Presidential candidate and former New York City Mayor Mike Bloomberg (D) 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 much of the tax reforms put in place by the Trump administration in 2017. That includes adding a 5% surtax on incomes above $5 million a year and increasing the corporate tax from 21% to 28%, which is still 7% less than it was prior to 2017.
The plan also proposes to close loopholes and increase funding for the Internal Revenue Service (IRS) in an effort to shrink the tax gap, which Bloomberg’s advisors say is at about $6 trillion over 10 years.
“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 Warren (D-Mass.) and Bernie Sanders (I-Vt.).