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Mike Bloomberg unveils $5 trillion tax plan

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Darren Preston
Darren Preston is one among the earliest team members of InstaTribune with a penance for writing news articles that cover each and every important Headlines from the U.S.

Mike Bloomberg is feeling philanthropic — this time with your money.

The 2020 presidential candidate unveiled $5 trillion in proposed new taxes Saturday as part of his sweeping domestic program. They would pay for infrastructure projects, as well as investments in green energy, affordable housing, education and health care, the billionaire Democratic candidate said.

“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,” the candidate said in a statement.

Among the proposals: rolling back President Trump’s corporate tax cuts; a new 5% surtax on incomes above $5 million a year; taxes on capital gains; lowering the threshold for the estate tax; and restoring top rates back to the Obama-era 39.6%.

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The increases are mostly aimed at the ultra-wealthy, with several likely to hit Bloomberg himself.

The 77-year-old former New York City mayor has already spent $140 million on television ads in his campaign, with millions more on staff and infrastructure. The sum is a fraction of his estimated $60 billion fortune. Bloomberg is entirely self-financing his campaign.

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