Senator Bernie Sanders (I-Vt.) has expressed strong criticism of Donald Trump’s proposal to eliminate all income taxes, describing it as ‘insane economics’ that would disproportionately benefit the wealthy.
What Happened: On Wednesday, Sanders took to X to voice his disapproval of Trump’s tax plan. He argued that the proposal would harm the poorest members of society while further enriching the wealthiest individuals. Sanders also suggested that the plan’s popularity among billionaires was due to their potential financial gain.
Sanders shared a video of him appearing on NBC News in the post in which he said protecting American democracy and protecting a woman’s right to control her own body were enormously important to him. He pointed out that Trump thought climate change was a hoax is also of “enormous importance.”
Sanders said over the last 50 years there has been a “massive transfer of wealth from the bottom 90% to the top 1%.” He said “60% of our people are living paycheck-to-paycheck while the billionaire class has never had it so good, while Donald Trump wants to give even more tax breaks to billionaires.”
“This would be the biggest transfer of wealth in the history of this country. It would mean the billionaire class, the millionaires, no longer pay a nickel in taxes.”
He contrasted it by saying that under Trump’s proposals if someone went to the grocery store or if they went to buy a refrigerator and if you’re a working-class person the prices are going to soar.
“The idea that you eliminate all taxes and replace them by a tariff is insane economics,” said Sanders.
His post comes in the context of the upcoming 2024 U.S. presidential election, where both Trump and Vice President Kamala Harris have proposed expansive tax and spending measures that could significantly increase the national debt, according to a recent analysis by the Committee for a Responsible Federal Budget (CRFB).
Why It Matters: Sanders’ criticism of Trump’s tax plan aligns with his previous comments on the former president’s policies. In an interview with Politico, Sanders dismissed Trump’s claims that Harris’ price-gouging proposal was equivalent to price controls and labeled her as an “extreme communist”.
Furthermore, Sanders has previously expressed his views on the need for better healthcare, expanded Social Security, and a higher minimum wage. He has accused Trump of prioritizing tax breaks for billionaires over these issues.
The 2024 presidential election is expected to be a close race between Trump and Harris, with prediction markets currently favoring Trump.
Image via Flickr
Did You Know?
This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
Market News and Data brought to you by Benzinga APIs
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
