Tuesday, February 9, 2016

Bernie Sanders' Income Tax Brackets: How Much Would You Owe?

The Motley Fool ^ | 2-7-2016 | Sean Williams 

Sanders' tax plan is intriguing in that he's looking to raise taxes on everyone, not just high-income households. However, as you'll see below, well-to-do households will fund the majority of the tax revenue increase under Sanders' tax reform plan.

According to research from the Tax Foundation, Sanders' tax plan would, on a static basis, raise $13.6 trillion over the next decade, mostly from a combination of payroll tax increases and individual income tax hikes. When taking into account the perceived economic impact of Sanders' plan, the Tax Foundation estimates a positive revenue impact of approximately $9.8 trillion over 10 years.

How might Sanders' tax plan affect you? Feel the Bern

A substantial amount of money would be raised by a 6.2% income-based tax on corporations, which is primarily being used to fund a universal healthcare program for all Americans. However, individual income tax increases are also expected to generate significant additional revenue if Sanders' plan is enacted.
(Excerpt) Read more at fool.com ...




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