Bernie Sanders may be the underdog in the presidential race, but he’s top dog in his vision for the economy. The number one favorite provision on our list is the #1 on his list, and if you read his explanation, it ends any pretense of validity of the trickle-down theory, i.e. that if wealthy corporations get tax breaks, they will create more jobs:
“Repeal all of the 2001 and 2003 Bush tax breaks for the top two percent. Repealing the 2001 and 2003 tax breaks for the top two percent would reduce the deficit by about $1 trillion over the next decade. After President Clinton increased taxes on the top two percent, the economy added over 22 million jobs. After President Bush reduced taxes for the rich, the economy lost more than 600,000 private sector jobs.”
Wondering who has had the most benefit from the tax breaks? Start here:
- Bank of America CEO Brian Moynihan. Amount of federal income taxes paid in 2010? Zero. $1.9 billion tax refund.
- Goldman Sachs CEO Lloyd Blankfein. Amount of federal income taxes paid in 2008? Zero. $278 million tax refund.
- JP Morgan Chase CEO James Dimon. Taxpayer Bailout from the Federal Reserve and the Treasury Department? $416 billion.
- General Electric CEO Jeffrey Immelt. Amount of federal income taxes paid in 2010? Zero. $3.3 billion tax refund.
- Verizon CEO Lowell McAdam. Amount of federal income taxes paid in 2010? Zero. $705 million tax refund.
