The Bern Identity

gwb-trading said:
Bernie Sanders, man of the people, has a tax plan that will toss 6 million of them out of work...

Bernie Sanders’ Tax Plan Would Kill 6 Million Jobs — Analysis
http://www.investors.com/politics/c...-tax-plan-would-kill-6-million-jobs-analysis/

Bernie Sanders plan to raise taxes by $13.6 trillion over the next decade would have a devastating effect on the economy, according to a detailed analysis released on Thursday by the Tax Foundation.

The analysis concludes his myriad tax hikes would cut GDP growth by 9.5%, reduce the nation’s capital stock by 18.6% and result in 6 million fewer full-time equivalent jobs.

“Sanders’ plan would significantly increase marginal tax rates on capital and labor income,” authors Alan Cole and Scott Greenberg say, “which would result in a substantial reduction of the size of the U.S. economy in the long run.”

After accounting for the economic harm done by Sanders’ tax hikes, the Tax Foundation figures that it will end up producing 28% less actual revenue than advertised over 10 years.

While Sanders has focused his campaign almost exclusively on wealth redistribution and attacks on the rich, his tax plan would hit everyone who pays taxes.

Sanders’ proposal includes a 2.2% surcharge on every tax bracket, effectively raising the 10% bracket to 12.2%, the 15% bracket to 17.2%, and so on. He also wants to add four new tax brackets that reach as high as 54.2%. He’d tax capital gains and dividends as ordinary income, substantially raising them for most investors.

In addition, Sanders proposes a new 6.2% payroll tax paid by employers to help finance his “Medicare for all” plan, plus another 0.4% payroll tax split between workers and employers to fund a “family and medical leave trust fund.” He would remove the income cap on Social Security payroll taxes on incomes over $250,000.

The Tax Foundation figures that Sanders would reduce after-tax income for the bottom half of taxpayers by “at least 4.87%” and the top half of taxpayers by “at least 8.57%.”

In addition, Sanders wants to eliminate tax deductions used by oil, gas and coal industries, add a financial transactions tax on the value of stocks, bonds and other financial assets traded in the U.S., and raise the estate tax rate while lowering the exclusion.

The Tax Foundation estimates that the bulk of the $13.6 trillion in revenues would come from the income tax hike, which would cost taxpayers $4.9 trillion, and the payroll tax hikes, which would cost individuals and businesses a total of $8.3 trillion.
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That's all we need... to elect a fucking Communist after Odumbo!

Might happen, sadly, as his plans appeal to our large parasite class.

:(
 
Scataphagos said:
That's all we need... to elect a fucking Communist after Odumbo!

Might happen, sadly, as his plans appeal to our large parasite class.

:(
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I hadn't seen those actual bracket numbers before. They must not include the levy for medicare. If they did, they would be extremely reasonable. Certainly something I could get behind. I need to go to the Sander's website and see what there is as far as specifics. I wonder if there are 6 million workers in the health insurance industry? I wouldn't be voting for Sanders were I working in the Health Insurance Business. Although I would think there might be a place for supplemental health insurance under his proposal. Any sweeping change needs also to consider the affect on employment and how that is to be dealt with.
 
Here is what I found re taxes on the the Sanders web site. Looks fairly reasonable, but the devil is surely in the details. https://berniesanders.com/issues/real-tax-reform-policies-that-sen-sanders-has-proposed/

I'm still looking for the source of those numbers in the Tax Foundation report.

OK, found it. the complete report is here: http://taxfoundation.org/article/details-and-analysis-senator-bernie-sanders-s-tax-plan

Pretty detailed. Apparently the numbers are on the Sanders site in the section explaining how he would pay for his medicare proposal. (and under other headings there as well) Most interesting is that the bracket numbers mentioned above in the gwb post from an IBD article do include his medicare funding. So that looks extremely reasonable to me. If these numbers are anywhere close to doable, they would save the average citizen a lot of money! Even using the footnotes from the Tax Foundation Report I still can't find the actual bracket numbers in the Foundation report on the Sanders site, but I have to say that the Sanders site is more detailed than I have seen in a long time from any political candidate. Pretty amazing. I am going to assume that the Tax foundation folks must have been in direct communication with the Sanders campaign to get the level of detail they arrived at. I really like those Bracket numbers! They are moving to nearly exactly what I think they should be to correct, or at least halt, the wealth redistribution that's been damaging our economy. (See my many other posts on this issue.)
 
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The Swiss are voting on a countrywide referendum to extend a basic income of 1700 /month to everyone whether they work or not.

Guess the type of people pushing this nonsense.
According to an article in the dailymail on this referendum," the group proposing the initiative, which includes artists, writers and intellectuals..."

What a surprise. It's people who are basically incensed that others in society fail to recognize the immense importance of their contributions to society and therefore the gov't must step in and 'make' them understand it by a forced redistribution of money from the 'stupid' to the self anointed 'intellectually superior'.
 
AAAintheBeltway said:
Translated, "they raise taxes on people making more money than me..."
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and taxes would go up for me as well, I'm ok with that, even though I wouldn't be one of those who would benefit tremendously. For the bottom 90%, the Sanders plan should be a net benefit. And I would think a great boost to the economy. I imagine the majority of those in the top few percent of incomes would oppose the Sanders plan. The hardest thing in the world is to keep pigs away from a trough.

I like the brackets very much that the Tax Foundation reported for the Sanders' plan. I hope they are being properly reported. I have mentioned a number of times that we needed more brackets and the top bracket needed to be raised. Stacking all the resources and money at the top is very damaging to the economy.

The wealth redistribution we have experienced, since Reagan, is largely the result of the compounding of the effect of collapsing the brackets and continually taxing unearned income at lower rates than earned. This is killing our economy. It appears that the Sander's plan would go a long way toward correcting the situation. I am starting to like the way this guy thinks.
 
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because Obamacare and open border / terrorist importation are so successful I would expect more programs from the establishment to be just a solid.

the giant sucking sound... caused by govt.

This guy was right and that is why I voted for him.
Its been going on with just about every piece of govt since then.


 
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