U.S. Senator Bernie Sanders (I) Vermont stood on the Senate floor and said that giving tax cuts to billionaires would provide the Walton family (the owners of Wal-Mart) another $37 billion in tax savings. Republicans argue that making them pay taxes is socialism and redistribution.
How many Gulfstream V airplanes does $37 billion buy?
This airplane costs $59 million.
You can buy 627 of these and pay cash with $37 billion.
I think the Waltons worked hard for their money. They should have their 627 planes.
Because, if the money were collected and given to the Pentagon, they’d buy about 30 B-2 bombers. If the money were collected and given to NASA, they could finance a manned mission to Mars. It could have paid for about a third of the entire International Space Station program.
Of course, liberals like me would calculate that we could build 740 schools of $50 million each, or 1,480 schools of $25 million each. Take your pick.
Or, we could have given each man, woman and child in the U.S. a $100 bill and have money left over. Each of the members of the Walton family would have gotten one, too. That would have been fair.
But these are complicated projects. And we really don’t want the government to be entrusted with our money. So let’s leave the $37 billion with the Walton family. They can buy airplanes. And that will stimulate job creation, at Gulfstream, at least.