Posted on 02/01/2020 6:43:49 PM PST by karpov
Former Mayor Michael R. Bloomberg of New York unveiled a plan on Saturday that would raise an estimated $5 trillion in new tax revenue from high earners and corporations, a proposal that would almost certainly raise his personal tax bill but is less aggressive than those from his most liberal rivals for the Democratic presidential nomination.
The proposal includes a repeal of President Trump’s 2017 tax cuts for high earners, along with a new 5 percent “surcharge” on incomes above $5 million per year. It would raise capital gains taxes for Americans earning more than $1 million a year and maintain a limit on federal deductions of state and local tax payments set under the 2017 law, which some Democrats have pushed to eliminate.
For high-earning owners of businesses that are not organized as corporations, it would repeal a tax deduction granted by the Trump tax cuts — and it would partially repeal Mr. Trump’s income tax cuts for corporations, raising their rate to 28 percent from 21 percent. Before 2017, the top corporate rate was 35 percent.
But the plan notably does not endorse the so-called wealth tax favored by several of the more liberal candidates in the race, like Senators Elizabeth Warren and Bernie Sanders. Such a tax has gained popularity among voters, but Mr. Bloomberg’s advisers believe it could be ruled unconstitutional — a concern shared by some progressive legal experts.
All told, Mr. Bloomberg’s advisers estimate his increases would add up to $5 trillion of new taxes spread over the course of a decade, in order to finance new spending on health care, housing, infrastructure and other initiatives. That amount is nearly 50 percent larger than the tax increases proposed by the most fiscally moderate front-runner in the race, former Vice President Joseph R. Biden Jr.
(Excerpt) Read more at nytimes.com ...
Bloomberg knows that Democrats never keep their campaign promises.
They just make them for the low-IQ voters.
Always more taxation, never cutting spending. Ever wonder why?
Massive tax and spend...
We know how this ends.
“Corporations”
Anyone ever play golf or go to school with a corporation?
Nope. Corporate taxation is leeching away wealth from a business so that it cannot grow, invest, pay its employees and shareholders
It amazes me that it’s been proven that lower tax rates INCREASE revenues to the federal government. Yet, liberal statists still push for higher taxes.
This will surely get votes from Wall Street.....
Democrats believe that government should be a pyramid scheme with bureaucracies and the bureaucrats and educrats who populate them at the top.
Bureaucracies can only exist as a parasite of capitalism/private enterprise.
If you want more bureaucrats/educrats you need more taxes. Can’t do it any other way.
Definitely locks in the Gimmee vote.
Huh??? Have pushed to eliminated what?? The deductions or the limits? What kind of stupid writing is this??
That’ll shift our economy into high gear...NOT!
Always remember; corporations don’t invent money. They don’t create it out of magic dust or have it float in through the window. The money comes from consumers.
You don’t punish PG&E with huge settlements, you raise utility rates for rate payers (in this latest case, for about 22 years.)
When something is stolen from Walmart, it is not the company who pays for the loss, it is the consumer, in the form of higher prices. Walmart’s still going to end up with roughly a 5% profit; the only real question is how much more you’re going to pay because of corporate taxes and insane laws decriminalizing theft.
Thing is, Bloomberg WELL knows this. The only rubes in the room are his voters. He’s going to tax one quarter of the GDP; what’s going to happen boys and girls? Yep, prices go up. Huge increases in inflation.
And the liberal zombies - well, they’re for Bernie who wants closer to 15 trillion dollars in taxes, so Bloomberg’s well behind the curve (and well out the potential delegate count...) But if they were for him, they’d have to live with the resulting devastation to the economy. Free college...for no job. You know, kinda just like we experienced for the 8 years before Trump.
Least liberals are consistent in their crushing of our economy, putting people on the dole, and ensuring that they can never stray away again. Ahh, it’s like Christmas where Santa shows up in January, eats all your food, kicks you out of your bedroom, and stays until the end of June; but just before he leaves, he promises to bring you a nifty gift on Christmas.
Media: “No, no!
... only Trump’s tariffs are passed on to consumers!”
Without the media the Dems would be seen as the liars and cheats they are.
Even Trump couldn’t get infrastructure. I’m sure Bloomberg will. Not.
The 5% surtax will only generate $36.7 billion of extra tax (assuming people don't shield this income). From where is the other $463.3 billion gonna arise?
Start with Dumberg. Take all him money NOW,
#OkBloomers
Okay, Mike, you’re supposedly a businessman. Whenever your business incurs an expense, where do you get the money from to pay for it? Is it not from your customers? If not, then where?
Isn’t mb spending 100 mil on super bowl ads and millions on TV ads?
If he were really serious he would just donate it to the Treasury but the ‘real money people’ won’t because they hate to see people just frivolously waste money.
Carnegie might have been ‘whatever’ and he may have done it for egotism but he sure did fund a lot of Public Libraries in this country.
Someone please tell me that Bloomberg is not doing this to make Bernie Sanders seem like the reasonable Democratic candidate.
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