Democratic Primaries
Related: About this forumBloomberg would pay $3 billion less under his wealth tax than under Sanders plan
Democratic presidential candidate Mike Bloomberg says he would pay more to Uncle Sam under his plan to raise taxes on wealthy Americans. What the former New York City mayor hasn't said: He'd pay as much as $3.5 billion less under his wealth tax than he would under similar proposals from Senators Bernie Sanders and Elizabeth Warren, two of his rivals for the party's nomination. Bloomberg's plan would also generate far less government revenue.
Bloomberg, who released his tax plan last week, said the proposal targets the "very rich." That includes him: Bloomberg is worth an estimated $61 billion, according to Forbes.
Much of that fortune is tied to Bloomberg LLC, the global financial data and media empire he founded four decades ago. The candidate owns 88% of the company, which generated an estimated $3.8 billion in income last year alone, according to industry consultant Douglas Taylor. And his nearly 90% ownership stake in the media enterprise entitled him to about $3.3 billion of that income stream.
Bloomberg would certainly pay significantly more in taxes under his tax proposals than what he is paying under the current tax code. But that's not unique. All of the major Democratic presidential candidates are proposing tax plans that would raise taxes on the wealthy.
Read more: https://www.cbsnews.com/news/bloomberg-wealth-tax-compare-sanders-buttigieg-warren-biden/
primary today, I would vote for: Joe Biden
George II
(67,782 posts)Why tie that to Sanders' or Warren's proposals trying to make his proposal look bad?
If you compare them, his proposal has a MUCH better chance of being passed and enacted.
primary today, I would vote for: Joe Biden
Galraedia
(5,020 posts)https://www.cbsnews.com/news/bloomberg-wealth-tax-compare-sanders-buttigieg-warren-biden/
primary today, I would vote for: Joe Biden
Blue_true
(31,261 posts)30-32%, but I would accept 28% over the current 21%. I believe that anything over 35% in the modern economy is counter-productive because it would kill new business that are profitable, but don't have a lot of cash to throw around (the tax rate of 28% instead of 35% or higher would give them a little more room to reinvest in employee salaries, plants and equipment).
primary today, I would vote for: Joe Biden
Demsrule86
(68,455 posts)And gambling should not pay better than working.
primary today, I would vote for: Joe Biden
Celerity
(43,059 posts)the inheritance tax reset in terms of asset valuation so the heirs of the ultra rich cannot skate out on paying a fair tax rate on capital gains they inherit.
This OP is also wrong, he does raise the corporate tax rate up to 28% as well. Google it if you doubt this.
https://www.fool.com/taxes/2020/02/03/the-bloomberg-tax-plan-what-you-need-to-know.aspx
1. Restore higher income tax brackets for the wealthy
The tax cuts in 2018 cut the top rate for high-income taxpayers from 39.6% to 37%. Bloomberg's plan would restore the 39.6% tax rate.
2. Add a new tax for multimillionaires
Bloomberg would also create a new tax for those making $5 million or more annually. The 5% surtax would apply both to employment income and to investment income, with the threshold affecting fewer than 1 in 1,000 taxpayers nationwide.
3. Raise long-term capital gains tax rates for millionaire earners
Currently, long-term capital gains get preferential treatment compared to most other types of income, with top-income taxpayers paying a maximum of 20% on gains from sales of investments held for longer than a year. The Bloomberg plan would tax those long-term capital gains at the same rates as other income for taxpayers making $1 million or more in income annually.
4. Boost taxes on transfers at death
Bloomberg is proposing several changes to the tax scheme that affects people at death. He would lower the amount of the estate tax lifetime exclusion amount, which currently lets most estates with $11.58 million or less in assets avoid tax entirely, by an unspecified amount. He would also end the practice of having the tax basis of investments reset at a person's death, essentially forcing heirs to pay greater amounts of capital gains tax upon selling inherited assets.
5. Increase corporate tax rates
The 2018 reforms cut top corporate tax rates from 35% to 21%. Bloomberg suggests splitting the difference and raising the corporate tax to 28%. The candidate would also work toward changing international tax rules to make it tougher to avoid U.S. tax in favor of lower-rate tax haven countries.
primary today, I would vote for: Joe Biden
BootinUp
(47,053 posts)Big mistake to nominate this guy.
primary today, I would vote for: Joe Biden
Autumn
(44,972 posts)primary today, I would vote for: Undecided
uponit7771
(90,301 posts)primary today, I would vote for: Joe Biden
jimfields33
(15,668 posts)But, he will not need as much revenue due to not having free medical for all, free college, and other changes sanders is proposing. So why have more revenue then needed to run the country.
primary today, I would vote for: Joe Biden
Demsrule86
(68,455 posts)primary today, I would vote for: Joe Biden
Demsrule86
(68,455 posts)A wealth tax is unconstitutional in my view and won't ever happen in a milliion years. Bloomberg's plan could actually be enacted if we get the Senate.
primary today, I would vote for: Joe Biden