About This Source - Bloomberg QuickTake: Now
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Bloomberg Quicktake: Now published this video item, entitled “Bernie Sanders Proposes Bigger Tax Hikes Than the White House Is Planning” – below is their description.
Senate Budget Committee Chairman Bernie Sanders is proposing tax increases that are even bigger than the ones President Joe Biden is considering.
Sanders, in an interview with NPR, said that he is planning to introduce legislation Thursday that would raise the corporate tax rate to 35%, higher than the 28% that Biden has proposed. The corporate rate is currently 21%, which was cut from 35% in President Donald Trump’s 2017 tax overhaul.
The push for even steeper tax increases demonstrates that Democrats are divided on the scope of the levy hikes they should pursue as they look for ways to finance infrastructure, climate change programs and other priorities. Democrats largely agree that businesses and wealthy households should pay higher taxes, but they have yet to debate the specifics of those increases.
Yet Sanders’ proposal is certain to face fierce opposition from Republicans, who make up half of the Senate, and misgivings from some moderate Democrats.
Sanders, a Vermont independent who caucuses with Democrats, also told NPR he would introduce a second bill that will create a surtax on the estates of the richest Americans. As Budget Committee chairman, his panel doesn’t have direct jurisdiction over the tax code, but Sanders said he sees his committee taking a broad approach to economic issues.
“What we want to do is use the committee to focus on the crises facing the working class of this country, the middle class of this country, talk about issues like income and wealth inequality, talk about the mass amounts of tax avoidance and tax breaks that the very wealthiest people in this country, talk about student debt, talk about how much it will cost us if we do not address the existential threat of climate change,” Sanders said in the NPR interview. “In other words, look at the major issues facing our country and focus a spotlight on them.”
The Budget Committee is scheduled to hold a hearing Thursday that will include testimony from Abigail E. Disney, an heiress to the Walt Disney Co. fortune, who also advocates for higher taxes on the wealthy, and Gabriel Zucman, the University of California at Berkeley economist who helped develop a tax plan for Senator Elizabeth Warren when she ran for president.Bloomberg Quicktake: Now YouTube Channel
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In This Story: Bernie Sanders
Bernard Sanders is an American politician who has served as the junior United States Senator from Vermont since 2007 and as U.S. Representative for the state’s at-large congressional district from 1991 to 2007. He is the longest-serving independent in U.S. congressional history, although he has a close relationship with the Democratic Party, having caucused with House and Senate Democrats for most of his congressional career.
Sanders unsuccessfully sought the Democratic Party nomination for president of the United States in 2016 and 2020, finishing in second place in both campaigns.
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Climate Change is the name commonly given to the notion that the Earth is undergoing a changing climate as a result of human activity, including notable leaders, scientists and naturalists including Sir David Attenborough.
Climate change includes both the global warming driven by human emissions of greenhouse gases, and the resulting large-scale shifts in weather patterns.
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“Democrats” usually refers to the The Democratic Party of the United States – one of the two major political parties in the country, along with its main, historic rival, the Republican Party.
It was founded on 8th January 1828 and has its contemporary headquarters in Washington, D.C., United States. The present leadership is Nancy Pelosi (Party leader) and Jaime Harrison (Party chair).
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The Walt Disney Company, DIS (NYSE), is an American diversified multinational mass media and entertainment conglomerate headquartered at the Walt Disney Studios complex in Burbank, California.
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Joe Biden is an American politician serving as the 46th and current president of the United States. A member of the Democratic Party, he served as the 47th vice president from 2009 to 2017 under Barack Obama and represented Delaware in the United States Senate from 1973 to 2009.
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The Republican Party, sometimes also referred to as the GOP (Grand Old Party), is one of the two major contemporary political parties in the United States, along with its main, historic rival, the Democratic Party.
It was founded on 20th March 1854 and has its contemporary headquarters in Washington, D.C., United States. The present leadership is Ronna McDaniel (chairwoman).