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Bloomberg Campaign Press Release - Mike Bloomberg Will Raise Taxes on the Rich and Make Corporations Pay More

February 20, 2020

NEW YORK — Mike Bloomberg's plan is the most serious commitment of any candidate for president to addressing economic inequality in our country. As president, Mike will reverse the Trump tax rules that benefit the wealthy and undermine the middle class by raising $5 trillion to pay for public investments in health care, infrastructure, education, climate resilience and affordable housing.

As mayor of New York City, Mike Bloomberg increased taxes on the wealthy by nearly $18 billion and implemented one of the most progressive tax structures in the nation, with low and middle-income taxpayers holding very little or no tax liability and the wealthy paying the bills. Nearly half of all income tax filers had no income tax liability or negative liability (meaning they received money back), while the top one percent of earners paid nearly 50% percent of the City's personal income tax haul, and the top third of filers paid 94 percent.

Mike's Plan:

  • Reverse the Trump Tax Breaks to Make High-Income Households Pay Their Fair Share: Restore the top tax rate on ordinary income from 37% to 39.6% for high-income households. Add a 5% "surcharge" on incomes above $5 million per year (applied to income from capital and labor).
  • Tax Capital and Income Equitably for Households with Incomes Above $1 Million: Equalize the tax on capital gains and income from employment for households with incomes above $1 million. Taxes won't rise on the savings of ordinary taxpayers. Increases the rate from 20% to 39.6% for those making more than $1 million.
  • Attack Tax Loopholes That Favor the Rich: End the 20% pass-through deduction introduced in the Trump tax breaks, which lets many rich professionals reduce their taxes. Close the carried-interest loophole. End the "like-kind" provision that lets real-estate investors defer tax indefinitely. End stepped-up basis for capital gains at death. Apply the estate tax to more estates. (It will still apply to less than 1%. Family-owned farms and small businesses won't be affected).
  • Make Companies Pay Their Share of Taxes: Raise the corporate tax rate from 21% to 28%. Reduce profit-shifting by reforming the minimum tax on foreign income. Tighten rules on transfer pricing and reporting of foreign taxes. Lead international efforts to stop the race-to-the-bottom in corporate tax rates.

For more information on Mike's tax plan, visit here.

Michael Bloomberg, Bloomberg Campaign Press Release - Mike Bloomberg Will Raise Taxes on the Rich and Make Corporations Pay More Online by Gerhard Peters and John T. Woolley, The American Presidency Project

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