Bloomberg tax proposal seeks to collect $5T from high-income taxpayers

Democratic presidential candidate and former New York City Mayor Mike Bloomberg released a tax plan Saturday that seeks to collect $5 trillion over a decade by increasing taxes on the wealthy. 

In the plan, Bloomberg looks to reverse many of the tax reforms put in place by the Trump administration in 2017. Bloomberg's plan proposes adding a 5 percent surtax on incomes above $5 million a year and increasing the corporate tax from 21 percent to 28 percent, which is still 7 percentage points less than it was prior to the 2017 tax law.

The plan also proposes to close loopholes and increase funding for the IRS in an effort to shrink the tax gap, which Bloomberg's advisers say is about $6 trillion to $8 trillion over 10 years. 

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"Tackling income inequality requires major new investments in education, job training, health care, affordable housing, infrastructure and other areas this president is ignoring or making worse," Bloomberg said in a statement. "Those investments require new revenue - and a fairer, more progressive tax system that asks wealthy Americans like me to pay more."

The plan does not, however, include a so-called wealth tax proposed by several of Bloomberg's more progressive opponents, such as Sens. Elizabeth WarrenElizabeth WarrenHillicon Valley: Schiff presses intel chief on staff changes | Warren offers plan to secure elections | Twitter's Jack Dorsey to donate B to coronavirus fight | WhatsApp takes steps to counter virus misinformation Warren releases plan to secure elections during coronavirus pandemic On The Money: Trump officials struggle to get relief loans out the door | Dow soars more than 1600 points | Kudlow says officials 'looking at' offering coronavirus bonds MORE (D-Mass.) and Bernie SandersBernie SandersDrugmaker caps insulin costs at to help diabetes patients during pandemic The Hill's Campaign Report: Wisconsin votes despite coronavirus pandemic Sen. Brown endorses Biden for president MORE (I-Vt.).

Bloomberg is a multibillionaire running a largely self-funded campaign. According to the most recent Federal Election Committee filings, he’s raised $200 million since he announced his candidacy in November — more than any other candidate in the race, including Trump.

It was reported Friday that the Democratic National Committee would drop donor threshold requirements for the upcoming Feb. 17 debate in Las Vegas, opening the door for Bloomberg, who doesn’t take campaign donations, to qualify.