REPORT: De Blasio releases his plan to redistribute the wealth

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Democratic presidential candidate Bill de Blasio on Thursday rolled out a tax plan that would substantially increase taxes on wealthy individuals and corporations, one day after he spoke about his desire to raise taxes during the debate.

The plan from de Blasio, the mayor of New York City, is more aggressive and wide-ranging than other candidates’ tax proposals, and includes a wealth tax, higher individual income tax rates and a significantly higher corporate tax rate. De Blasio estimates that the plan would raise upwards of $10 trillion over a decade.

The article goes on to state the following:

“We need fundamental change both in society and our tax code, and my tax plan is the only plan in the Democratic field that faces up to the scale of the challenges we face,” de Blasio said in a statement.

De Blasio, a low-polling progressive candidate, rolled out his tax plan after he said during Wednesday’s presidential debate that he would “tax the hell out of the wealthy.” During the debate, de Blasio also criticized another candidateMichael Bennet, for raising concerns about tax increases that would be needed to pay for “Medicare for All.”

De Blasio’s tax plan would create a wealth tax that would tax assets between $10 million and $25 million at 1 percent, assets between $25 million and $100 million at 2 percent and assets above $100 million at 3 percent.

CLICK HERE to read more from The Hill. On Thursday, de Blasio rolled out his proposal, saying in a tweet, “You heard me right. Last night I vowed to tax the HELL out of the 1% and put money back in the hands of working people.”

“Introducing the most aggressive tax on extreme wealth of any candidate in this presidential race,” he proudly touted.

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