Our tax system isn’t fair and it has gotten worse under Donald Trump. His tax cuts have made the rich even richer, and many large corporations pay little or no income taxes. Mike will simplify the tax code and make it fair for all Americans.
How Mike Will Get It Done:
- Raise rates for high-income taxpayers
- Impose a new tax on the very rich
- Tax capital income more equitably
- Reform the estate tax and close loopholes
- Make corporations pay their share
Make high-income households pay their fair share
Mike will reverse the Trump tax cuts for high-income earners, restoring the top rate on ordinary income from 37% to 39.6%.
Impose a new tax on the very rich
Mike will place a 5% surtax on incomes (capital and labor) above $5 million a year to fund improvements in infrastructure, education, health care and more. This will affect less than 0.1% of taxpayers.
Mike’s tax plan will raise the revenue needed to pay for public investments like health care, infrastructure, education, climate resilience, and affordable housing.
Tax capital gains more equitably
Mike will tax the wealthy on equal terms with workers. He’ll tax capital gains at the same rate as ordinary income for taxpayers above $1 million. He’ll also introduce strong new measures to prevent tax avoidance.
Mike will attack the loopholes and complexities that benefit the wealthy at the expense of working families. His plan will close the “pass-through” 20% deduction that lets many rich taxpayers pay less, and he will end the “like-kind” provision that lets real-estate investors defer tax indefinitely.
Make corporations pay their fair share
Mike will raise the corporate tax rate from 21% to 28% and increase the minimum tax on foreign income. He will also apply the minimum tax on foreign income on a per-country, rather than global, basis. He will prevent companies from shifting reported profits to foreign tax havens, tighten rules on transfer pricing and the reporting of foreign taxes, and apply pressure to countries that act as tax havens. He will take the lead on cooperative international efforts to defeat profit-shifting.
Mike is the only Democrat running for president who has raised taxes on the wealthy by persuading a Republican legislature to vote for tax increases.
Under Mike’s leadership, New York City had one of the most progressive tax structures in the nation. Mike earned bipartisan support to increase taxes on the wealthiest individuals, raising an additional $400 million per year. This aided New York City’s emergence from a post-9/11 budget crisis, avoided mass layoffs and helped many young, elderly and low-income residents.