Under Mike Bloomberg’s newly unveiled tax plan, the billionaire and former New York mayor would likely see his own bill increase — though not by as much as it would under the more extreme tax plans of his liberal opponents.
The plan, released Saturday, would raise about $5 trillion over 10 years, Bloomberg’s campaign estimated. It would raise the rates of corporations and the wealthy to fund the 2020 hopeful’s policy wish list, including initiatives dealing with health care, education and climate change.
“Those investments require new revenue — and a fairer, more progressive tax system that asks wealthy Americans like me to pay more,” Bloomberg said in a statement. “The plan I am releasing today raises rates on wealthy individuals and corporations, closes loopholes, cracks down on tax avoidance, expands the estate tax, and reduces the tax advantages that investors have over workers. And, most important, my plan is achievable.”
The plan promises to “close loopholes” and reverse some of the 2017 tax cuts that President Donald Trump gave to high earners and corporations. It would also add a 5% surtax on incomes above $5 million a year. But it is unclear exactly how it would affect Bloomberg, whose net worth was $61.5 billion as of Friday, and his business interests.
“Right now, I give nearly all of my company’s profits to charity,” Bloomberg said in the statement. “Under my plan, I’ll continue doing that — but I will also pay more in taxes to make sure all Americans have the same opportunities I did. That’s only right.”
Bloomberg’s plan does not include the “wealth tax” championed by Warren and Sanders, but the planned hikes are more dramatic than those of Biden, placing Bloomberg’s proposal somewhere near the middle of the pack of Democratic contenders.
It also underscores a shift for Bloomberg, who in 2012 said the proposed tax hike targeting New York City’s wealthiest residents was “about as dumb a policy as I can think of.”