Higher taxes on individuals and corporations are the highlights of Michael Bloomberg's tax plan. It is pretty clear that his tax proposals won't generate the tax revenue that Bloomberg claims for the simple reason that the proposals assume that as tax rates go up they won't alter people's behavior. The one part of the Trump tax reform that Bloomberg won't reverse is the $10,000 cap on state and local deductions because reversing that would lower tax burdens for some people.
From the Wall Street Journal, here are the main points:
-- raise the top tax rate to 44.6% for income, the next highest rate would be 39.6% up from 37%.-- Corporations would pay a 28% tax rate, up from the current 21% rate -- would tax capital gains and ordinary income at that same rate for the top taxpayers-- his top income-tax rates on individuals would be higher than those proposed by former Vice President Joe Biden-- Unlike Mr. Biden, he would not repeal the $10,000 cap on state and local deductions because the benefits of that change would flow mostly to high-income people, according to the campaign.-- The plan released Saturday doesn’t address changes to Social Security taxes or the carbon taxes that Mr. Bloomberg favors.
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