Billionaire U.S. candidate Bloomberg floats plan to tax rich people 'like me'

U.S. democratic presidential candidate Michael Bloomberg on Saturday proposed ma...

WASHINGTON - U.S. democratic presidential candidate Michael Bloomberg on Saturday proposed major tax hikes on wealthy Americans and corporations, including a new tax aimed at people earning more than $5 million per year.

Bloomberg made his estimated $60 billion fortune selling financial information to Wall Street. When it comes to taxing the super rich, his approach differs from Sanders and Warren in that it would tax income rather than assets. The campaign did not provide estimates on how much revenue each policy was expected to bring in. A policy advisor said some of the heaviest lifting would be done by higher corporate taxes and by taxing profits on asset sales - known as capital gains - at the same rate as normal income when a taxpayer earns more than $1 million a year.

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