Feb 1, 2020 - Politics & Policy

Bloomberg pitches raising $5 trillion by taxing the wealthy

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

The latest: George Floyd protests nationwide

Police officers wearing riot gear push back demonstrators outside of the White House on Monday. Photo: Jose Luis Magana/AFP via Getty Images

Protests over the death of George Floyd and other police-related killings of black people continued for a seventh across the U.S., with President Trump threatening on Monday to deploy the military if the unrest continues.

The latest: New York Gov. Andrew Cuomo told CNN on the president's quasi-offer: "Thank you but no thank you," and accused Trump of "calling out the American military for a photo opportunity."

43 mins ago - World

The world watches America burn

Newspaper front pages via the Newseum

The world is watching the grief and anger, violence and pain in America's streets.

The big picture: The U.S. accounts for nearly one-third of the world's deaths from COVID-19. The killing of a black man, George Floyd, by police has sparked days of protest and nights of chaos in America's major cities.

Trump walks to historic St. John's Church outside White House as protests rage

President Trump walked to the historic St. John’s Episcopal Church, located just steps away from the White House across Lafayette Park, on Monday night as protests linked to the murder of George Floyd raged across the capital and cities around the country.

What we're seeing: Military police and park rangers used physical force and tear gas on peaceful protestors to clear the area so that Trump could "pay respects" to the church that was damaged by a fire on Sunday.