Step 1

For the dressing: Whisk together the mayonnaise, sugar, vinegar, milk, onion, salt and paprika in a medium bowl.

Step 2

For the slaw: Using a mandolin, thinly slice the green and red cabbages, carrots and peppers and transfer to a large bowl. Add the raisins, bacon and dressing and toss together until well coated. Let the slaw sit at room temperature for 20 minutes and up to 1 hour before serving.