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.
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.
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.
The tax plan comes at a crucial moment in Mr. Bloomberg's candidacy: He is increasingly seen as a plausible contender for the nomination, and his national poll numbers have risen to the high single digits on the strength of an advertising onslaught funded from his personal fortune.
Mr. Bloomberg has attempted to allay those objections in part by promising to raise taxes on people like himself: He opposed the passage of Mr. Trump's tax cuts in 2017, and on the day he entered the presidential race he called for tax increases on the wealthy.
While Mr. Bloomberg would certainly pay more under his own tax plan, his campaign declined to specify how much and said that no such assessment had been made.
Mr. Bloomberg's advisers say such a move would largely benefit higher-income taxpayers, and thus run counter to Mr. Bloomberg's goal of increasing the progressivity of the tax code.
https://www.nytimes.com/2020/02/01/us/politics/michael-bloomberg-tax-plan.html
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.
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.
The tax plan comes at a crucial moment in Mr. Bloomberg's candidacy: He is increasingly seen as a plausible contender for the nomination, and his national poll numbers have risen to the high single digits on the strength of an advertising onslaught funded from his personal fortune.
Mr. Bloomberg has attempted to allay those objections in part by promising to raise taxes on people like himself: He opposed the passage of Mr. Trump's tax cuts in 2017, and on the day he entered the presidential race he called for tax increases on the wealthy.
While Mr. Bloomberg would certainly pay more under his own tax plan, his campaign declined to specify how much and said that no such assessment had been made.
Mr. Bloomberg's advisers say such a move would largely benefit higher-income taxpayers, and thus run counter to Mr. Bloomberg's goal of increasing the progressivity of the tax code.
https://www.nytimes.com/2020/02/01/us/politics/michael-bloomberg-tax-plan.html
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