Bloomberg Proposes $5 Trillion in Taxes on the Rich

[RandySF]

“Michael Bloomberg unveiled a plan on Saturday that 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 New York Times reports.

“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.”

Wall Street Journal: “Bloomberg’s tax policies would place him in the middle of the pack of his rivals for the Democratic nomination.”



https://politicalwire.com/2020/02/01/bloomberg-proposes-5-trillion-in-taxes-on-the-rich/

[Sloumeau]

1. Another candidate proposes taxes that will never pass congress. :) nt

[squirecam]

2. It will

If we eliminate the filibuster.

[Ferrets are Cool]

3. While I like the idea, the reich-wing commercials will say

"Bloomberg promises to raise taxes by 5 Trillion."

[MichMan]

4. Fine, he can start by refusing to take any deductions on his own taxes