"I Can't Believe Black People Might Actually Vote for Michael Bloomberg": https://www.theroot.com/i-cant-believe-black-people-might-actually-vote-for-mic-1841611802
You sure think you speak for a lot of people, those disillusioned blue collar workers don't care that he has a lot of money as shown by them voting for Trump. If he can communicate what he can do for them he will get their support.
No, I didn’t. Do you know know what he's specifically proposing? It's on his website. Raising corporate taxes up to 27% (used 35% in 2016), raising the highest income tax rate back to 39.6% (what is was in 2016), and adding a 5% income/capital gains tax for anybody making 5 million or more a year is what he's proposing. He wants to restore the tax rates to wore then they were before Trump, and then add a 5% income/capital gain tax (with who knows what loopholes). This is nothing like a wealth tax, Bloomy already has 60 billion, billionaires make more than 5% profit a year, I'm sure he's fine with an additional 5% income tax. A wealth tax is very different, a wealth tax is very troubling for Bloomy, this is why he's running for president. This is why he's going to drop a billion on his campaign. If he wins, or helps Bernie/Warren lose it will save him billions annually. Do you know when Bloomberg started to decide he wanted to jump in the race? When Warren surged, and both Warren/Bernie released their wealth tax plans in October, this was unacceptable to Bloomy https://www.cnbc.com/2019/10/14/blo...sident-if-biden-struggles-against-warren.html
I have no idea how all of this has to do with what I posted. You said he did not want to tax himself, these are your exact words. Now get out there and vote for the man he doesn't want to be taxed. Maybe tone down the hyperbole and we can discuss what he is actually proposing. Everything you posted is a higher tax on himself, you might not think its enough but it is raising taxes. Why should I care when he decided to run? Why don't you ever talk about the money he has spent on progressive causes?
The capital gains tax is the single best tax option out there. It addresses multiple things. It targets the wealthy in a very laser-focused way. It raises tons of revenue (wealth taxes have failed in multiple places where they've been tried). It doesn't have any constitutional issues. It's super-easy to implement. It properly taxes wealthier people who don't make most of their money through wages (though Biden's plan is actually better on this front). And most importantly, it helps address the imbalance between our taxing of capital vs labor - relatively speaking, it means labor becomes more important as compared to capital, which should help drive labor costs (ie, wages) upwards. Our constant favoritism of capital over labor since the '60s has been part of the reason wages have stagnated - we literally reward companies for generating revenues using capital instead of using labor, so that's what they've done. It may benefit him - though he's demonstrated through his charity and all of his money spent on political causes like gun control that he's not super-concerned with maximizing his own money at this point. Besides which, he's already fairly old and has pledged virtually all his money to charity when he dies, so whether he has $40B or $60B when he dies doesn't really affect anything. But focusing on capital gains is also extremely smart policy and one that economists on the left have been pushing for years.
You really have no idea what it has to do with what you posted? He doesn't want a wealth tax. It's why he's running for president. I am talking about what he's proposing, I actually listed everything he's proposing from his website? He's proposing small taxes increases on himself in an effort to fight Warren/Bernie's wealth tax plans. It saves him a lot of money. I'm totally fine with him running IF there were campaign spendings caps / ad caps. Due to the campaigns being unregulated he's using his personal wealth to buy legitimacy in an undemocratic way. Because it's not relevant.
Undoubtedly an improvement from our current system, not nearly as progressive as Bernie/Warrens's plans. The money Bloomy would save in his proposed tax system vs Bernie's / Warren is substantial.
You just said yourself he is proposing a wealth tax it not as high as the others but it is a tax. And now you admit he is proposing increases which was my entire point. The voters will decide if he buying legitimacy in an undemocratic way it's not for you to decide if it is right or wrong.
As a black person if the option is between Bloomberg and Trump I'm voting Bloomberg. It's not like Trump doesn't believe in stop/frisk, Trump bragged about it, at least Bloomberg has shown remorse about it. Not that Bloomberg is my first option, probably about my last option for the DNC because of the idea of someone just buying their way into the WH is pretty sick...but it's still better than Trump continuing to rampage all over our three branches of power and justice.
I think it goes to Bloomberg's reputation as a problem-solver though. A wealth tax would be extremely difficult to pass, has endless constitutional issues that could be litigated for years, etc. So if you even believe in it as a good idea, it's a long-shot at best. Bloomberg proposes a solution that has similar effect, raises a ton of revenue, and can actually be accomplished (Obama was able to force through a cap gains rise with a GOP Congress, for example). It's basically the heart of Bloomberg's message - that he's not as ideological and wants to get stuff done. Whether that appeals to people, we'll see.
I said he doesn't want to be taxed - in reference to my post which was entirely focused on wealth taxes. He's running in an effort to save his money from a wealth tax that would be imposed by Bernie/Warren. What I'm saying is true and nonhyperbolic. Every candidate has a reason for running, Bloomy's reason is save his money from taxes.
I think it goes to show that he's trying to save himself from a wealth tax. Bernie/Warren proposing their plans combined with Biden looking weak sauce struck the fear of god in the Bergman's soul.
So if that is the only reason he is running why not run adds for Trump or republicans? Why did he put so much money in for democratic candidates in 2018? This is the hyperbole I am talking about, you cannot even admit it's about more than that?
Because he thinks Bernie/Warren would win against Trump anyway? I think the main reason he's running is to protect himself from a wealth tax, I'm sure there are other things he's running for as well, if that helps.
Why? He's giving away billions of dollars of his money now, he's already fairly old, and he plans to give away the rest of his money when he dies. He's spent the last decade putting billions of dollars into progressive causes that had no benefit to him at all. He has helped put endless people in office that support raising taxes on wealthy people like him. He seriously considered running in 2016 when a wealth tax was never even on the table, but decided against it to not get in Hillary's way. What makes you think all of a sudden all he cares about is maximizing his own personal wealth?
