democratic presidential candidate Michael Bloomberg has rolled out a tax plan that would raise $5 trillion over 10 years from the United States’ wealthiest citizens, but would not impose a “wealth tax.”
The former New York City mayor unveiled the plan over the weekend. It promises to repeal tax cuts given to high-income earners by President Donald Trump in 2017, which lowered their tax liability from 39.6 percent to 37 percent.
Bloomberg’s plan would also impose a 5 percent surcharge on incomes above $5 million a year and raise capital gains taxes on those who earn more than $1 million annually. It would also partially repeal Trump’s tax cuts for corporations, raising their rate to 28 percent from 21 percent.
Bloomberg said the new taxes will help him finance priorities like healthcare, infrastructure, education, housing and climate change.
A billionaire worth more than $59 billion, Bloomberg would have to pay more in taxes under his plan.
“I will also pay more in taxes to make sure all Americans have the same opportunities I did. That’s only right,” he said Saturday.
Former Vice President Joe Biden also proposes raising capital gains taxes for high earners and reversing Trump tax cuts. Bloomberg said, though, his plan would draw nearly 50 percent more in overall revenues.
Tax proposals by candidates Sen. Bernie Sanders, Sen. Elizabeth Warren and businessman Tom Steyer include a “wealth tax.”