Bloomberg Campaign Press Release - A Wealth Tax Won't Work, Mike Bloomberg Has a Practical Solution

NEW YORK — The tax code is contributing to worsening inequality in the United States, and we need real-world solutions to close gaps in wealth and income. The wealth tax is difficult to implement, potentially unconstitutional, and unnecessary. Many countries have tried it, and most have gotten rid of it. Mike Bloomberg's plan recognizes the need to address economic inequality in the United States is immediate, and his plan confronts these issues head-on immediately, using the tools we already have at our disposal.

Mike's plan reverses the Republican tax cuts for high-income individuals. It adds a 5 percent surtax on income over $5 million a year, bringing the top tax rate to 44.6 percent. It raises the corporate tax rate to 28 percent, from 21 percent, which is still competitive with other developed countries. It strengthens the minimum corporate tax on foreign income, to stop companies from moving profits overseas. And it closes loopholes that companies and individuals exploit to avoid paying taxes.

For more information on Mike's tax plan, visit here.