Who Should Be Funding the Bailout? The Rich

Posted by Truthout.com on 10-2-08

Sen. Bernie Sanders of Vermont may have a bailout plan that is more in line with middle class concerns.

Truthout.com explained that Sanders' five-year plan would mandate a 10% surtax on families with incomes of more than $1 million a year and on individuals who earned more than $500,000 annually.

In doing so, Sanders calculated that it would raise approximately $300 billion to help pay for the bailout.

On the floor of the Senate, Sen. Sanders said: "If a bailout is needed, if taxpayer money must be placed at risk, if we are going to bail out Wall Street, it should be those people who have caused the problem, those people who have benefited from President Bush's tax breaks for millionaires and billionaires, those people who have taken advantage of deregulation who should pick up the tab, not ordinary working people."

*For more about Sen. Sanders' Bailout Plan, Click Here>

*To visit Sen. Sanders' U.S. Senate site, Click Here>

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