Presidential candidate Sen. Bernie Sanders’ proposed tax plan would raise taxes by $13.6 trillion over the next decade and reduce the economy’s size by 9.5 percent, according to an analysis by the Tax Foundation.
Sanders of Vermont didn’t mince his words during last Monday night’s Democratic town hall in Iowa when he promised, “We will raise taxes, yes we will”.
The Free Beacon reports:
While on the campaign trail, the senator has proposed $18 trillion in spending over the next decade. His plan includes $15 trillion for a government-run single-payer health care plan and trillions more for Social Security, roads and bridges, higher education, paid family and medical leave, and private pension funds, to name just a few.
Sanders’ proposed tax plan will increase marginal tax rates and the cost of capital, a move that will significantly reduce GDP, lower wages, and eliminate jobs.
According to the Tax Foundation, Sanders aims most of his tax provisions at high-income households, creating four new income tax brackets with rates of 37 percent, 43 percent, 48 percent, and 52 percent. Additionally, Sanders would tax capital gains and dividends for households with income over $250,000 and create a 2.2 percent income-based health care premium.
All of Sanders’ promises have expensive price tags, and he plans to raise taxes on everyone to accomplish his goals.
Primarily, Sanders’ rhetoric claims the majority of the taxes will apply to the wealthy, at 52% tax rate. And Sanders claims people will receive overall savings by completely removing private health insurance.
However, the tax plan Bernie released will increase taxes for every citizen, including those making less than $35,000/year. And history is rife of examples where our government has failed to provide promised services.
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(H/T: Free Beacon)