Opinion | Mike Bloomberg: Fixing Inequality Is My Priority

Part of the problem is global and macroeconomic. In nearly every industry, wages are mostly flat. Changing that will require major new investments in our public schools to make sure that all high school students graduate with the skills they need to enter college or start a career. I’ll make that a top priority as president, as I did as mayor.

The tax code is also worsening inequality. We tax income from stocks and bonds at a much lower rate than income from work. We allow great wealth to pass from generation to generation with little or no tax due. And we provide countless loopholes that corporations and the rich exploit to reduce their taxes even more.

The tax plan I released on Saturday confronts these issues head-on. It reverses the Republican tax cuts for high-income individuals. It adds a 5 percent surtax on income over $5 million a year, bringing the top tax rate to 44.6 percent. It raises the corporate tax rate to 28 percent, from 21 percent, which is still competitive with other developed countries. It strengthens the minimum corporate tax on foreign income, to stop companies from moving profits overseas. And it closes loopholes that companies and individuals exploit to avoid paying taxes.

Under my plan, the tax burden on the middle class won’t increase, but for those earning more than $1 million a year, capital gains will be taxed as ordinary income. This will end the unfairness of the wealthy paying far lower tax rates on investment income than working Americans pay on income from their jobs.

My plan also ends the carried interest loophole that allows money managers to categorize their ordinary income as capital gains. And it ends a huge loophole that allows the growth in the value of an estate to escape taxes at death, which benefits the wealthiest individuals.

Unlike other candidates’ plans that are likely to be rejected by Congress or the courts, mine is achievable — and I will get it done. After all, who better to make the argument for raising taxes on the wealthy than me?

Some who are wealthy will call me a traitor to my class. But that’s what they called Franklin and Theodore Roosevelt. Like them, I’ll wear the label as a badge of honor — and I’ll use the new tax revenue, an estimated $5 trillion over 10 years, to invest in America in ways that reduce inequality, strengthen the middle class and restore faith in the promise of the American dream.

Michael R. Bloomberg, a Democratic candidate for president, was mayor of New York City from 2002 to 2013 and is the chief executive of Bloomberg L.P.

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