Here's Mike Bloomberg's Tax Plan

[MineralMan]

It sounds like a plan to add more taxes on the wealthy to me. What do you think?

https://www.mikebloomberg.com/policies/tax-policy

Mike’s Plan:
Make high-income households pay their fair share
Mike will reverse the Trump tax cuts for high-income earners, restoring the top rate on ordinary income from 37% to 39.6%.

Impose a new tax on the very rich
Mike will place a 5% surtax on incomes (capital and labor) above $5 million a year to fund improvements in infrastructure, education, health care and more. This will affect less than 0.1% of taxpayers.

Mike’s tax plan will generate $5 trillion in revenue to pay for public investments like health care, infrastructure, education, climate resilience, and affordable housing.

Tax capital gains more equitably
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. He’ll also introduce strong new measures to prevent tax avoidance.

Close loopholes
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.

Make corporations pay their fair share
Mike will raise the corporate tax rate from 21% to 28% and increase the minimum tax on foreign income. He will also apply the minimum tax on foreign income on a per-country, rather than global, basis. He will prevent companies from shifting reported profits to foreign tax havens, tighten rules on transfer pricing and the reporting of foreign taxes, and apply pressure to countries that act as tax havens. He will take the lead on cooperative international efforts to defeat profit-shifting.

[Fresh_Start]

1. increase estate tax to 50% starting at a lower size estate

eliminate generation skipping tax trusts
create transaction tax on stock trades
i'd go higher on the corporate tax rate...but offer tax credits for creation of new jobs and training in areas with low job creation
reduce tax deductibility of contributions to social welfare groups to no more than 10% of the size of the contribution (or find a way to exclude groups that are passthroughs to political PACs)

[MineralMan]

9. OK, but I was posting an actual candidate's plan.

I might envision a different one, but I'm not a candidate for the presidential nomination.

What do you think of Bloomberg's plan, and how do you think it compares with the plans of other candidates?

[Fresh_Start]

12. I don't think he plan goes far enough...so I was mistakenly offering improvements nt

nt

[MineralMan]

13. Well, OK, then.

Me? I'm all about a truly progressive income tax. One with more or less punitive rates for the very, very rich.

I actually remember the tax schedules from the early 1960s. Wow! Now, those would redistribute some wealth. But nobody's suggesting anything that drastic, so...

[Fresh_Start]

14. I frequently think if the GOP wants to restore the golden age of the 1950s...

they should start with the tax rates and estate tax, nt

[MineralMan]

16. They, like most people, don't actually remember the 1950s.

I do.

What they really want is a return to the racism and misogyny of that period. The rest they don't like to think about. I'd damn them all to Hell, except there isn't such a place.

[Fresh_Start]

18. i don't know the time either

my time begins in the 1960s..but I assumed TV family in the 1960s reflected some time before I was borne. Since it didn't look like my life at all.

[lapucelle]

2. I agree with you. It's important to be educated about the candidates' policy proposals

and their plans for implementation.

It also helps to know a little bit about our most recent Democratic Party Platform.

[empedocles]

3. At DU we need not angrily bicker over policy differences. Nothing will be done this

year. Primary baiting of voters will go on.

Wapo 2-16-'20 Outlook subheadline: 'Democrats are wasting their time bickering over policies they'll never get to implement' . .

' . . . Would Sen' Bernie Sanders deliver Medicare-for-all immediately as he promised to do?' Would doing so double the federal budget as former vice president Joe Biden countered?

[ . . . and so it goes]

[MineralMan]

10. Well, the thing is that we're supposed to be thinking about

which candidate we support in the primaries. Looking at what's on their websites seems useful to me, somehow, in that regard. Don't you agree?

[empedocles]

11. Lightly

[uponit7771]

4. Has this always been his tax platform? tia

[MineralMan]

5. As far as I know. It's what's on his campaign website.

I thought people would be interested in seeing it.

[uponit7771]

7. So he won the republican nomination for NY mayor with tax the rich platform? tia

[MineralMan]

8. I have no idea. I'm not from NYC, so I didn't follow his mayoral campaigns.

Right now, he's running to be the Democratic nominee for President, so I went to his website to see what he was proposing. I found it very interesting.

[HarlanPepper]

6. Sounds like an easier sell than raising taxes on the middle class to pay for M4A

[marlakay]

15. I will say he would be the one to know

How the rich pay little to no taxes and where to fix it.

Whether he really will and whether the senate will support it is the question.

[MineralMan]

17. That's always an issue with tax things.

Getting big changes through Congress is, well, a problem.

[Hermit-The-Prog]

19. Looks like a reasonable start. ...

Naturally, it would have to go through negotiations with a Democratic House and a Democratic Senate. We do plan to have those, right? Ditch Moscow Mitch from the majority seat is part of the game plan.

[democrattotheend]

20. It looks good on paper

As do many of his proposals. But the fact that he opposed many of these policies in the past, and only started supporting them recently, makes me skeptical he will stick with them or push for them after the primaries are over, and especially after the election if he becomes president.

It's fine for politicians to change their mind, and I think there are some cases where views genuinely evolve based on world events or changes in prevailing attitudes (Obama changing his view on same sex marriage is a case that comes to mind). Even if a change in view is mostly for political expedience, I'm ok with it if I think the person is genuinely committed to it. But when you change so many positions right before running in a Democratic primary, and the prior positions you took were not all that long ago, it makes me skeptical whether those views will change again when the primaries are over.

[Kaleva]

21. kick

[Roland99]

22. Capital gains should be taxed at least as much as earned income if not more

[bucolic_frolic]

23. I think he should engage the Paperwork Reduction Act

and simplify taxes and make them more progressive. It's been a 40 year bonanza for accountants since the Reagan tax cuts.

Simplifying tax forms and rules would save millions of hours of compliance. They should start with schedule D. Reduce rates and throw away the complex rules.