Bernie Sanders said the latest tax bill was a “disaster for the American people” and “will not be celebrating” next November.
Sanders said, “Well, it is a victory for billionaires like Donald Trump. It’s a victory for wealthy campaign contributors like the Koch brothers. But this is a disaster for the American people. According to the Tax Policy Center, at the end of ten years, Wolf, 83 percent of the tax benefits go to the top 1 percent. Sixty-percent of the benefits go to the top one-tenth of 1 percent.”
He added, “This whole policy is based on the fraudulent theory of trickle-down economics, and that is if you give huge tax breaks to large corporations and the wealthy, somehow the middle-class and working families benefit. The problem is that theory has never worked. It didn’t work under Reagan. It didn’t work under George W. Bush. It certainly didn’t work recently in the state of Kansas. This is a payback for wealthy campaign contributors, and I think the Republicans will rue the day —they may be celebrating today, but I have the feeling that next November they will not be celebrating quite as much.”