Dear Bernie Sanders, here’s a Tip on How to Reduce Income Inequality

By December 1, 2017Taxes

Sens. Bernie Sanders (I-VT) and Maria Cantwell (D-WA) debated Sens. Ted Cruz (R-TX) and Tim Scott (R-SC) earlier this week during CNN’s town hall on tax reform.

The U.S., said Sanders, is “at a time of massive income and wealth inequality, when the rich are becoming phenomenally rich, when corporate profits are at an all-time high, while the middle class struggles and we have 40 million people living in poverty.”

Said Cruz, that’s exactly why the country needs a fairer, simpler tax code that lifts up young and lower-income people by unrigging the economy, creating more opportunities, and allowing working Americans to keep more of their hard-earned money.

“If you care about jobs and wages, if you’re a young person who wants more opportunity, if you want to see wages going up, you’re a winner… And if you want to see a brighter future for the next generation, cutting taxes and economic growth is the way to go,” Cruz said.

Cruz added that the last time taxes were reduced significantly, median income rose by 55 percent for Americans ages 15-24.

“Tax cuts worked for young people,” Cruz said.

Watch the full debate here:

Scott chimed in with more on how tax reform would lift up the working-class.

“Every bracket under our tax reform package gets a tax cut. Typical American families earning around $73,000 a year has a 60 percent cut. Single moms, $41,000 a year, a 75 percent cut. We nearly double the standard deduction for singles to $12,000, single head of households to $18,000, two-income households to $24,000. We double the child tax credit. Our focus is on you, and that’s where it should be.”

Allowing workers to keep more of their hard-earned money while making it easier for people to start businesses and pursue their dreams will go a long way toward unrigging the economy, empowering individuals to take control of their financial futures, and reducing income inequality.

To show your support for principled tax reform, sign our letter today!

Author Generation Opportunity

More posts by Generation Opportunity