New York City Mayor Bill de Blasio announced his plans to “tax the hell out of the wealthy.” Numerous news sites say that de Blasio claims his proposal as the most aggressive one compared to other presidential candidates.
According to CBS News, de Blasio claims that the wealth tax proposal would bring in around $1 trillion, as revealed by spokesperson Jaclyn Rothenberg.
Last Wednesday, July 31, 2019, Bill de Blasio commanded a strong entrance by saying, “When I’m president, we will even up the score and we will tax the hell out of the wealthy to make this a fairer country and to make sure it’s a country that puts working people first,” reports Vox.
Closer Look
The ideas put forward by the New York City mayor appears to build on the existing proposals of other presidential candidates, Senators Elizabeth Warren and Bernie Sanders, reports CBS News.
Under de Blasio’s proposal, individuals bearing $10 million or more will be levied with a 1% tax. Meanwhile, people with $25 million or more will be given a 2% charge and 3% for individuals who have more than $100 million.
Besides these, the current mayor of New York also intends to bring in a Turncoat Tax. Under this, Americans who renounce their citizenship in attempts to avoid paying taxes would be tasked to pay 40% more. An exit charge would also be imposed for wealthy individuals who attempt to store their wealth in offshore bank accounts outside the country.
Other plans that de Blasio has in-store include bringing back the corporate tax rate to 35%, an inheritance charge for individuals obtaining more than $1 million, and additional charges for companies whose chief executive officers are paid over 100 times compared to employees, reports Vox.
Despite claiming to bring in $3 trillion over 10 years, the presidential candidate’s plans drew flak from different industry professionals, saying the proposed structure could do more harm than good.
