Bloomberg is rich, aloof and imperious — is this really what Dems want for president?
The curious campaign of Michael Bloomberg raises a question: Can a billionaire buy the Democratic nomination?
In his late bid for the nomination that skips the first four contests, which historically launch the nominee, Bloomberg has placed a big bet that big bucks can overcome all. Bloomberg has a history of short-circuiting the traditional political process and winning. The hallmarks of his victorious mayoral races in New York City were an overwhelming financial advantage, a blizzard of ads that saturated the airwaves, piecing together a disparate coalition, and little personal contact with voters. In 2001, Bloomberg, a Democrat, ran for mayor as a Republican, winning by spending $75 million of his own money on the campaign and outspending his opponent five to one. Bloomberg also ran on the ballot line of the Independence Party and created another one called Students First. Combined, that coalition provided Bloomberg 59,000 votes in his narrow 50-48 win. Clearly, the road map Bloomberg is traveling for the 2020 presidential race is rooted in his races for mayor.
The billionaire hedge fund manager released a tax plan that hits a lot of the same notes as other Democratic contenders — proposals to expand refundable tax credits, for instance, to be offset with higher taxes on corporations and the wealthy. Also like most of his peers he’d tax investment income from capital gains and dividends at the same rate as income earned from a job. Besides repealing all of the lower Trump tax cuts for individuals and corporations, he would institute a wealth tax. His plan calls for anyone worth 32 million dollars or more to pay 1 cent more on the dollar, at 500 million that goes up to 1 and a half cents, and at 1 billion dollars pay 2 cents. Over a decade, that’s 1.7 trillion dollars in tax revenue. Only other difference is his call to specifically cut middle class taxes by 10 percent for individuals making up to $200,000 a year and married couples up to $250,000.
“Warren promises to cancel student loan debt using executive powers,” by Michael Stratford: “Sen. Elizabeth Warren (D-Mass.) said Tuesday that she would take executive action to cancel most student loans, vowing to sidestep Congress to accomplish a progressive goal that faces stiff opposition from Republicans and even some moderate Democrats. “Warren detailed a sweeping new strategy to provide student debt relief to 42 million Americans on ‘day one’ of her administration — which she said could be achieved through a presidential directive under existing law. … Warren is now the first major 2020 presidential candidate to call for implementing a massive student loan forgiveness program through executive action without congressional approval.”
Presidential Candidate No More
Sen. Cory Booker suspends campaign for 2020 Democratic presidential nomination
Sen. Cory Booker has suspended his campaign for the Democratic presidential nomination. “I will carry this fight forward — I just won’t be doing it as a candidate for president this year,” he told supporters in an email.
New Jersey’s Cory Booker ends his presidential campaign
New Jersey Sen. Cory Booker ended his presidential campaign on Monday, saying he was out of money.