One of Bernie Sanders ideas is free college tuition for all Americans who want higher education. He said that fair taxes on the banking industry and corporate profits would fund his plan. Of course he is entirely correct. The bloated profits of corporations could and should be far better spent improving the lives of all Americans than the purchasing of an additional $40 million mansion.

If this was the early 1980’s, Senator Sanders’ plan could be implemented immediately.

During Ronald Reagan’s eight years in office, corporations paid a tax rate of 31.7 percent. During seven years of the Obama Administration the rate has leveled at 22.8 percent. Applying previous tax rates to today’s enormous profits, the net for the United States treasury would be $166.7 billion. This number would easily cover the estimated $25 billion to fund public pre-K programs, and the approximately $65 billion in tuition costs at colleges and universities. There would be nearly $78 billion remaining to fund other programs positively affecting the American people.

There is little doubt that the lower corporate tax rate under President Obama has stimulated economic growth and moved our nation out of a recession, but the time is now to revert to the policies of Ronald Reagan.

Today many of our nation’s best jobs no longer exist within American shores. Corporate profits have benefitted not only from a lower tax rate, but also from cheap labor, and unrestrictive labor laws in foreign nations.

Corporate America owes the American people and the nation which has allowed it unprecedented success.

Bernie Sanders is the only candidate who openly states that he would break up the big banks who have been labeled ‘too big to fail,’ and force corporations to pay their fair share.

This sounds like a dream. However, if our nation has a Democrat living in the White House, and control of the Senate returns to progressives, this could happen. The change would benefit all Americans and not just the few.

The American economy is strong, but the quality of life for the working class has been greatly diminished. A shrinking middle class and increased income inequality must be addressed by the next administration. This must be the major focus if America is to return to its claim as a ‘great nation.’

Op-Ed

By James Turnage

Source

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