Months after President Obama caved in to right wing interests and agreed to compromise principles and the good of the country by supporting the extension of the bush tax cuts for the super-rich, and weeks after public opinion polls have shown significant support for making the super-rich and corporate giants pay their fair share of taxes, leave it to the one guy in Washington to try to do something about it.
Sen. Bernie Sanders has now introduced the Emergency Deficit Reduction Act, a bill to create a surtax on millionaires, and to end tax breaks for big oil.
Sen. Sanders has said in reference to the bill that you cannot fund the government and work towards deficit reduction “just by cutting programs that working families, the middle class, low-income people desperately need in order to survive in the midst of this terrible recession”, but that additional revenue must come from those who can afford it.
The bill provides a 5.4% surtax on income over $1 Million per year, providing as much as an additional $50 Billion yearly to the treasury, and and additional $3.5 Billion annually by ending oil and gas subsidies – subsidies such as those given to ExxonMobil, the world’s most profitable corporation, with annual profits in excess of $40 Billion.
No one can say it better than Sen. Sanders:
“The Republicans wanted to move toward a balanced budget solely on the backs of the middle class and some of the most vulnerable people in this country, but didn’t ask the wealthiest people, who are becoming much wealthier, to contribute one penny in shared sacrifice.”
“[If] the Democrats are serious about deficit reduction they have to raise revenue along with spending cuts.”
Thank you, Senator.
One final note. As mentioned on the Rachel Maddow show last evening, Forbes magazine figures show that the Koch Brothers’ wealth increased over $9 Billion the past year,and if combined, would rank as the fourth richest person in the world.