Bernie Sanders: We must end global oligarchy
By Bernie Sanders
Updated 7:56 AM ET, Mon November 13, 2017
Excerpt:
The essence of oligarchy is that the billionaire class is never satisfied with what they have. They want more, more and more -- no matter what impact their efforts have on working people, the elderly, children, the sick and the poor. Greed is their religion. While the oligarchs are avoiding their taxes, Trump and his Republican colleagues, ostensibly in order to save federal dollars, have been trying to throw tens of millions of Americans off of their health insurance, and make massive cuts in education, nutrition assistance and affordable housing.
As a candidate for president, Trump promised that he would stand up for the working class of this country. Needless to say, that was a lie. Almost half of the benefits in the Trump/Republican tax plan would go to the top 1%, according to the Center for Budget and Policy Priorities. Additionally, they want to lower the corporate tax rate from 35% to 20%, even though in 2012 one out of every five large, profitable corporations in the US paid no federal income taxes at all and between 2008 and 2015, 18 corporations had a tax rate lower than 0%.
Republicans also want to make it easier for companies to shelter their profits overseas and pay zero taxes. The "territorial tax system" they are proposing, which means companies would be taxed only on income earned within our country's borders, would exempt the offshore profits of American corporations from US taxes and allow for a one-time 12% tax on their offshore cash profits when brought back into the United States.
Meanwhile, while the wealthy and large corporations are receiving huge tax breaks, nearly half of middle-class families would actually see their taxes go up by the end of the decade by eliminating deductions for medical expenses, student loan interest rates, state and local income and sales taxes, and the cost of health insurance for the self-employed.
http://www.cnn.com/2017/11/13/opinions/oligarchy-paradise-papers-bernie-sanders-opinion/index.html