Bloomberg Tax Plan Seeks to Undo Trump’s Tax Breaks for Corporations
Our tax attorneys have been following a developing story concerning presidential candidate Mike Bloomberg. The billionaire has recently unveiled a tax plan that would undo President Donald Trump’s corporate tax breaks. This plan also includes a 5% surtax on filers who earn $5 million or more per year. Bloomberg’s net worth is over $59 billion, and he has reached out to other leaders in the field of business saying “it’s only right” that he pay additional taxes.
According to Bloomberg’s campaign, his idea would produce about $5 trillion, which would be used to bankroll his primary initiatives such as education, healthcare, a $1 trillion infrastructure, and efforts to combat climate change.
It was not clear how much money would be generated from the surtax on those earning $5 million or more per year, although the campaign did state that less than 0.1% of taxpayers would be affected by the plan.
Bloomberg Says Tax Plan is Realistic
Bloomberg has said he believes Trump went too far with the 2017 Tax Cuts and Jobs Act, and, similar to Joe Biden, he wants to raise the corporate tax rate to 28%. This tax rate was lowered by Trump to 21% from its former rate of 35%. Bloomberg also wants to reverse the tax changes made under President Trump, which lowered the individual tax rate from 39.6% to 37% for high- income households.
In one statement, Bloomberg said that his plan reduces tax benefits that investors have over workers, expands estate tax, curtails tax avoidance, and raises tax rates on wealthy corporations and individuals. He maintains that the tax plan is realistic and will accomplish all that he says it will.
Bloomberg may make his debut on the debate stage later this month in Nevada, and national surveys show he is currently polling in fourth place.
A Different Platform
Bloomberg’s platform is quite different from the mayoral campaign he ran in 2002, in which he stated that raising taxes would drive businesses and people out of New York and that he would find another way to solve the problem. Nevertheless, the Bloomberg campaign states that taxes were increased on the wealthy by nearly $18 billion during his time as mayor and that middle- and low-income taxpayers had little or no tax liability during his watch.
Bloomberg’s tax plans reportedly helped significantly with regard to balancing the city’s budget, for which he earned praise. However, he received a certain amount of criticism as well for allowing the poor to fall behind throughout his tenure, even as the city prospered overall. Bill de Blasio, his successor, referred to New York City under Bloomberg’s management as “a tale of two cities.”
Bloomberg’s defenders, on the other hand, point to his efforts to counteract poverty when he held the office of mayor. These efforts included a move to increase filings under the City Earned Income Tax Credit program. His campaign asserts that such efforts gave back $15 million to New York City residents.
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