Bloomberg Vows $5 Trillion Tax Hike: 'I Don't Need a Tax Cut, I'm A Wealthy Guy'
Former New York City said his tax increases will be for 'infrastructure in this country'
Billionaire Democratic White House hopeful Mike Bloomberg proposed a tax plan that would increase rates on capital gains and corporate gains, and introduce a 5% surtax on incomes over $5 million.
The former New York City said his tax hikes would target the wealthy.
Bloomberg's plan has supposedly based on the potential to raise enough revenue to finance his proposals for expanding education, healthcare, housing, and infrastructure.
Speaking at a campaign stop in Denver, the billionaire said:
“I’m a wealthy guy, I didn’t need a tax cut, and so we’re going to have to put a little of that back."
“We need money for infrastructure in this country," he added.
Campaign officials said the plan would raise $5 trillion over ten years, but the figures could be adjusted based on the funding needs of Bloomberg’s policy agenda.
The notion that wealthier Americans should pay more to benefit the middle class and impoverished families are the basis of the plan.
But the plan fails to verify just how much money it would likely raise.
The tax increase would affect Bloomberg, whose estimated worth is at more than $50 billion.
According to one campaign official, the plan is s more politically feasible than those proposed by other Democratic candidates because the media mogul would be paying more taxes.
The Bloomberg plan focuses on raising tax revenues on the income generated from the stock market and other investment holdings, unlike fellow presidential candidate's Sen. Elizabeth Warren of Massachusetts and Sen. Bernie Sanders of Vermont.
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Only last November, Bloomberg claimed the American population living below the poverty line would benefit from paying more taxes.
“So, I listen to people saying, ‘Oh, we don’t want to tax the poor.’ Well, we want the poor to live longer so that they can get an education and enjoy life.“
"And that’s why you do want to do exactly what a lot of people say you don’t want to do.”
“If you raise taxes on full sugary drinks, for example,” Bloomberg added.
“They will drink less, and there’s just no question that full sugar drinks are one of the major contributors to obesity, and obesity is one of the major contributors to heart disease and cancer and a variety of other things.”
The billionaire introduced his new LGBTQ equality platform this week that contains a provision for federally-funded gender-reassignment surgery for transgender persons.
“I have been honored to stand with the LGBTQ+ community in the fight for equality and justice, from New York, where we won marriage equality in 2011, to states across the country,” Bloomberg declared in a statement.