As someone who lived in NYC during the 12 years of Mayor Bloomberg, let me say...

[brooklynite]

88. You mean this one?

Mike’s Plan:

Raise rates for high-income taxpayers

The 2017 tax reform gave most of its benefits to the rich. In other words, instead of working to reduce inequality, Trump is making it worse. Mike sees growing inequality as a threat to all Americans. It is unacceptable. He will dedicate his administration to turning this dangerous trend around.

Reverse the Trump tax changes for high-income households, restoring the top rate on ordinary income from 37% to 39.6%.

Tax capital income more equitably

One of the biggest defects in our tax system is the way we tax capital gains for high-income taxpayers. Mike will ensure that wealthy owners of capital are taxed on equal terms with workers.

Tax capital gains at the same rate as ordinary income for taxpayers above $1 million. Taxes won’t rise on the savings of ordinary taxpayers.

Strong new measures to curb avoidance and deferral for the wealthiest Americans.

Impose a new tax on the very rich

Getting taxes on capital and taxes on income from employment on an equal footing is essential – but not enough to pay for vital investments. Mike will ask the wealthiest to make an additional contribution toward paying for necessary improvements in infrastructure, education, health care and more.

A 5% surtax on incomes above $5 million a year.
Will apply to income from capital and labor.
Will affect less than 0.1% of taxpayers.

Reform the estate tax

In the U.S., only very large estates are liable to face tax, and owners of the biggest estates are expert at gaming the system to reduce what they owe. One of the most egregious loopholes is “stepped-up basis at death,” which erases taxes due on trillions of dollars in capital gains – allowing enormous wealth to move virtually untaxed from generation to generation. Under Mike’s leadership, all this will change.

Lower the estate-tax threshold, so that more estates are taxed. This plan will protect family owned farms and small businesses. Estates liable to pay tax will still be less than 1% of the total.
End stepped-up basis for unrealized capital gains at death.
Shut down multiple estate-tax avoidance schemes.

Close loopholes

The U.S. tax system is full of complexities that could have been designed – and in many cases were designed – purely to give high-income taxpayers ways of paying less. This is deeply unfair to the ordinary working families that pay every cent of what’s owed, and lack the means to find and use these loopholes. Mike will work for a thorough simplification of the system, so that tax preferences serving no good purpose are purged. For example, he will:

Close the “pass-through” 20% deduction that lets many rich taxpayers pay less.
End the “like-kind” provision that lets real-estate investors defer tax indefinitely.
End the carried-interest loophole.
Move firmly to shut down other tax-avoidance strategies.

Make businesses pay their fair share

Trump’s tax reform cut business taxes too much – giving U.S. businesses a bigger tax cut than they had even asked for. While our tax code needs to ensure that our producers stay competitive with foreign companies, they can and should contribute more. We also need smarter and more effective measures to prevent companies using financial engineering to shift reported profits to foreign tax havens.

Raise the corporate tax rate from 21% to 28%.
Raise the minimum tax on foreign income and apply it on a per-country not global basis.
Tighten rules on transfer pricing and reporting of foreign taxes.
Apply pressure to countries that set up as tax havens.
Take the lead on cooperative international efforts to defeat profit-shifting.

Equip the IRS

The agency’s systems are out of date. IRS staffing has been cut by a third since 2010. The rate of audit of high-income households has fallen by almost half. This decline in IRS capacity has worsened under Trump, and the message has gone out to tax cheats: Don’t worry about getting caught. The so-called tax gap – the difference between what’s owed and what’s actually collected – stands at roughly $6 trillion to $8 trillion over ten years. An IRS equipped to do its job could cut that gap substantially.

Reverse Trump’s efforts to cripple the agency and give it the resources it needs to do its job.
Collect many hundreds of billions in taxes owed but never paid.
These and other reforms will raise approximately $5 trillion over ten years.

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