USA: Michael Bloomberg withdraws from the race and announces his support for Biden

USA: Michael Bloomberg withdraws from the race and announces his support for Biden
5 min read
17 October 2022


The former mayor of New York, who spent 500 million dollars on his electoral campaign, announced his withdrawal from the Democratic primary elections after the poor results obtained in the so-called Super Tuesday. Like Buttigieg and Klobuchar, he confirmed his support for Joe Biden's candidacy.

The billionaire former mayor of New York, Michael Bloomberg, ended his presidential campaign in the United States on March 4, hours after Super Tuesday ended, in which he did not obtain positive results. That is why he made the decision to give up and endorse Joe Biden, whose campaign for the White House advanced with a series of electoral victories in nine of the 14 states that were in contention.

Bloomberg dropped out of the race for the presidential nomination just 101 days after taking office despite spending more than $500 million of his personal fortune on his campaign. The large investment earned him a single victory in American Samoa.

"Three months ago, I entered the presidential race to defeat (US President) Donald Trump. Today I am leaving the race for the same reason: to defeat Donald Trump," he said in a statement, stressing that "Clearly the (optimal) candidate is my friend and great American, Joe Biden."

The news came just hours after Biden scored Super Tuesday victories in Alabama, Arkansas, North Carolina, Massachusetts, Minnesota, Oklahoma, Tennessee, Texas and Virginia, reinvigorating a presidential bid that was teetering on the brink of disaster a few days earlier. Before Biden and Bloomberg spoke Wednesday morning, according to two sources familiar with the situation who were not authorized to disclose private conversations.

"There could be presently not a reasonable way to the selection," Bloomberg, 78, said in an explanation. Underwriting Biden, Bloomberg said, "I will attempt to make him the following leader of the US. " Bloomberg didn't say whether he would spend any of his fortune to help Biden, as of recently his Vote based rival.

Bloomberg barely managed 12 delegates yesterday, key for the Democratic primaries, where the candidate who next November will face the Republican Donald Trump will come out. The billionaire declared himself a "believer in the use of information" for decision-making, stressing that "after yesterday's results, the accounts of the delegates are virtually impossible and there is no longer a viable path to the nomination."

About Joe Biden, who was vice president of the country during the two terms of Barack Obama (2009-2016), Bloomberg highlighted in his statement the "decency, honesty and commitment" with the most important issues for the United States, among which he highlighted health , climate change, employment and gun control.

Mike Bloomberg also thanked his supporters for their support and asked them to continue to be "committed" and active in the electoral process to elect a Democratic candidate who is capable of defeating Trump.

Billionaire US Presidential Candidate Michael Bloomberg Launches Plan to Tax Rich "Like Me"

Democratic presidential candidate of the United States Michael Bloomberg proposed this Saturday big tax increases on American corporations and individuals, including a new tax paid to people who earn more than 5 million dollars a year.

A Bloomberg campaign estimates that the measures will raise about 5 trillion dollars over 10 years.

All of the major Democratic candidates advocate higher taxes on the wealthy, and Bloomberg's blueprint helps position the billionaire former mayor of New York as a moderate among Democrats who hope to challenge Republican re-election candidate Donald Trump in the November election.

The proposals of Bloomberg are similar to those presented by the most important Democratic candidate, Joe Biden.

Like Biden, Bloomberg defends the withdrawal of tax cuts introduced by Trump for wealthy Americans, as well as charging higher taxes on profits obtained from asset sales. Also like Biden, Bloomberg wants to raise the tax collected from corporations from 21% to 28%.

But Bloomberg also says that he is looking at the rent of two hyper-rich like him, adopting a similar strategy on purpose for progressives Bernie Sanders and Elizabeth Warren.

Bloomberg built his $60 billion fortune selling financial information to Wall Street. He differs from Sanders and Warren in his proposal to tax instead two assets. As Sanders proposes new taxes on the fortune of the two richest 0.1% of the United States, Bloomberg wants a 5% surtax on the annual income of two who earn more than 5 million dollars, reaching or equal to the richest 0.1% of the country.

The Bloomberg campaign affirms that the plan will help combat economic inequality and banking the main investment proposals of the candidate, which include the expansion of the coverage of the health system and the reform of roads and bridges.

“These investments require a new income, a fairer, progressive tax system that asks for the rich North Americans as we will pay more”, said Bloomberg.

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