Sanders Wants Surtax On Millionaires, Eliminate Big Oil Tax Breaks

By Rachel Whitt

Senator Bernie Sanders (I-Vt.), a member of the Senate Budget Committee, said on Sunday that Congress must raise additional revenue to reduce deficits. He proposed a surtax on millionaires and eliminating tax breaks for Big Oil.

With Congress entering another week of budget cutting negotiations, the U.S. Senate is exploring alternative options to cut the $1.6 trillion deficit while avoiding further cuts to federal programs.

“It would be morally wrong for the United States to balance the budget on the backs of the most vulnerable people in our society,” Sanders said. “While asking nothing from the wealthiest.”

“[Reducing the deficit] must include not only budget cuts,”He continued. “But raising revenue in a fair and economically just way.”

Sanders’ proposal suggests a 5.4% surtax on citizens whose adjusted gross income is more than $ 1 million. This emergency surtax would raise roughly $50 billion a year, according to Sanders’ office projections.

In addition to the surtax, Sanders also proposed ending tax breaks for big oil and gas companies, which he says could raise at least $3.5 billion per year.

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