Sanders gives Senate Finance $1.8 trillion tax increase proposal

Liberal Sen. Bernie SandersBernard (Bernie) SandersThe Memo: Tide turns on Kavanaugh Election Countdown: Trump confident about midterms in Hill.TV interview | Kavanaugh controversy tests candidates | Sanders, Warren ponder if both can run | Super PACs spending big | Two states open general election voting Friday | Latest Senate polls READ: President Trump’s exclusive interview with Hill.TV MORE (I-Vt.) on Friday gave the Senate Finance Committee proposals to raise taxes by $1.8 trillion. 

The plan includes a tax on carbon emissions and a Wall Street transaction tax.

 Republican leaders say they want any tax reform bill marked up this fall to raise no new revenue.  The Sanders proposal represents the other end of the spectrum.

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Senate Finance Committee Chairman Max BaucusMax Sieben BaucusOvernight Defense: McCain honored in Capitol ceremony | Mattis extends border deployment | Trump to embark on four-country trip after midterms Congress gives McCain the highest honor Judge boots Green Party from Montana ballot in boost to Tester MORE (D-Mont.) and ranking member Orrin HatchOrrin Grant HatchGrand Staircase-Escalante: A conservation triumph is headed for future as playground for industry McConnell tamps down any talk of Kavanaugh withdrawal GOP offers to ban cameras from testimony of Kavanaugh accuser MORE (R-Utah) had asked for member input by Friday and had offered to keep any suggestions secret for 50 years.

Sanders declined the offer of secrecy.

 “Given the fact that my suggestions represent the interests of the middle class of this country and not powerful corporate special interests, I have no problem with making them public,” he said.

Sanders notes that he was instrumental in helping to craft the 2014 Senate budget, which raised $975 billion over 10 years. 

“It was a good start. I would go further,” he said. 

The Wall Street transaction tax would be imposed at a 0.3 percent rate and would raise $325 billion, Sanders said. 

In addition to a carbon tax, Sanders proposes ending tax breaks for oil companies while extending breaks for renewable energy projects. 

He also proposes ending the deferral of tax obligations on foreign income for U.S. companies and taxing capital gains at the level of ordinary income for the wealthiest 2 percent of earners.

In a separate letter, Sanders outlines how to address the IRS scandal over the scrutinizing of Tea Party organizations. Sanders proposes banning tax-exempt organizations, classified as 501(c)4, 501(c)5 and 501(c)6 from political activity.