- Michael Bloomberg would pay more than $3 billion next year under Elizabeth Warren’s Wealth Tax.
- Democratic candidates have expressed concerns about the billionaire since rumors spread about his potential presidential run.
- Michael Bloomberg officially entered the Democratic race on Sunday.
Billionaire Michael Bloomberg has officially entered the Democratic race for President.
The former New York City Mayor made the announcement on Sunday, stepping into a crowded field with 17 other major candidates. But with a history of crony capitalism on Wall Street, not everyone is fond of the newcomer.
Bloomberg Faces Immediate Backlash from Fellow Candidates
Upon entering the race, the philanthropist embarked on a record-breaking advertisement blitz. He purchased $33 million worth of television advertisements in one week – more than any other presidential candidate has spent over seven days.
The news became a lightning rod for criticism from the socialist-wing of the Democratic Party.
In a statement, Bernie Sanders said he was “disgusted by the idea” that people could “circumvent the political process and spend tens of millions of dollars to buy our elections.”
I’m disgusted by the idea that Michael Bloomberg or any billionaire thinks they can circumvent the political process and spend tens of millions of dollars to buy elections.
If you can’t build grassroots support for your candidacy, you have no business running for president. https://t.co/jyIBVXUToj
— Bernie Sanders (@BernieSanders) November 22, 2019
Elizabeth Warren also lambasted the billionaire during a campaign stop in Iowa on Monday. During the event, Warren said:
Think about it this way, [Bloombergs] view is he doesn’t need people who knock on doors, he doesn’t need to get out and campaign with people, he doesn’t need volunteers, and if you get out and knock on 1,000 doors, he’ll just spend another 37 million dollars to flood the airwaves, and that’s how he plans to buy the nomination in a…