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.”