Bloomberg Says Plans Leave Scant Leeway for Middle-Class Tax Cut

[brooklynite]

Bloomberg

Michael Bloomberg said he doubts he would be able to cut middle-class taxes very much as president because of the need to raise revenue for crumbling U.S. infrastructure, social programs and other items.

“I don’t think that you can cut middle-class taxes very much. We have an infrastructure need that is enormous in this country, and all of the social programs that every candidate including me wants to enact, somebody’s got to pay for it,” Bloomberg said in an interview Monday in Compton, California.

Bloomberg’s tax plan released Saturday would raise taxes on the wealthy, increase the corporate tax rate and curb tax-free inheritances of large estates. He says that would raise $5 trillion over a decade to invest in spending needs and address income inequality in the U.S.

But Bloomberg said he can raise only so much money by taxing the wealthy and the country can’t afford more deficit spending, so the rest of the revenue would have to come from middle-class taxes.

[InAbLuEsTaTe]

1. Bloomberg & friends got their tax cut; why not take some of that back & givit to the middle class?

Bernie/Elizabeth or Elizabeth/Bernie 2020!!
Either way, they're stronger together & can't be bought!!
Jump on the Bernie Bandwagon & join The Revolution!!

[Blue_true]

2. His plans would reverse most of that tax cut.

Being a business person, I believe his plan of a 28% maximum rate is just about right, I would go to 30%. That is better than what is happening now. The middleclass don't need a tax cut, they just need to not be shouldered with more of the tax burden, and tax tables need to be made truly progressive.

[pandr32]

3. Well said

[msongs]

4. "& friends" like the guy from vermont? nt