In an interview with CNN's Jake Tapper on State of the Union Sunday, Democratic presidential candidate Sen. Bernie Sanders said that America's wealthiest individuals and large corporations could expect substantial tax hikes under his administration.
Sanders complained of oil subsidies, companies stashing revenue overseas to avoid taxes and billionaire investor Warren Buffett's secretary paying a higher tax rate than he does.
"Clearly, that has got to change," Sanders said. He wants to "dampen down the speculation on Wall Street," and "break up" Wall Street's biggest financial institutions.
And, he said, he would "substantially" raise taxes and use the money to repair "our crumbling infrastructure," create jobs, and defray college costs.
Yes, we have to raise individual tax rates substantially higher than they are today because almost all of the new income is going to the top 1%.
And yes, those folks and large corporations will have to pay under a Sanders administration more in taxes so that we can use that revenue to rebuild our crumbling infrastructure, create the jobs we need, make sure that every kid who has the ability is able to get a college education in America because public colleges and public universities will be tuition-free.
Asked about examples of economists who might make up his cabinet, Sanders named three liberals: New York Times columnist Paul Krugman, Nobel Prize-winner Joseph Stiglitz and former Bill Clinton labor secretary Robert Reich.
