Bloomberg: Not Time to Tax Wealthy

New York City Mayor Michael Bloomberg says the nation is not yet in serious economic trouble, but problems loom around the corner unless something is done immediately. Bloomberg, also a successful billionaire, added on “Fox News Sunday" that taxing the wealthy is not the answer, Politico reports.

“I don't know that we are in big trouble, but we certainly could be very easily — this is a warning," he said when host Chris Wallace asked him about S&P's outlook downgrade on U.S. debt.

Bloomberg, a Democrat turned Republican turned independent, said hiking taxes on the rich at the moment would kick the U.S. economy into a tailspin.

"Today, no," Bloomberg said when asked if he backed White House plans to raise $1 trillion from tax hikes on families earning more than $250,000. "I think this economy is at a point, nationwide, where it could go either way. I do think we should have taxes. I do think that people should pay their fair share. I do think that the majority of the money is going to come from the wealthy, that's where the money is. On the other hand today is not the right ways to do it."