Hold On To Your Hat And See What Bernie Would Take From You In Taxes, If He Were President…Prepare to see the size of your paycheck shrink in 2017 if Bernie Sanders is elected President of the United States.
A new analysis of the Democratic presidential candidate’s tax plan found that the self-professed socialist would raise federal tax revenue by 34% and cut the after-tax incomes of the wealthiest households in the U.S. in half — all to fund his big-government proposals like universal healthcare and free college tuition.
The Tax Policy Center, which conducted the analysis, found that under a Sanders’ administration:
The total amount of federal taxes collected would increase by $15.3 trillion over the next decade;
The top 0.1% of earners would be taxed an average federal rate of 63.7% in 2017 – up from 34.2% in 2016; and
The middle 20% of American households would see their taxes go up $4,692 in 2017 – resulting in a net loss of 8.5% of their after-tax income.
Leonard Burman, the Tax Policy Center’s director and a former Treasury Department official under President Bill Clinton, told The Wall Street Journal:
“Sanders is clearly betting that people are willing to pay for his expansive new welfare state. There’s a giant tax increase, mostly on the rich, but everyone would pay more.”
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