Bernie's income tax proposal is the best in the race

[isingmodel]

I hadn't looked into what exactly the guy was running on this year, but I just found this article on all of the candidates and their plans:

https://taxfoundation.org/comparing-...al-candidates/

He wants to keep Trump's tax cut rates for all income levels up to $250,000, and then put large tax increases on incomes above that, including a top rate of 52% on incomes above $10 million.

Contrast with Biden, who wants to just reverse TCJA rates, meaning tax hikes for the middle class, and no additional tax burden on the very wealthy. No bueno.

This should frankly be what more of the Democrats run on as far as income tax is concerned. Keep them relatively low on everyone up to and including the upper middle class, raise taxes significantly on income above that.

[JoshSP1985]

IMO talking about "tax rates" is pointless unless you look at the other factors such as deductions. You could have a tax rate of 99% on the "rich" but if they're able to work their finances down to an effective tax rate of 25% lets say what's the point?


The top 1 percent’s effective tax rate has consistently been below the top marginal income tax rate. Though this IRS data set only reaches back to 1986, another data set shows that the difference between these two tax rates used to be even greater. For example, in the 1950s, when the top marginal income tax rate reached 92 percent, the top 1 percent of taxpayers paid an effective rate of only 16.9 percent. Although the two data sets are not strictly comparable, they nevertheless show the consistency of the gap between the top marginal income tax rate and the effective rate.

[scheal]

$250k and you will be crucified on taxes????

Not a good idea to be successful or work hard in Bernies America

[Bushmaster]

IMO talking about "tax rates" is pointless unless you look at the other factors such as deductions. You could have a tax rate of 99% on the "rich" but if they're able to work their finances down to an effective tax rate of 25% lets say what's the point?

B-b-but muh tax cuts for the rich!

[goody1]

I hadn't looked into what exactly the guy was running on this year, but I just found this article on all of the candidates and their plans:

https://taxfoundation.org/comparing-...al-candidates/

He wants to keep Trump's tax cut rates for all income levels up to $250,000, and then put large tax increases on incomes above that, including a top rate of 52% on incomes above $10 million.

Contrast with Biden, who wants to just reverse TCJA rates, meaning tax hikes for the middle class, and no additional tax burden on the very wealthy. No bueno.

This should frankly be what more of the Democrats run on as far as income tax is concerned. Keep them relatively low on everyone up to and including the upper middle class, raise taxes significantly on income above that.

52% tax rate? I don’t care how much money you make, at no time should the government get a greater share of the money you are making.

[wesleysh21]

How can Bernie keep the tax cuts for the middle class if Trump didn't cut taxes for the middle class? I'm confused. I need to go to CNN for the answer, because I was specifically told the middle class didn't get a tax cut. IN FACT I heard many lefties say middle class people were paying MORE. I'm pretty sure those people were non-partisan math majors as well. Totally trustworthy.

[Bushmaster]

Here, use Bernie's own tool. Homeboy makes no secret of it...

https://www.bernietax.com/

Your annual disposable income would be lower
with a Sanders tax plan.

No thanks Berno, I'll pass lol.

[jeffl1980]

OP will never make 250K in his life..................so of course he is OK with this.

My wife and I are currently taxed at 32%. It will go up to 35 percent withing the next year. How much more of my money should be passed along to peasants such as yourself OP?

[Retoaded]

Here, use Bernie's own tool. Homeboy makes no secret of it...

https://www.bernietax.com/

Your annual disposable income would be lower
with a Sanders tax plan.

No thanks Berno, I'll pass lol.

Is that this one or the one from 2016?

[isingmodel]

52% tax rate? I don’t care how much money you make, at no time should the government get a greater share of the money you are making.

Meh, you can take that position, but even 52% is nothing remotely extreme for the US. It used to be 90+%, even under the Republican Eisenhower.

[Retoaded]

The 52% over $10,000,000 is just a ---what do they call it? --- dog whistle...anyway. No one making over $10,000,000 is going to let that happen. They're going to say No thanks Joffrey, just leave it at $9,999,999 and I'll take the rest in stock options. Thanks.

[wesleysh21]

Meh, you can take that position, but even 52% is nothing remotely extreme for the US. It used to be 90+%, even under the Republican Eisenhower.

Is it okay for people to NOT want to be taxed at 90%? Or have you decided that they are not allowed to feel that way?

[Bushmaster]

Is that this one or the one from 2016?

Scroll down to the bottom of the page...

Last updated July, 2019

[ButWhoWasNoodz]

Meh, you can take that position, but even 52% is nothing remotely extreme for the US. It used to be 90+%, even under the Republican Eisenhower.

And what was the effective rate? You would know if you read the previous post.
Hint: It was less than it is today.

[isingmodel]

Is it okay for people to NOT want to be taxed at 90%? Or have you decided that they are not allowed to feel that way?

I'm saying 52% is nothing extreme or unheard of in the US and nothing to get your PMS going over

[Retoaded]

Scroll down to the bottom of the page...

Last updated July, 2019

Loss of income for us. However we break even if we are spending $8,000 a year on healthcare. Time to update them titties on the wife.

[wesleysh21]

The 52% over $10,000,000 is just a ---what do they call it? --- dog whistle...anyway. No one making over $10,000,000 is going to let that happen. They're going to say No thanks Joffrey, just leave it at $9,999,999 and I'll take the rest in stock options. Thanks.

Bernie is also trying to get stock taxed as regular income, so under Bernie they couldn't get around it that way. Obviously wealthy people have a million other ways to get their money and get around taxes. I personally think something should be done about the capital gains taxes for people who make a living off of it or use it to get around taxes. I haven't thought it all the way thru, but I've thought that if you make over X percentage of your income for the year in capital gains...it should be taxed as regular income. The percentage would be a point that separates people like me and you cashing in some stocks vs someone who makes their real income off of stocks.

[SmillironS]

$250k and you will be crucified on taxes????

Not a good idea to be successful or work hard in Bernies America

This, Bernie Sanders can eff right off, lazy *******.

[wesleysh21]

I'm saying 52% is nothing extreme or unheard of in the US and nothing to get your PMS going over

Is it okay if we don't want to pay that much? Or is that not acceptable?

[isingmodel]

And what was the effective rate? You would know if you read the previous post.
Hint: It was less than it is today.

https://fas.org/sgp/crs/misc/R42729.pdf

The average tax rate for the top 0.01% (one taxpayer in 10,000) was about 60% in 1945 and fell to 24.2% by 1990. The average tax rate for the top 0.1% (one taxpayer in 1,000) was 55% in 1945 and also fell to 24.2% by 1990, following a similar downward path as the tax rate for the top 0.01%. Between 1990 and 1995, the average tax rate for both the top 0.1% and top 0.01% increased to about 31%. After 1995, the average tax rate for the top 0.01% was lower than that for the top 0.1%.

The average (effective) tax rate for the richest was much higher in the past than it is today.

[isingmodel]

Is it okay if we don't want to pay that much? Or is that not acceptable?

You are never ever going to come close to paying that much. Read the OP again.

[wesleysh21]

https://fas.org/sgp/crs/misc/R42729.pdf



The average (effective) tax rate for the richest was much higher in the past than it is today.

We also used to hang people from trees in the past. Do you wanna go back to that too? I thought "progressives" were supposed to look forward?

[Exane]

I'm saying 52% is nothing extreme or unheard of in the US and nothing to get your PMS going over

Okay, donate 52% or your paycheck for four years and then tell us that isn't extreme.

Fuk off man, taking from winners to give to losers is completely immoral and un-American.

[MirinCanadian99]

Meh, you can take that position, but even 52% is nothing remotely extreme for the US. It used to be 90+%, even under the Republican Eisenhower.

I knew you would bring that up. How many people actually paid that 90% tax rate? How much money did you have to make to be taxed at that 90% tax rate accounting for inflation? Who in their right mind would stick around and pay 90 cents on a dollar to uncle Sam?

You socialists are really starting to sound like the utopian communists you really are. Taxing people at high rates is only gonna make them more bitter. I can’t wait for all the rich people to leave America if Bernie or another commie gets elected.

Canada is the best example of high taxes and yet we can’t even afford to repair our infrastructure without going into huge deficits or raising taxes every so often. But don’t let basic economics stop you guys.

[Retoaded]

Bernie is also trying to get stock taxed as regular income, so under Bernie they couldn't get around it that way. Obviously wealthy people have a million other ways to get their money and get around taxes. I personally think something should be done about the capital gains taxes for people who make a living off of it or use it to get around taxes. I haven't thought it all the way thru, but I've thought that if you make over X percentage of your income for the year in capital gains...it should be taxed as regular income. The percentage would be a point that separates people like me and you cashing in some stocks vs someone who makes their real income off of stocks.

I agree with that 100% and have been saying so 5ever on this forum. That could also allow for a real meaningful offset in the middle class brackets. The model should reflect wealth accumulation, not ordinary income.

[wesleysh21]

Okay, donate 52% or your paycheck for four years and then tell us that isn't extreme.

Fuk off man, taking from winners to give to losers is completely immoral and un-American.

And that's 52% JUST to the federal government. That doesn't even take into account all of the other forms of taxation the person has to pay. Hell, many would be up to 75% of their income going to various taxes.

[badreligion]

So he wants to tax the super rich? Yeah that will go over well. Sorry but a person shouldn't be taxed to hell just because they are more wealthy than others.

[Bushmaster]

I'm saying 52% is nothing extreme or unheard of in the US and nothing to get your PMS going over

Oh... we messy divorce now? Brb taking half your shiit.

Usually though in a divorce you have to fuk up pretty bad to lose half your shiit.. get caught fuking your wife's teenage sister or something. Bernie plans on taking it 'just because' lol.

[Retoaded]

And that's 52% JUST to the federal government. That doesn't even take into account all of the other forms of taxation the person has to pay. Hell, many would be up to 75% of their income going to various taxes.

Normal middle class folks push 40% or so. The effing sales taxes here are 9-10% now. Thousands and thousands of dollars in property taxes. state taxes. gas taxes etc.

Then don't you dare die with too much money or they will take some of that too.

[Vito-C]

I’m more interested in these so called “wealth” taxes that are supposed to target high net worth individuals who do not rely on a standard income.

I’m not against taxing those with 100’s of millions or billions more, in exchange for lowering taxes on middle class Americans.

Yes, I’m aware they already pay a great deal in taxes.

No, they aren’t going to abandon the biggest consumer market on Earth due to a tax increase, especially after boosting disposable income and buying power for the middle class.