Billionaire Democratic presidential candidate Mike Bloomberg is unveiling a tax plan that would target the wealthy – increasing rates on capital gains and corporate gains as well as introducing a new 5% surtax on incomes above $5 million.
The former New York City mayor has based his plan on its potential to raise enough revenue to finance his proposals for expanding health care, housing, education and infrastructure, among other programs.
“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,” Bloomberg said Saturday at a campaign stop in Denver. “We need money for infrastructure in this country.”
Unlike plans for a tax on wealth from Sen. Elizabeth Warren of Massachusetts and Sen. Bernie Sanders of Vermont, the Bloomberg plan is focused on raising tax revenues on the income generated from stock market and other investment holdings. This is a way to tax the top sliver of earners without facing courtroom challenges about the constitutionality of a wealth tax.