When you add up the cost of a Bernie Sanders presidency on average Americans, you can break it down to one sentence:
“It’s a very, very, very big tax increase.”
That’s the conclusion of Roberton Williams, an analyst at the Urban Brookings Tax Policy Center.
They’re a non-partisan group, but don’t take their word for it. Listen to Bernie Sanders. At the CNN Town Hall last month, Bernie agreed with the assessment. He was asked if he’s going to have to raise taxes to pay for his proposed Universal health care, or BernieCare, as some are calling it:
“Yes, we will raise taxes, yes, we will,” he said, unashamedly.
At least he’s honest. The last time a politician was this honest was back in 1984 when Walter Mondale told the American people if he is elected, their taxes would go up.
We all know how well that turned out for Walter Mondale.
So how much will Americans’ taxes go up under Bernie Sanders? A lot. The Tax Foundation found that income would drop – due to government taxes and other fees imposed by employers – by more than ten percent for all taxpayers and almost 18 percent for the wealthiest earners.
There’s the 2.2 percent across-the-board “health care premium tax” and the 6.2 percent increase in the payroll tax for health care. There’s also another 0.4 percent payroll tax to provide paid family leave. The marginal tax rate for the richest Americans would skyrocket from 39.6 percent to 58 percent. Plus eliminating the Social Security payroll tax exemption.
Then there’s a deductions cap on estate taxes, a financial transaction tax and increasing the capital gains tax to upwards of 60 percent.
All of this is going to hurt businesses. They’ll pass on along most of these taxes and regulations, but not all.
The Sanders campaign argues that Americans will actually be better off paying all these taxes because they won’t have to pay their health care premiums anymore.
But whether that money goes to insurance companies or to Uncle Sam – it’s still a net loss for the American People.
Keep in mind, folks. This only covers Bernie’s “universal health care.” It does nothing to address his other social programs, like expanded welfare and free college tuition.