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 WarrenIn defense of share buybacks Democrats urge Biden to go all in with agenda in limbo In Washington, the road almost never taken MORE (D-Mass.) and Bernie SandersBernie Sanders Texas House Republican tests positive for coronavirus in latest breakthrough case In defense of share buybacks Progressives seething over Biden's migrant policies 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.