Mike Bloomberg in PoliticalWire.com by Taegan Goddard

On Corporations: $5 trillion in new revenue from high earners & corporations

[The New York Times reports that] Michael Bloomberg's plan would raise an estimated $5 trillion in new tax revenue from high earners and corporations, a proposal that would almost certainly raise his personal tax bill but is less aggressive than those from his most liberal rivals for the Democratic presidential nomination.

The proposal includes a repeal of President Trump's 2017 tax cuts for high earners, along with a new 5 percent 'surcharge' on incomes above $5 million per year. It would raise capital gains taxes for Americans earning more than $1 million a year and maintain a limit on federal deductions of state and local tax payments set under the 2017 law, which some Democrats have pushed to eliminate.

The Wall Street Journal reports that "Bloomberg's tax policies would place him in the middle of the pack of his rivals for the Democratic nomination."

Source: PoliticalWire.com on 2020 Presidential hopefuls Feb 1, 2020

The above quotations are from PoliticalWire.com news aggregator. Click here for other excerpts from PoliticalWire.com news aggregator. Click here for other excerpts by Mike Bloomberg. Click here for a profile of Mike Bloomberg.
Please consider a donation to OnTheIssues.org! Click for details -- or send donations to: 1770 Mass Ave. #630, Cambridge MA 02140 E-mail: submit@OnTheIssues.org (We rely on your support!)

Page last updated: Oct 26, 2024