Sanders to offer amendment going after offshore corporate accounts

“It’s time for large corporations to pay their fair share,” Sanders said Thursday during floor debate on the Senate budget. “When you have 1 out of 4 major corporations paying zero in corporate taxes, there are ways to do deficit reduction that are fair.”

ADVERTISEMENT
The Democratic budget proposed by Budget Committee Chairwoman Patty Murray (D-Wash.) asks the Finance Committee to find $975 billion in new revenue through closing tax loopholes for the wealthy and corporations. The plan also calls for an equal amount of spending reductions over 10 years, but the GOP has said that because it assumes the sequester will not happen, the amount of deficit reduction is closer to $700 billion.

Another amendment Sanders said he would introduce to protect veterans with disabilities and the elderly would ensure that a chained consumer price index (CPI) on Social Security payments is not enacted.

“We will not balance the budget on the backs of the men and women who have already sacrificed for us on the battlefields of Iraq and Afghanistan by serving our country,” said Sanders, the chairman of the Senate Veterans Affairs Committee. “We will not cut their Social Security benefits.”

Republicans have said that entitlement reform is required in order for the House and Senate to agree on a budget in conference committee.

The Senate will continue debate on the budget until Friday, unless time is yielded back. Then it will have a "vote-a-rama" on an unlimited number of germane amendments.