Power of Story Send a Tweet        
OpEdNews Op Eds

Bernie Sanders Calls for Surtax on Billionaires, End to Breaks for Big Oil

By   Follow Me on Twitter     Message Bernie Sanders       (Page 1 of 1 pages)     Permalink

Related Topic(s): ; ; ; ; , Add Tags  Add to My Group(s)

Supported 1  
View Ratings | Rate It


Author 7111
Become a Fan
  (130 fans)
- Advertisement -
Calling for Surtax on Millionaires, Ending Breaks for Big Oil


BURLINGON, Vt., March 6 -- As the U.S. Senate heads for votes this week on competing spending plans for the rest of the year, Sen. Bernie Sanders said Congress also must raise additional revenue to reduce deficits.  He proposed a surtax on millionaires and eliminating tax breaks for Big Oil.


- Advertisement -

While there is widespread agreement on the need to reduce the $14 national debt and $1.6 trillion deficit, Sanders (I-Vt.) said "this must include not only budget cuts, but raising revenue in a fair and economically just way."


Sanders, a member of the Senate Budget Committee, also said, "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."

- Advertisement -


Sanders suggested an emergency surtax on millionaires. 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. 


Sanders also would end tax breaks for big oil and gas companies .  Over the past decade, the five largest oil companies in the U.S. earned nearly $1 trillion in profits.  Meanwhile, in recent years, some of the largest oil companies in this country paid nothing in federal income taxes .  Ending those tax breaks could raise at least $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.

- Advertisement -


"Unfortunately, until now, virtually the entire debate in Washington has focused only on cutting federal programs," Sanders said. "Many of the cuts being proposed will have a devastating impact on some of the most vulnerable people in our nation - including seniors, children, the sick and the poor."                     


Contact: Michael Briggs (202) 228-6492


- Advertisement -

Supported 1  
View Ratings | Rate It


Bernie Sanders is the independent U.S. Senator from Vermont. He is the longest serving independent member of Congress in American history. He is a member of the Senate's Budget, Veterans, Environment, Energy, and H.E.L.P. (Health, Education, (more...)

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon Share Author on Social Media   Go To Commenting

The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Follow Me on Twitter

Writers Guidelines

Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
- Advertisement -

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Sanders Response to Clinton's Speech on Jobs

Saving Our Democracy

Vermont Senate Votes to Overturn Citizens United

Why Do Republicans Hate Social Security?

I Support Hillary Clinton. So Should Everyone Who Voted for Me.

Saving American Democracy