Despite economists, pundits, and 2020 presidential candidates speaking out against preposterous levels of economic inequality, another billionaire, Michael Bloomberg, has joined the race.

Bloomberg, the former mayor of New York City, has a net worth north of $52 billion. If one of the more progressive candidates win the Democratic nomination, Bloomberg can expect his wallet to take a hit. A wealth tax proposed by Senators Bernie Sanders and Elizabeth Warren would take billions of dollars worth of Bloomberg’s wealth in its first year.

Sam Pizzigati, associate fellow at the Institute for Policy Studies, joined the Real News to expound on his claim that Bloomberg could spend up to $6 billion dollars on a bid for the presidency and it would pay for itself in just two years if it stopped a wealth tax from being implemented.

Watch the original interview and read the transcript at the Real News.

Sam Pizzigati is an associate fellow at the Institute for Policy Studies.

Get more news like this, directly in your inbox.

Subscribe to our newsletter.