BERNIE SANDERS’ POLITICAL REVOLUTION IS A $15 TRILLION TAX HIKE
Even middle class earners would be hit with a sizable tax increase under Sanders’ plans
By: Peter Suderman | Reason.com - MARCH 9, 2016
On the heels of a surprise victory in last night’s Michigan primary, Vermont Sen. Bernie Sanders will square off against Hillary Clinton again tonight in another Democratic presidential debate. Before you watch the two candidates go at it again, it’s worth looking into a recent study breaking down Sanders’ tax plans.
The short version is that Sanders would raise taxes—and he’d raise them a lot, on the middle class as well as the wealthy.
In total, Sanders would raise taxes by about $15.3 trillion over the course a decade, according to an analysis from the Tax Policy Center, via more than two dozen different tax hikes. And although Sanders tax hikes would be concentrated amongst high earners, just about everyone would pay more.
This would substantially cut average incomes. Sanders would raise the average tax burden in the country by about $9,000, and decrease after-tax income by about 12.4 percent, according to TPC’s estimate. Extremely wealthy people would bear the brunt of the hike, with the richest 0.1 percent paying about $3 million more in 2017 than they would with no changes—equal to nearly half of their average pre-tax income of $6.9 million.