For Immediate Release
Sanders: Tax Millionaires and Big Oil to Lower Deficit
WASHINGTON - Sen. Bernie Sanders (I-Vt.) said today that Congress must balance spending cuts with additional revenue to reduce deficits.
“It would be morally wrong for the United States to balance the budget on the backs of the most vulnerable people in our society while asking nothing from the wealthiest,” Sanders said.
A member of the Senate Budget Committee, Sanders proposed a millionaires’ surtax. He also called for eliminating tax breaks for Big Oil.
A 5.4 percent surtax on adjusted gross incomes over $1 million would raise as much as $50 billion a year. An NBC News/Wall Street Journal poll published last week showed overwhelming support for that concept.
Ending tax breaks for oil and gas companies could raise another $3.5 billion a year.
Senate leadership already agreed to cut spending by $41 billion. The president last week signed into law a short-term continuing resolution that cut an additional $4 billion. Senate negotiators have offered additional $6.5 billion in cuts. That's more than half of the $100 billion House Republicans have called for in terms of deficit reduction. The rest, Sanders said, must come from additional revenue.
“In the midst of the worst recession since the Great Depression, America's middle class and working families have already paid a very heavy price in terms of lost jobs, lost homes, lost wages, and lost opportunity,” Sanders said.
“The time has come to ask the wealthiest in our society and the most profitable corporations in America to help our nation address its deficit crisis,” he concluded.
This is the world we live in. This is the world we cover.
Because of people like you, another world is possible. There are many battles to be won, but we will battle them together—all of us. Common Dreams is not your normal news site. We don't survive on clicks. We don't want advertising dollars. We want the world to be a better place. But we can't do it alone. It doesn't work that way. We need you. If you can help today—because every gift of every size matters—please do. Without Your Support We Simply Don't Exist.