By: Economic & Finance Report
Billionaire Democratic presidential candidate Michael Bloomberg, will be unveiling tax proposals and tax plans that will aim at wealthy Americans.
Mr. Bloomberg will be instituting a five percent surtax to incomes of five million and more, while also increasing the capital gains, and corporate gains.
Mr. Bloomberg wants to expand healthcare, public housing, education and infrastructure. The tax plans outlined by Mayor Bloomberg indicates that it could raise over $5 trillion dollars, in over a decade. Estimates have projected to go up and down depending on how reliant the calculations are.
Bloomberg’s plan would bring back the personal income tax to 39.6% (currently reduced to 37%). Capital gains on personal income over $1 million dollars would be tax, and 5% surtax on incomes over $5 million dollar, while also changing the estate tax as well. Corporate taxes will increase from 21% to 28%. -SB