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Bloomberg in D.C. on Jan. 30. Photo: Mark Wilson/Getty Images

Michael Bloomberg proposed generating roughly $5 trillion for education, infrastructure and climate change by hiking the tax rates of top earners and corporations in a plan released Saturday.

Why it matters: That $5 trillion goal beats former Vice President Joe Biden's plan to raise $3.2 trillion over a decade by increasing taxes, Sen. Elizabeth Warren's "ultra-millionaire tax" to bring in nearly $4 trillion, and just surpasses Sen. Bernie Sanders' plan to raise roughly $4.35 trillion by taxing the wealthy.

  • Yes, but: Warren has multiple tax plans — one for corporations and trade organizations that spend more than $500,000 per year lobbying the government, and another to tax companies with over $100 million in profits.
  • The candidates' tax plans are also structured differently, with unique income limits and timeframes — Warren's is a 10-year plan and Sanders' is a 15-year plan.

Details: Bloomberg's proposal adds a 5% surtax on incomes above $5 million annually, while Warren takes aim at households with more than $50 million in assets, with a 2% charge.

  • Bloomberg's idea also calls for enforcing the IRS to "collect many hundreds of billions in taxes owed but never paid," but does not elaborate.
  • The corporate tax rate would rise from 21% to 28% under Bloomberg's plan.

Flashback: Fellow billionaire and 2020 Democratic candidate Tom Steyer challenged Bloomberg in November to support a wealth tax or leave the 2020 race.

Go deeper: DNC's new debate rules open the door for Bloomberg

Go deeper

Focus group: Former Trump voters say he should never hold office again

Illustration: Sarah Grillo/Axios

"Relief" is the top emotion some swing voters who used to support Donald Trump say they felt as they watched President Biden's swearing-in, followed by "hope."

Why it matters: For voters on the bubble between parties, this moment is less about excitement for Biden or liberal politics than exhaustion and disgust with Trump and a craving for national healing. Most said Trump should be prohibited from ever holding office again.

Updated 14 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Health: Most vulnerable Americans aren't getting enough vaccine information — Fauci says Trump administration's lack of facts on COVID "very likely" cost lives.
  2. Politics: Biden unveils "wartime" COVID strategyBiden's COVID-19 bubble.
  3. Vaccine: Florida requiring proof of residency to get vaccine — CDC extends interval between vaccine doses for exceptional cases.
  4. World: Hong Kong to put tens of thousands on lockdown as cases surge.
  5. Sports: 2021 Tokyo Olympics hang in the balance.
  6. 🎧 Podcast: Carbon Health's CEO on unsticking the vaccine bottleneck.

Trump impeachment trial to start week of Feb. 8, Schumer says

Senate Majority Leader Chuck Schumer. Photo: The Washington Post via Getty

The Senate will begin former President Trump's impeachment trial the week of Feb. 8, Majority Leader Chuck Schumer announced Friday on the Senate floor.

The state of play: Schumer announced the schedule after reaching an agreement with Republicans. The House will transmit the article of impeachment against the former president late Monday.