2020 Democratic presidential hopeful and former New York Mayor Michael Bloomberg speaks during an event to open a campaign office at Eastern Market in Detroit, Michigan, on December 21, 2019.

Billionaire Democratic candidate Mike Bloomberg unveiled a tax plan on Saturday that would unwind corporate tax breaks granted by President Donald Trump and impose an additional 5% "surtax" on incomes above $5 million a year.

According to the campaign, the plan in total would generate roughly $5 trillion and would be sufficient to help fund Bloomberg's initiatives, including his healthcare plan, education, combating climate change and more than $1 trillion infrastructure plan.

The campaign did not state how much it would generate from its surtax on incomes above $5 million a year, though noted it would only impact less than 0.1% of taxpayers.

Bloomberg, like fellow moderate candidate Joe Biden, thinks Trump's 2017 Tax Cuts and Jobs Act went too far. Both want to hike the corporate tax rate up to 28%, after Trump lowered it from 35% to 21%. Both want to reverse the Trump tax changes that lowered taxes on high-income households from 39.6%. to 37%. Both propose raising capital gain taxes for high-income taxpayers.

"The plan I am releasing today raises rates on wealthy individuals and corporations, closes loopholes, cracks down on tax avoidance, expands the estate tax, and reduces the tax advantages that investors have over workers," said Bloomberg in a statement.

"And, most importantly," he added, "my plan is achievable" in a seeming swing at more liberal policies put forward by rival Democrats, Senators Bernie Sanders and Elizabeth Warren.

For Bloomberg, who has a net worth of more than $59 billion and courted business leaders as part of his campaign, a focus on high-income taxpayers is notable. It is an acknowledgment of rising income inequality and a 2020 presidential campaign that has centered on populist rhetoric. It echoes language by millionaires and billionaires like Warren Buffett and Abigail Disney who have said they should pay higher taxes.

Bloomberg, who founded financial and media company, Bloomberg LP, said in a statement on Saturday he already gives nearly all his company's profit to charity.

"Under my plan, I'll continue doing that," he noted. "But I will also pay more in taxes to make sure all Americans have the same opportunities I did. That's only right."

Bloomberg could take the debate stage for the first time in Nevada later this month. The Democratic National Committee on Friday unveiled new debate rules that dropped the requirement for candidates to obtain a minimum number of campaign contributors, opening a previously closed door for Bloomberg.

He is polling in fourth place in national surveys, earning approximately 8% support.