Bloomberg Wants To Control Poor People Through Taxes
Multi-billionaire Michael Bloomberg is now on video saying that outrageous tax hikes on poor people are a “good thing.”
The comments were made at the spring meeting sessions of the International Monetary Fund in Washington, D.C.
The two minute clip of Bloomberg giving his opinion is below.
Trained as an engineer, Michael Rubens Bloomberg was the Mayor of New York City from 2002-2013, taking over from Rudy Giuliani and giving way to the current mayor, Bill de Blasio.
Bloomberg was born in 1942 and is worth over 50 billion dollars. So, you know, just like you and me.
In a surprise twist, the flip-flopping anti-Trump Bloomberg came out with an even-handed response to Donald Trump’s presidency while appearing on The View last summer:
“Let’s just all hope Donald Trump is a good president of the United States. We need this country to be run well. We have to make it work. You have an election. When someone wins, we have to get behind them… You can protest and you can elect other officials. You can write letters, make phone calls, and can carry signs. But in the end, we’re a democracy. The public has spoken — whether you like the results or not.”
The Sugary Drink Tax
Bloomberg’s comments were on the topic of “regressive tax.” According to Investopedia, a regresstive tax is:
“…applied uniformly, taking a larger percentage of income from low-income earners than from high-income earners. It is in opposition to a progressive tax, which takes a larger percentage from high-income earners.”
Most sales tax is uniform. If we both buy a pair of sneakers at $100, we’ll both pay the same regressive sales tax even if one of us makes ten times as much as the other.
User fees for government services, for example the cost to buy a driver’s license or to visit a state park are also regressive in nature.
And the tax on sugary drinks, being a uniform sales tax, is praised by Bloomberg because it punishes poor people that Bloomberg thinks shouldn’t be spending their money on Coca-Cola:
“That’s the good thing about [regressive taxes] because the problem is in people that don’t have a lot of money. And so, higher taxes should have a bigger impact on their behavior and how they deal with themselves.”
Bloomberg says that his push for the sugar tax is that he wants the “poor to live longer so that they can get an education and enjoy life.”
Poor People Need Help Improving Their Lives
The way that Bloomberg frames it, you can either pander to the poor for votes and do away with regressive taxes, or you can “get them to live longer” by taxing a vice like sugary drinks.
Let’s talk about sugar for a moment.
- 100ml of orange juice has 9g sugar.
- 100ml of Coca-Cola has 10.6g sugar.
- A medium-sized banana has about 15g of sugar.
Sugary drinks are only the tip of the iceberg when it comes to hidden sugar. Ask a diabetic and they’ll tell you about the high amounts of sugar in low-fat yogurt, granola and all sorts of other ‘healthy’ foods.
According to Bloomberg, all focus should be on the can of Coke.
“If you raise taxes on full sugary drinks, for example, they will drink less and there’s just no question that full sugar drinks are one of the major contributors to obesity and obesity is one of the major contributors to heart disease and cancer and a variety of other things.”
Then, he goes on a tangent to compare mining coal to choosing Pepsi, saying that it was a good thing to endorse policies that put coal miners out of work because it’s a dangerous job.
‘It’s Regressive, It is good.’
In agreement with Bloomberg stood Christine Lagarde of the International Monetary Fund. Lagarde was the Minister of Finance in France from 2007-2011 and has been the Managing Director at the IMF since 2011.
The IMF is under the United Nations, which receives a full 22% of their budget from the United States alone.
Lagarde praised Bloomberg’s analysis on sugar taxation, saying that in life, only death and taxes are certain, but you can use one to “defer the other one.” Sounds like atheism to me.
“So its regressive, it is good. There are lots of tax experts in the room. And [you] fiscal experts [that are joining us here, we are all] very pleased that they hear you say that.”
Here’s the video:
Sources: Americans for Tax Reform, Investopedia