Mike Bloomberg would save nearly $4 billion on his tax bill under Joe Biden’s proposed plan compared to the ‘tax on extreme wealth’ Bernie Sanders wants

mike bloomberg thumbs up tax bill sanders REUTERS/Carlo Allegri

Mike Bloomberg’s tax bill could be almost $4 billion more economical under the tax policy of his candidate, Joe Biden, than under Bernie Sanders.
Even after spending over $500 million in his campaign, Bloomberg remains among the wealthiest people in the country using a net worth of $58.4 billion.
Bloomberg introduced his own strategy to raise taxes on the wealthy before dropping out of the race on Wednesday, however it was in the form of an income tax rather than a wealth taxation such as the sole Sanders proposed.
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Mike Bloomberg blitzed the country with ads promising to raise taxes on the rich throughout his short-term but pricey presidential effort .

However, when he dropped out of the race after getting trounced on Super Tuesday, the former New York City mayor endorsed the candidate that wants to raise taxes on billionaires such as Bloomberg at least — specifically, Joe Biden. Under Biden’s taxation program, Bloomberg’s yearly tax bill will be $3.7 billion cheaper than it could be under Bernie Sanders, according to an analysis by CBS MoneyWatch. See the rest of the narrative at Business Insider

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