Mike Bloomberg on Tax Reform Mayor of New York City (Independent)

Raise taxes on the rich

5% surtax on income above $5 million a year

Mike will tax the wealthy on equal terms with workers. He'll tax capital gains at the same rate as ordinary income for taxpayers above $1 million. Mike will attack the loopholes and complexities that benefit the wealthy at the expense of working families. His plan will close the "pass-through" 20% deduction that lets many rich taxpayers pay less, and he will end the "like-kind" provision that lets real-estate investors defer tax indefinitely.

Wealth tax is counterproductive and unconstitutional

The policy on the table: a 2% wealth tax that Warren would levy on the total assets of individuals worth more than $50 million and 3 percent on individuals with more than $1 billion. Per a Forbes analysis, this means that Jeff Bezos, whose $137 billion fortune makes him the richest man in the world, would owe the IRS an additional $4.1 billion each year.

Critics in the Democratic Party will complain that [Bloomberg's comparison] is heavy-handed, as the Warren wealth tax pales in comparison to the wealth redistribution of the Chavez-Maduro regime in Venezuela.

Progressive tax yes; wealth tax no

He calls for a more progressive tax rate, but sees the wealth tax advocated by Sen. Elizabeth Warren (D-Mass.) as going too far. "I believe that that plan should be bold and ambitious and most importantly achievable," Bloomberg said. "You've got to do something that's practical."

Warren hit back at Bloomberg's claim that her wealth tax proposal is "probably unconstitutional." The Massachusetts Democrat said in a tweet, "Billionaires like Howard Schultz and Michael Bloomberg want to keep a rigged system in place that benefits only them and their buddies. and they plan to spend gobs of cash to try and buy the presidency to keep it that way. Not on my watch."

The wealthy prefer the current rigged system

He calls for a more progressive tax rate, but sees the wealth tax advocated by Sen. Elizabeth Warren (D-Mass.) as going too far. "I believe that that plan should be bold and ambitious and most importantly achievable," Bloomberg said. "You've got to do something that's practical."

Warren hit back at Bloomberg's claim that her wealth tax proposal is "probably unconstitutional." The Massachusetts Democrat said in a tweet, "Billionaires like Howard Schultz and Michael Bloomberg want to keep a rigged system in place that benefits only them and their buddies. and they plan to spend gobs of cash to try and buy the presidency to keep it that way. Not on my watch."

Wealth tax is unconstitutional & counterproductive

The policy on the table: a 2% wealth tax that Warren would levy on the total assets of individuals worth more than $50 million and 3% on individuals with more than $1 billion. Per a Forbes analysis, this means that Jeff Bezos, whose $137 billion fortune makes him the richest man in the world, would owe the IRS an additional $4.1 billion each year.

Critics might complain that [Bloomberg's comparison] is heavy-handed, as the Warren wealth tax pales in comparison to the wealth redistribution of the Chavez-Maduro regime in Venezuela.

Tax cuts paying for themselves defies reality

GOP tax bill is an economically indefensible blunder

1. It takes money away from schools and students.
2. It restricts our ability to invest in infrastructure.
3. It does nothing to boost real wages while making health insurance more expensive.
4. It makes it harder to control the costs of Medicare and Social Security without cutting defense and other spending--or further exploding the deficit.

The tax bill is an economically indefensible blunder that will harm our future. The Republicans in Congress who must surely know it--and who have bucked party leaders before--should vote no.

Raised property taxes to 18.5%, highest in history

Although he had warned as a candidate that raising taxes would "destroy this city" and pledged no higher taxes in his inaugural speech, Bloomberg broke his promise. To protect city services and budget shortfalls, he decreed the highest property tax rate in the city's history, settling with the city council on an increase of 18.5%. And he raised the taxes 6 months sooner than necessary, to collect more revenue faster.

2004: Refunded $250M to residential taxpayers, not business

Bloomberg took all the credit for the timely gift. "We recognized that tough times call for making tough--and sometimes controversial--choices. And we made them," he said. In fact, the city's finances usually rise and fall in sync with the national economy and Bloomberg's role in the comeback was limited.

Bloomberg got the rebate through the city council.

$400 property tax rebate to all homeowners

Raised taxes on high-earners to incent municipal employees

But I’ll tell you what it did do: it allowed us to close the huge budget deficits, balance the books and continue investing in the future: building new schools, revitalizing old industrial areas, creating the largest affordable housing program in the nation, supporting our cultural institutions, parks, libraries, and universities, and expanding world-wide advertising to attract businesses and tourists. And, because public safety is the foundation of economic growth, we developed innovative ways to crack down on crime and illegal guns. As a result, we’ve driven down crime by nearly 30%.

Raised property taxes 18% to pay off budget deficit