As the costs of essentials continue to climb, politicians are starting to feel the heat from constituents looking for relief. Now, Bernie Sanders thinks he may have a plan, and he's traveling the country trying to get others on board.
He's been sharing his idea during his "Fighting Oligarchy" tour, and he seems to be gaining traction among those who think a one-time $12,000 stimulus injection for a family of four is a great idea. If you're curious to learn more about it—including whether or not you and your family would qualify for the stipend—keep reading.
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According to Newsweek, Sanders has been sharing his idea as part of a push for more progressive candidates to take up economic reform to address the wealth inequalityplaguing the nation.
Sanders is working with Representative Ro Khanna on the idea, which was submitted to the House of Representatives as part of the Make Billionaires Pay Their Fair Share Act. If passed, the bill would:
Include a direct payment of up to $12,000 to qualifying familiesInstitute a higher tax for billionaires Mandate investments in programs that support working-class families, including education and healthcareRelated: You're Probably Making This Money-Costing Mistake With Your Credit Card
"What we are talking about is not radical. What is radical is when so few have so much," Sanders was quoted as saying. "It is not radical to say that we should not have the highest rate of childhood poverty of almost any nation, and that so many of our seniors live in economic despair."
Who Will Qualify for Payments
According to Sanders' website, the bill would mandate $3,000 direct deposits to every family member living in a home, as long as they make less than $150,000 a year. The bill applies to every single family member, meaning the frequently cited "$12,000 for a family of four" on Sanders' website is simply illustrative math, not a hard legal cap on larger households.
"At a time of unprecedented income and wealth inequality, this legislation demands that the billionaire class in America finally pay their fair share of taxes so that we can create an economy that works for all of us, not just the 1 percent,” Sanders said in a statement on his website. "We can no longer tolerate a corrupt tax code that enables billionaires to pay a lower tax rate than the average worker."
Related: If You Want To Save Money, You Might Want To Start Carrying Cash
The suggestion comes at a time when others are seeking new ways to support working-class families, including Jeff Bezos, who recently proposed that people shouldn't be forced to pay income taxes if they earn less than a certain amount. Whether any of these ideas will gain any real momentum with lawmakers remains to be seen, but for now, it's clear that something has to be done to help support these families, especially as the costs of everything continue to rise with no clear end in sight.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
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