WASHINGTON (Reuters) - U.S. democratic presidential candidate Michael Bloomberg on Saturday proposed major tax hikes on wealthy Americans and corporations, including a new tax aimed at people earning more than $5 million per year.All major Democratic candidates have called for higher taxes on the rich and Bloomberg's plan helps situate the billionaire former mayor of New York as a relative moderate among Democrats hoping to challenge Republican Donald Trump in the November election.
Bloomberg made his estimated $60 billion fortune selling financial information to Wall Street. When it comes to taxing the super rich, his approach differs from Sanders and Warren in that it would tax income rather than assets. Tax experts have warned that taxing wealth - rather than income - might get bogged down in legal challenges. Bloomberg's campaign agrees."Most importantly, my plan is achievable," the candidate said in a statement.
Bloomberg's campaign says the plan would help fight economic inequality and pay for the candidate's major spending proposals, which include expanding health insurance coverage and repairing roads and bridges.
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