Michael Bloomberg said he will be releasing his taxes, but as a billionaire who does business around the world, it’s not a simple task.
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“I can’t just go to TurboTax,” he said.
Bloomberg pointed out that he’s a relative newcomer to the race for the party’s nomination for president.
“We’re releasing them,” he said during the Democratic debate in Las Vegas Wednesday. “They’ll be out in a few weeks and that’s as fast as I can do it.”
The former New York City mayor said that he agrees taxes should be raised on the rich and that he wants Congress to roll back the 2017 Republican-backed tax cuts. But he defended his own wealth, saying that he “worked very hard for it.”
Bloomberg did share redacted versions of his tax returns during his terms as New York mayor. But he refused to release the full returns and only shared what he did release with some reporters who were barred from copying any of the information.
In his final year in office in 2013, it was estimated that Bloomberg paid at least $1.5 million in federal, state and city income taxes. In addition, he paid another $1.5 million in taxes to foreign countries. His federal income tax rate, before deductions, was 34.69 percent. Bloomberg's New York State tax rate was 8.82 percent, and the rate for the city he was mayor of was 3.88 percent.