As House and Senate leaders fine-tuned rival deficit reduction plans on Wednesday, Sen. Bernie Sanders spoke on the Senate floor about the public's strong belief that additional revenue from the wealthy should be part of any package to reduce red ink. He cited a new Washington Post poll that found 72 percent favor raising taxes on those who make more than $250,000 year. Despite those overwhelming numbers, he said, "We are marching down a path which will do exactly opposite of what the American people want." He called Republican opposition to more revenue "fanatical." He also faulted President Obama for a bargaining strategy that sugars down to this: "Retreat after retreat after retreat." Of the competing House and Senate proposals Sanders bluntly concluded that one is bad and the other is much worse.
The senator also summarized his analysis in this statement:
"The rich are getting richer, and their effective tax rate is the lowest in modern history. Many corporations are enjoying huge profits and, because of outrageous loopholes, pay nothing in taxes. Among many other absurdities, we lose about $100 billion every year from companies and individuals who stash their wealth in tax havens in the Cayman Islands, Bermuda and other locations.