It would seem that 2016 Democrat presidential hopeful Bernie Sanders‘ has quite the economically destructive tax plan in mind. One which has been, and continues to be, the subject of much conversation across the country. But now that he seems to be gaining some level of traction in the polls it might behoove the rest of us to start taking a look at exactly what he has in mind. And we should start by asking, “What would it mean for my paycheck if this boob actually manages to get himself elected?” And while this self-described Socialist said his economic proposals would provide free college, Medicare for all and a slew of other new welfare programs, the cost of his grand expansion of government would likely be far steeper than he’s letting on.
Bernie has said that moving people out of poverty is absolutely crucial for the success of our country. And he seems quite comfortable with taxing Americans from top to bottom in order to carry out his plan. Indeed, with Bernie in the White House, every income bracket – including even the lowest bracket – would lose at least 7 percent off of their weekly take home pay. Gee, what a deal! Just when we thought it had gotten just about as bad as it could possibly get with Barry in the White house, along comes Bernie who would make matters even worse. So why allow us to keep anything of what we work for? It would seem that instead of moving more people out of poverty, Bernie’s objective here would be to move far more people INTO poverty.
Anyway, Scott Greenberg is an analyst at the Tax Foundation, which is, I’m told, a nonpartisan Washington, D.C.-based think tank. And it was Mr. Greenberg who recently took a closer look at exactly what Bernie is proposing here, and in so doing he focused on a hypothetical single filer with no children using the standard deductions. And what he found was that in the bottom 10 percent of earners, an American making $18,870 a year would see a $45 drop – or, 7.3 percent reduction – bringing their paycheck from $616 down to $571 every other week. An individual in the lower-middle income range taking in $23,430 would take a 7.6 percent hit, with them seeing their checks falling from $751 to $694 every other week.
And then he found that someone like myself, a middle-income earner now taking in $36,200 a year – placing those like me in 50th percentile, when looking at 2015’s wage data, I could expect to see an 8 percent reduction, with my bi-weekly income slumping from $1,131 down to $1,040. And it would be those who are in the 75th percentile, with an annual salary of $58,900, who would be hit with a 7.9 percent reduction in the amount they are allowed to take home. And I can only assume that Bernie is under the impression that most Americans will be more than happy to hand over to our increasingly wasteful government even more of our hard-earned money. This is nothing less than sheer socialist madness!
And as expected it’s the high-income earners who are set to be hit the hardest, with Americans with an annual salary of $92,110 seeing their checks fall from $2,609 to $2,391 – a whopping 8.3 percent, or $218, drop in their bi-weekly pay. Those in the highest income bracket, which is not reflected in the graphic at the top of this post, would face a colossal 17.91 percent reduction in annual income due to additional taxes placed on top earners. It never fails how socialists like Bernie have very little trouble when it comes to ridiculing supply-side economics. That idea being that with a lower tax burden and increased investment, business can produce (or supply) more, increasing employment as well as boosting worker pay.
But the socialist model is, as we can very plainly see, is based more on the trickle up of poverty theory, focused on bring everyone down. Mr. Greenberg said, “Crucially, these calculations do not take into account the effects of eliminating employer-sponsored health insurance, which would increase workers’ paychecks significantly.” And he cautioned, adding numbers do reflect the 6.2 percent employer-side payroll tax, the 2.2 percent individual income surtax and the 0.2 percent employer and employee-side payroll taxes. He said, “This is because there is no way to tell how much workers would value their new, federally provided health insurance under the Sanders plan, compared to their current health insurance from their employers.”
And still these numbers don’t fully depict how incomes would be affected by the projected, and rather significant, drain on the U.S. economy that Bernie’s plan is projected to cause. Because according to those who are seen as being the experts in such matters, the GDP would drop by an estimated 9.5 percent, capital investment would plummet by around 18.6 percent, wages would be reduced by roughly 4.3 percent, and just under 6 Million more full-time jobs would be lost. That’s according to the Tax Foundation’s analysis. Also under Bernie’s proposal, all taxpayers would face a new 2.2 percent tax on income, and a 6.2 percent Social Security payroll tax would be applied to incomes over $250,000.
A financial transaction tax would also be put into place with rates of .5 percent on stock trades, 0.1 percent on bonds, and 0.005 percent on derivatives, which many economists say could hinder Americans from investing. The death tax would also be increased, using graduated rates: 45 percent for estates worth $3.5 million or $7 million for couples, 50 percent for those valued between $10 million and $50 million, and 55 percent for those over the $50 million threshold. A new, additional 10 percent surtax would be imposed on any estate over $500 million, or $1 billion for couples. And oddly enough, it’s even some left-leaning economists who have now gone as far as to say Bernie’s plan for the economy is all “puppies and rainbows.”
It’s absolutely amazing how, that despite all the proof that should make it crystal clear how Bernie’s favored system of governance never works, there remains those people who think it’s the perfect solution for what ails America. But all one has to do is it too look at any European country to see what an abysmal failure it is. And if that isn’t enough, take a look at any big city here at home or any state that is under complete Democrat control. And Hitlery isn’t all that different from Bernie, because Hitlery has said that it is her intent to raise taxes by $1 Trillion. This is complete insanity and yet millions of Americans either don’t understand what’s being proposed here, or they simply don’t care, being blinded by the promises of all that ‘free stuff’.