#wall street reform
BREAK UP BIG BANKS: A message from Bernie Sanders – J.P. Morgan Chase revealed that its in-house trading operation lost $2 billion in the past six weeks. “The debacle at J.P. Morgan Chase reaffirms my view that the largest six banks in this country, including J.P. Morgan Chase, which have assets equivalent to two-thirds of our GDP, must be broken up. This is important in order to bring more competition into the financial marketplace and to prevent another ‘too-big-to-fail’ bailout,” Sen. Bernie Sanders said. “At a time when 23 million Americans are either unemployed or underemployed, huge financial institutions should not be involved in ‘making wagers or high-stake bets.’ They should be investing in the productive economy creating jobs and improving our standard of living.” —Crooks & Liars
#tax cuts for the wealthy
SEN. BERNIE SANDERS sees a lesson for the United States in the European elections — “In the United States and around the world, the middle class is in steep decline while the wealthy and large corporations are doing phenomenally well. The message sent by voters in France and other European countries, which I believe will be echoed here in the United States, is that the wealthy and large corporations are going to have to experience some austerity also and that that burden cannot solely fall on working families. In the United States, where corporate profits are soaring and the gap between the rich and everybody else is growing wider, we must end corporate tax loopholes and start making the wealthy pay their fair share of taxes. At the same time, we must protect Social Security, Medicare and Medicaid. Austerity, yes, but for millionaires and billionaires, not the working families of this country.” — Crooks & Liars
#worrying about the wealthy
BERNIE SANDERS: Congress spends day and night worrying about the wealthy – “This country faces enormous problems, the middle-class is declining, poverty is increasing, we’re worried about global warming, we’re worried about health care, we’re worried about education,” he said, “and the American people are looking to Washington and saying, ‘What’s going on? We have enormous problems, and you’re not addressing those problems.’” “One of the reasons that Congress is not addressing those problems is the power of big money in terms of campaign contributions and in terms of lobbying,” Sanders continued. “Working people are trying to keep their heads above water, and here on Capitol Hill all kinds of money is flooding into this institution so that Congress spends day and night worrying about the wealthy and powerful, and forgetting about the middle-class and working families.” He blasted the Supreme Court’s 2010 decision in Citizens United v. Federal Elections Commission, which held that limiting corporate campaign spending violated the First Amendment. […] Sen. Charles Schumer said at the summit that the Citizens United decision was the worst since Plessy v. Ferguson, which upheld state laws enacting racial segregation. “Something like 17 people have given half the Republican super PACS half of their money,” he noted. “What is happening to America?”
"A forthcoming bill to be proposed by Sen. Bernie Sanders (I-VT), the only Democratic Socialist in the U.S. Senate, would make incomes above $250,000-a-year subject to the payroll tax, a move he says will make the nation’s most beloved social safety net program, Social Security, significantly stronger. The current payroll tax, which is Social Security’s sole source of funding, only applies to incomes up to $106,800-a-year. Sanders’ bill would not tax incomes between that amount and $250,000-a-year."
#incomes above $250K a year
It’s not like they’re creating jobs…
Bernie Sanders has a great idea:
Under Sanders’ legislation, a 5.4 percent tax on income of more than $1 million a year would yield up to $50 billion annually for the U.S. Treasury.
The same legislation would end tax breaks for big oil and gas companies. That provision would yield about $3.5 billion a year in new revenue.
Sanders voted yesterday against a House-passed spending bill that slashed Head Start, Pell grants, community health centers, LIHEAP, the Social Security Administration and many other programs that are vitally important to millions of middle-class families.
“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.”
I don’t think it’s out of line to ask the wealthy to start contributing their fair share.They’ve been raking it in at the expense of everyone else for over a decade.