Bernie Sanders Unleashes On Sec. Bessent Over Trump's Tax Cuts For 'Multibillionaires'

7 months ago

During a Senate Finance Committee hearing, Sen. Bernie Sanders (I-VT) grilled Treasury Secretary Scott Bessent about tax and healthcare cuts included in the Big, Beautiful Bill.

Transcript

00:00...their health care, and their health care costs are going to go up as well.

00:02Well, we'll argue on that one.

00:04Senator Sanders.

00:06Thanks, Mr. Chairman. Thanks, Mr. Besson, for being here.

00:09Help me out here.

00:10My understanding is the Trump administration has, I think, 13 billionaires in office right now,

00:18leading government agencies. Is that about right, do you think?

00:20I have no idea, Senator.

00:22I think that's what the number is.

00:24Do you think it's a coincidence, given the large number of billionaires in the Trump administration,

00:29that this particular piece of legislation would provide $235 billion in tax breaks

00:36to the top two-tenths of 1% by expanding the exemptions in the estate tax?

00:44Senator, I will tell you that when the 2017 Tax Cuts and Job Act passed, my tax rate went up.

00:51Well, I don't know your exact situation, but I can tell you.

00:56Tell me about, how many people do you think are in the top two-tenths of 1%?

01:01Sorry?

01:03Number of people in the top two-tenths of 1% who would benefit from this particular $235 billion tax break?

01:10Well, the top, I know the top 10% is now paying 7% of the total tax break.

01:16That's not the question. My question is, why do you think at a time of unprecedented income and wealth inequality,

01:25when people like yourself economically have never, ever had it so good,

01:29why do you think it's a good idea to cut Medicaid for low-income and working-class people

01:34by $700 billion to give $235 billion in tax breaks

01:39to the very, very, very richest people in this country, perhaps a few hundred families?

01:45Please justify that and tell me about that.

01:46Well, Senator, I don't know, but the Democrats had the trifecta,

01:51and there was no tax increase or wealth tax on billionaires.

01:54I'm not talking about a tax.

01:56You chose not to do that.

01:57That's the best thing. I am not talking about a wealth tax.

02:00Explain. A few hundred of the wealthiest families in this country,

02:04$235 billion tax break.

02:09Explain to the American people why you think that's a great idea.

02:12I think that this will increase small businesses substantially,

02:18that most small businesses, they are...

02:21There's zero to do. Come on. You're smarter than that.

02:24This is the top two-tenths of 1%.

02:26This is not a mom-and-pop store.

02:28These are multi-billionaires, and the savings go to their kids after they pass away.

02:33This is nothing more than a gift to billionaires in this country.

02:38Well, sir, that's just not correct,

02:40because the top 10% paid a bigger share of taxes after TCU.

02:45I'm talking about one provision in this.

02:47I don't want to argue with you about taxes in general.

02:50One provision.

02:51A few hundred families, $235 billion in tax breaks.

02:55You can't justify that, because morally, it is totally unjustifiable.

02:59Let me ask another question.

03:01If you guys want to cut a trillion dollars in Medicaid and the Affordable Care Act,

03:08the estimate from CBO, I believe, is that over 15 million people lose their health insurance.

03:12Yale University and the University of Pennsylvania estimated that when you throw that many low-income

03:18and working-class people off of health care, some 50,000 people a year will die.

03:25Tell me why you think it's a good idea to give tax breaks to billionaires and allow 50,000 low-income

03:33and working-class people to die unnecessarily.

03:36Senator, first of all, that's overstated by $5.1 million.

03:40That is not attributed to this bill.

03:44It's a combination.

03:46That's true.

03:46You all had a scheduled expiration of Obamacare subsidies, and you did not extend that when

03:52you were in charge.

03:54$5.1 million.

03:55$1.4 million illegal aliens on Medicaid.

03:59And there are work requirements.

04:02And our goal is to get more money to children and mothers.

04:07Really?

04:08Your goal is to get more money to children and working people?

04:11Really?

04:12Come on.

04:14Do you know how many people, and I was surprised to hear this, I don't know if you know it or

04:18not, how many people lose their jobs every year, quit, get fired, or whatever?

04:22Do you have any idea?

04:23Well, there's something called the quits rate, and when the job market is strong, more people

04:29quit.

04:30But I was surprised.

04:31I just researched this.

04:32I don't know.

04:33Do you happen to know it?

04:33I don't know the numbers.

04:35I was surprised.

04:35Would it be shocking to you?

04:37It was to me.

04:3820 million people leave their jobs a year.

04:40Doesn't shock you, right?

04:41That's a big labor force, right?

04:43So somebody leaves the job.

04:45Maybe they move.

04:46Maybe something happens in their lives, right?

04:47We have a lot of transition in the labor market, correct?

04:50Maybe they get a better job.

04:52Right.

04:52Exactly.

04:52Maybe they do.

04:53Or maybe they have to stay home.

04:56Their wife gets sick.

04:56Whatever.

04:57We don't know.

04:58But 20 million people lose their jobs in the given year, leave their jobs in the given

05:03year.

05:04Are those people lazy?

05:06What happens when I leave my job and maybe I have to move to another state to take care

05:10of my ill mother and I desperately need Medicaid?

05:14Am I too lazy now to be able to get Medicaid?

05:16I think that's a mischaracterization of the work requirement.

05:19Really?

05:20Well, I'm not quite so sure it is.

05:24Um,

05:24thank you.

05:24Um,

05:25all,

05:25um,

05:26um,

05:27um,

05:28um,

Bernie Sanders Unleashes On Sec. Bessent Over Trump's Tax Cuts For 'Multibillionaires'

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