Higher taxes for America’s empires

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DDemocratic presidential candidate Michael Bloomberg wants to raise taxes for top earners and the rich according to his election program – which should also cost him a lot of money. The additional income is to be used to finance necessary investments in health care, infrastructure, education and the fight against climate change, multimillionaire Bloomberg said on Saturday. The former mayor of New York is running for the Democratic presidential candidacy.

To fight income inequality, too, a more advanced and fair tax system is needed, “which requires wealthy Americans like me to pay more,” said Bloomberg. Among other things, his government would reverse the reduction in the top tax rate from 39.6 percent to 37 percent, which was decided by Republican President Donald Trump, Bloomberg said. In addition, citizens with an annual income of more than $ 5 million should pay an additional 5 percentage points higher taxes, regardless of whether their income comes from work or capital income. The top rate of corporate tax should also be increased, from 21 percent to 28 percent, it said.

Most Democratic presidential applicants also propose higher taxes to attract investment. The 77-year-old Bloomberg had only started the presidential race at the end of last year, but has since spent more money on campaigning than many other candidates combined. Unlike the rest of the candidates, Bloomberg has barely bothered about the first Iowa primary, where Democrats begin voting on Monday. Instead, Bloomberg relies on America’s more populous states, where elections are only held in early March.



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