Sen. Bernie Sanders called Congress’s $440 billion plan to cut taxes for the wealthy and corporations crazy, and urged President Obama to veto the bill.
The White House announced yesterday that President Obama would veto a tax plan being negotiated by House Republicans and Sen. Harry Reid (D-NV) that would make permanent hundreds of billions of dollars in tax breaks for the wealthy and corporations.
In a statement Sen. Bernie Sanders called the tax cut plan crazy, “This tax cut agreement does exactly the wrong things. At a time of massive wealth and income inequality, it extends huge tax cuts to the rich and large corporations while threatening programs that help low-income children. At a time when we need to reverse climate change and aggressively move to sustainable energy, this agreement fails to eliminate tax benefits for the fossil fuel industry but phases out tax credits for wind and solar. This is pretty crazy stuff. I strongly support the president’s decision to veto it.”
The tax cut plan that Reid and the Republicans have cooked up is heavily tilted towards the wealthy and corporations. Liberals in the Senate are opposed to the proposal, and there is considerable doubt that the plan could garner the votes that would be necessary to override a presidential veto.
Sen. Sanders told it like it is. The last thing this economy needs is more tax cuts for the wealthy and corporations. It isn’t a coincidence that the economy has gone on a nearly unprecedented growth after taxes were raised on the wealthy.
The plan being pushed by Sen. Reid and House Republicans isn’t just crazy. It is also incredibly stupid. Republicans tried to tax cut their way to prosperity during the Bush years and ended up with the Great Recession. President Obama is going to play that game again, and a key member of the Senate liberal hell no caucus is standing right there with him.