President Obama has launched a plan to expand taxes on the rich. More specifically, the president would be raising the capital gains taxes on families who make over $500,000 a year and end a tax break on inheritance money.
Additionally, the president would like to introduce a new tax to discourage risky borrowing by large financial institutions. The president has captured the support of the infamous Bernie Sanders. Though his opponents have pinned him as an ineffective, socialistic extremist, Bernie Sanders is the longest serving independent senator in U.S. history.
Most famously known for his 2011 filibuster speech, Sanders has gained national support and is even considering running for president in 2016. Sanders’ popularity can help stir up public support for President Obama’s plan. Additionally, Mr. Sanders is the Ranking Democratic Member of the Senate Budget Committee which will help bring in even more support for the plan.
Republicans will likely prevent this plan from becoming a reality. As shown in eight terms Mr. Sanders has served in the house, the senator has been successful in supporting only one law and fifteen amendments.
His frail record may be an indication of this plan’s success rate. Shifts in public opinion, the presidential blessing, and recent chaotic economic conditions do, however, provide a strong case for a large amount of support for this plan. Time will tell if we continue to increase pressure and taxes on the working class or make a change and begin to tax wealth instead of work.