Democratic budget ends offshore tax h...

Democratic budget ends offshore tax havens and raises minimum wage

Posted in the Minneapolis Forum

The Truth

Saint Paul, MN

#1 Mar 18, 2013
Senator Sanders: Democratic budget ends offshore tax havens and raises the minimum wage

The Senate Budget Committee on Thursday approved a plan that would reduce the deficit by $1.85 trillion over 10 years through a mix of spending cuts and tax increases. The panel added amendments by Sen. Bernie Sanders to end offshore tax havens and raise the minimum wage. In the House, meanwhile, a budget was proposed that would make drastic spending cuts without asking the wealthy and profitable corporations to contribute to deficit reduction.“Disastrous” and “insane” were two words Sanders used to describe what House Budget Chairman Paul Ryan proposed. Earlier in the week, Sanders chaired a Wednesday hearing on a claims backlog at the VA. And on Tuesday he introduced a constitutional amendment that would undo Citizens United, the notorious Supreme Court ruling that voided campaign finance regulations.

Budget Committee One Sanders amendment approved by the committee would go after tax-dodging corporations. A second one supports increasing the minimum wage. Both Sanders amendments were approved by votes of 12 to 10. House Republicans, meanwhile, offered what Sanders called a “disastrous” budget that would cut programs for working families.“It is insane to simply talk about ‘cut, cut, cut’ when you’ve got the wealthiest people and large corporations doing phenomenally well and paying lower effective tax rates than they should,” Sanders said Thursday on The Cycle on MSNBC. Watch the MSNBC interview

Tax Havens The Wall Street Journal reported on Monday that its own analysis of 60 big U.S. companies found that they parked $166 billion offshore last year. Sanders has called for closing those tax loopholes to help bring down deficits.“At a time when we have a $16.6 trillion national debt; at a time when roughly one-quarter of the largest corporations in America are paying no federal income taxes; and at a time when corporate profits are at an all-time high, it is past time for corporate America to contribute significantly to deficit reduction,” he said.

Democratic members of the Senate Budget Committee:

Patty Murray
Ron Wyden
Bill Nelson
Debbie Stabenow
Bernie Sanders
Sheldon Whitehouse
Mark Warner
Jeff Merkley
Chris Coons
Tammy Baldwin
Tim Kaine
Angus King

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