Senator Bernie Sanders (I-VT) has introduced the Emergency Deficit Reduction Act today, according to a press release from his office.
The legislation would “establish a surtax on millionaires and eliminate tax breaks for big oil and gas companies.”
Senator Sanders says his “5.4 percent tax on income of more than $1 million a year would yield up to $50 billion annually for the U.S. Treasury.”
In addition, ending “tax breaks for big oil and gas companies” would yield “about $3.5 billion a year in new revenue.”
Sanders argues that any “proposal to fund the government for the rest of this fiscal year must pair additional revenue from those who can afford it the most with spending cuts.”
Bill text is linked here.