Bloomberg tax proposal seeks to collect $5T from high-income taxpayers

[left-of-center2012]

Presidential candidate and former New York City Mayor Mike Bloomberg (D) released a tax plan Saturday that seeks to collect $5 trillion over a decade by increasing taxes on the wealthy.

In the plan, Bloomberg looks to reverse much of the tax reforms put in place by the Trump administration in 2017. That includes adding a 5% surtax on incomes above $5 million a year and increasing the corporate tax from 21% to 28%, which is still 7 percentage points less than it was prior to the 2017 tax law.

The plan also proposes to close loopholes and increase funding for the Internal Revenue Service (IRS) in an effort to shrink the tax gap, which Bloomberg's advisors say is at about $6 trillion over 10 years.

"Tackling income inequality requires major new investments in education, job training, health care, affordable housing, infrastructure and other areas this president is ignoring or making worse,” Bloomberg said in a statement. "Those investments require new revenue - and a fairer, more progressive tax system that asks wealthy Americans like me to pay more."

https://thehill.com/homenews/campaign/481031-bloomberg-tax-proposal-seeks-to-collect-5-trillion-from-high-income

[dbinfla]

1. Mike has this right

It’s not about wealth taxes. It’s about closing loopholes and rolling back stupid giveaways to the wealthy.

[Blue_true]

2. I agree. The funding of the IRS is something that I really like.

Give them access to high priced tax lawyers also, the lawyers taking 10% of every principle dollar recovered after a Court fight, but nothing from the penalty money the IRS add on to the principle amount.