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Tom Steyer Calls on Michael Bloomberg to Support a Wealth Tax or Not Run for the Democratic Nomination


(SAN FRANCISCO, November 8, 2019) — Today, Democratic presidential candidate Tom Steyer released the following statement after initial reports that former New York City Mayor Michael Bloomberg is preparing to enter the presidential race:

“Today, I’m challenging Michael Bloomberg to support a wealth tax or not run for president. In order to support progressive policies like universal health care and a Green New Deal, and address the wealth gap in our society, the Democratic nominee in 2020 must support asking the wealthy to pay more. If Michael Bloomberg decides to support a wealth tax, I welcome him to this race. If not, it’s very clear that he should not be the Democratic nominee.

“People like Michael Bloomberg and I, who have done well under the current economic system, have a direct responsibility to address wealth inequality and bring forth progressive plans to support working families. Supporting a wealth tax is central to addressing the inequality in our current economic system and supporting much-needed progressive policies.

“Unfortunately, President Trump’s damaging tax breaks for the wealthiest people in our country are exacerbating the inequality gap between the wealthy and everyone else — and hurting our hardest working Americans. I proposed a 1% annual wealth tax on the top 0.1 percent of American families ahead of other candidates in this race because I believe in fairness and doing what is right. My administration will be a beacon for economic justice and will fight to ensure that the richest Americans don’t get to live by a different set of rules than everyone else.

“We cannot afford to have a Democratic nominee in 2020 who does not support asking the wealthy to pay more to address the enormous inequality in our society.”