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2016 Postmortem
In reply to the discussion: Kick if you are ready for 100% increase in tax revenues. [View all]kennetha
(3,666 posts)85. Not quite doubling TOTAL federal revenue but increasing it by an amount equal to
the total (2013) federal revenue from individual income taxes and the estate tax. That's a HUGE and unprecedented increase in federal revenue. JUST TO PAY FOR ONE PROGRAM
And those are Sander's own numbers.
I didn't say he wanted to increase individual income taxes by 100%. He's proposed a wide variety of taxes, designed to substantially increase government revenues.
You can read about it here:
http://www.theatlantic.com/politics/archive/2016/02/sanderss-party-problem/460293/
Or see Sanders own estimations here:
A 6.2 percent income-based health care premium paid by employers.
Revenue raised: $630 billion per year.
A 2.2 percent income-based premium paid by households.
Revenue raised: $210 billion per year.
This year, a family of four taking the standard deduction can have income up to $28,800 and not pay this tax under this plan.
A family of four making $50,000 a year taking the standard deduction would only pay $466 this year.Progressive income tax rates.
Revenue raised: $110 billion a year.Under this plan the marginal income tax rate would be:
37 percent on income between $250,000 and $500,000.
43 percent on income between $500,000 and $2 million.
48 percent on income between $2 million and $10 million. (In 2013, only 113,000 households, the top 0.08 percent of taxpayers, had income between $2 million and $10 million.)
52 percent on income above $10 million. (In 2013, only 13,000 households, just 0.01 percent of taxpayers, had income exceeding $10 million.)
Taxing capital gains and dividends the same as income from work.
Revenue raised: $92 billion per year.
Warren Buffett, the second wealthiest American in the country, has said that he pays a lower effective tax rate than his secretary. The reason is that he receives most of his income from capital gains and dividends, which are taxed at a much lower rate than income from work. This plan will end the special tax break for capital gains and dividends on household income above $250,000.
Limit tax deductions for rich.
Revenue raised: $15 billion per year
Under Bernies plan, households making over $250,000 would no longer be able to save more than 28 cents in taxes from every dollar in tax deductions. This limit would replace more complicated and less effective limits on tax breaks for the rich including the AMT, the personal exemption phase-out and the limit on itemized deductions.
The Responsible Estate Tax.
Revenue raised: $21 billion per year.
This provision would tax the estates of the wealthiest 0.3 percent (three-tenths of 1 percent) of Americans who inherit over $3.5 million at progressive rates and close loopholes in the estate tax.
https://berniesanders.com/issues/medicare-for-all/
Just do a little math and you get that the amount of new revenue he wants to raise is very, very high. And is in fact equal to the total revenue raised by the combination of income taxes and estate taxes in 2013.
Those are his numbers.
And those are Sander's own numbers.
I didn't say he wanted to increase individual income taxes by 100%. He's proposed a wide variety of taxes, designed to substantially increase government revenues.
You can read about it here:
The taxes Sanders is calling for are in a different league from any peacetime Democratic candidate in history. The single-payer health plan alone, according to the estimates of the Sanders campaign, requires raising as much revenue as the federal government collected in 2013 through the individual income and estate taxes. In other words, wed need to double that revenue. To do so, Sanders proposes the following: a 6.2 percent increase in payroll taxes; a 2.2 percent increase in income taxes on everyone; higher estate taxes; taxing capital gains and interest as ordinary income; limiting tax deductions for the rich; and higher income-tax rates on the upper brackets.
http://www.theatlantic.com/politics/archive/2016/02/sanderss-party-problem/460293/
Or see Sanders own estimations here:
A 6.2 percent income-based health care premium paid by employers.
Revenue raised: $630 billion per year.
A 2.2 percent income-based premium paid by households.
Revenue raised: $210 billion per year.
This year, a family of four taking the standard deduction can have income up to $28,800 and not pay this tax under this plan.
A family of four making $50,000 a year taking the standard deduction would only pay $466 this year.Progressive income tax rates.
Revenue raised: $110 billion a year.Under this plan the marginal income tax rate would be:
37 percent on income between $250,000 and $500,000.
43 percent on income between $500,000 and $2 million.
48 percent on income between $2 million and $10 million. (In 2013, only 113,000 households, the top 0.08 percent of taxpayers, had income between $2 million and $10 million.)
52 percent on income above $10 million. (In 2013, only 13,000 households, just 0.01 percent of taxpayers, had income exceeding $10 million.)
Taxing capital gains and dividends the same as income from work.
Revenue raised: $92 billion per year.
Warren Buffett, the second wealthiest American in the country, has said that he pays a lower effective tax rate than his secretary. The reason is that he receives most of his income from capital gains and dividends, which are taxed at a much lower rate than income from work. This plan will end the special tax break for capital gains and dividends on household income above $250,000.
Limit tax deductions for rich.
Revenue raised: $15 billion per year
Under Bernies plan, households making over $250,000 would no longer be able to save more than 28 cents in taxes from every dollar in tax deductions. This limit would replace more complicated and less effective limits on tax breaks for the rich including the AMT, the personal exemption phase-out and the limit on itemized deductions.
The Responsible Estate Tax.
Revenue raised: $21 billion per year.
This provision would tax the estates of the wealthiest 0.3 percent (three-tenths of 1 percent) of Americans who inherit over $3.5 million at progressive rates and close loopholes in the estate tax.
https://berniesanders.com/issues/medicare-for-all/
Just do a little math and you get that the amount of new revenue he wants to raise is very, very high. And is in fact equal to the total revenue raised by the combination of income taxes and estate taxes in 2013.
Those are his numbers.
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Sometimes I wonder if these OPs come from Weekly World News, next to Elvis was a Space Alien! nt
TheBlackAdder
Feb 2016
#114
Your OP says "federal revenue" and that is what I gave a link to. It is ~$3.3 Trillion
Motown_Johnny
Feb 2016
#113
Me too or three! And for firms like Verizon, which over the past few years have paid Zero
truedelphi
Feb 2016
#120
This message of Hope and Change brought to you from the fear mongers at Hillary Co.
NightWatcher
Feb 2016
#16
An economist found that median income would increase by $22,000 if Bernie Sanders gets to the White
pberq
Feb 2016
#19
Well . . . jeez . . . I'll happily pay more taxes so everyone can have Medicare like I do.
Vinca
Feb 2016
#33
LOL, hillary, is that you? Wow, fucking desperation taking over the hill fans. Nt
Logical
Feb 2016
#62
Yeah, America is so great that we can't do what every other industrialized country.....
DrewFlorida
Feb 2016
#66
Wow - I didn't realize you were a CEO of a corporation that hides its earnings in the Cayman Isles.
jillan
Feb 2016
#71
I make about 14,000 per year...and my health care wants me to pay 800+ per month
angstlessk
Feb 2016
#82
Not quite doubling TOTAL federal revenue but increasing it by an amount equal to
kennetha
Feb 2016
#85
If it was okay for Bernanke and Geithner to "leak" some 22 trillions of dollars to the
truedelphi
Feb 2016
#104