US: Bloomberg wasted $500m running for president but saved more due to 2017 tax reform

Former New York City Mayor Mike Bloomberg recently announced that he was ending his campaign for Democratic presidential nomination. Bloomberg took the drastic decision after failing to win a single state during Super Tuesday elections on March 3. While Bloomberg has been furiously mocked online for spending half a million dollars on his campaign, reports have shown that Bloomberg and his businesses may have made much more money due to Trump's 2017 tax reform than the amount he spent on his campaign.

Trump probably saved Bloomberg millions

Trump's tax cuts have been one of the most controversial moves by the US President. His Republican supporters had claimed that the tax cuts would greatly benefit working-class families, on the other hand, reports indicate that Democrats claimed that the tax cuts were just a giveaway to billionaires.

According to reports, Trump's tax cuts meant that billionaires pay less tax than the middle class for the first time ever. The tax cuts that were implemented were all the more controversial because they were announced at a time when the United States's national deficit had swollen to $1 trillion, these tax cuts reportedly gave billionaires a $1.6 trillion tax break.
In addition to income tax, corporation tax was also cut fro 35 per cent to 21 per cent.

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This means that Mike Bloomberg's companies like Bloomberg L.P. made millions, thanks to the tax breaks. According to reports and experts, the tax breaks given by Trump to billionaires may have saved as much as $560 million more than he spent on his doomed campaign. With the tax cuts still in place, Bloomberg will continue to profit and make money thereby more than making up the money he lost during the campaign.

Trump ridicules Bloomberg 

United States President Donald Trump, who is known to take on his opponents on Twitter, recently targetted the former Democratic presidential candidate, Mike Bloomberg but later deleted the video. Trump had shared the clip of Bloomberg who dropped out of the race for the White House after Super Tuesday, who can be seen eating crust from a slice of pizza and then licking his fingers. The US President not only called him “Mini Mike” but also called him “unsanitary” and “dangerous”. Immediately after the video was shared, it started taking rounds and had gone viral, but he later deleted it. However, the video still remains on Donlad Trump Jr's profile, with the caption “disgusting”.

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Donald Trump had also taken another dig on Mike Bloomberg on March 3 by calling him as the “biggest loser” for his performance on Super Tuesday. He also targetted the $700 million Bloomberg's campaign invested in advertising. According to the Republican US President, it was “money down the drain” as Joe Biden and Bernie Sanders stole the show by winning in nine and four states in Democratic primaries. According to Trump, the Super Tuesday results were a "complete destruction" of Bloomberg's reputation.