Saturday, February 1, 2020

Mike Bloomberg Wants Trillions in Tax Increases

Mike Bloomberg
Democratic presidential candidate Michael Bloomberg is proposing tax increases on corporations, top earners and estates that would make the wealthiest Americans foot the bill for programs in areas such as education, infrastructure and climate change, reports The Wall Street Journal.

Notes the Journal:
Bloomberg’s tax policies would place him in the middle of the pack of his rivals for the Democratic nomination. Unlike Sens. Bernie Sanders and Elizabeth Warren, he isn’t calling for an annual wealth tax or a return to a 35% corporate tax rate. But his top income-tax rates on individuals would be higher than those proposed by former Vice President Joe Biden so far, and he is joining the Democrats’ move toward sharply higher taxes on the top 1% of households.
Bloomberg would raise the top tax rate to 44.6% for income above $5 million. That’s a return to the basic top rate of 39.6% from 37%, plus a 5% surtax.

He also would tax capital gains and ordinary income at that same rate for the top sliver of taxpayers.

Details are still fuzzy, but the campaign estimates that the plan would raise taxes by $5 trillion over a decade.

Bottom line: He is just another statist power-hungry creep who has no appreciation of a free market, anti-state society. Or he is just willing to say anything and cut anyone's throat to gain power.



  1. The top 0.1 percent, of which Bloomberg is a member, will never stand to be taxed the way Bloomberg is proposing. So when tax revenues aren't forthcoming, it will again fall onto the middle and upper middle classes, who will get hosed
    .. again.

  2. "...he is joining the Democrats’ move toward sharply higher taxes on the top 1% of households."

    Like most politicians, he's trying to maximize the greed and resentment in others. Not shocking. Just sad so many fall for it.

  3. The 0.1 percent or some subset there of do not pay taxes in the net (best that I can figure). They receive taxes. Favorable legislation, regulation, government contracts, and so on and so forth all pay them more than the taxes they pay. They know and understand this. Wealth taxes, taxes on high incomes, and so are designed to keep challengers away from them. Any taxes the tippy top of the pyramid ends up paying will go right back to them.

    The ones they are aiming to hurt are people like professional athletes, higher paid entertainers, people who had some success in business and similar. It's also a block to inter-generational wealth building.

    Anyway that's why they are for these taxes, because it is a benefit to them.