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The Democratic debate last night proved that support for Bernie Sanders’ tax proposals must come from his charm—not an actual analysis. Applauding proceeded his remarks on some of the largest tax increases in American history:

SANDERS: My program, making public colleges and universities tuition free, allowing people with debt to refinance at the lowest possible interest rates is a fairly expensive proposal, about $70 billion a year.

 [APPLAUSE]

The payment plans for Bernie Sanders are on his campaign website under a page entitled, “How Bernie pays for his proposals”.  However, Mr. Sanders will obviously not be paying for these ambitions — you will. Outlined below are just three of Bernie’s new tax increases on the American people. Analysis of these proposals through examining the simple breakdown of numbers has generated some shocking reactions from the taxpayers. 

College for All: This plan will make public universities tuition-free for every student in America. 

Total cost: $75 billion a year

How it will be paid for: By enforcing a new tax! The creation of the Financial Transaction Tax (FTT) imposes a tax rate of 50 basis points on stocks, 15 basis points on bonds, and .5 basis points on derivatives.Embedded in this proposal is the implication of a 50 percent drop in the amount of trading being done:

“For purposes of our calculations, we assume that trading volume does fall by 50 percent in all financial markets.”

This information comes from a 2012 ‘assessment’ that precludes their estimations with:

 “To begin with though, again, we emphasize that our conclusions are not based on anything close to the type of solid foundation in research and evidence that one would normally expect in considering such an important question.”

The taxpayer’s reaction

via GIPHY

Medicare for All Health Care Plan: An attempted single-payer system to guarantee universal healthcare to every American.

Total cost: $1.38 trillion a year

How it will be paid for: 5 new tax burdens! These include:

  •  6.2 percent income-based tax on employers
  •  2.2 percent income-based tax on households
  •  “Progressive income tax rates”
  •  Taxing capital gains and dividends the same as income from work
  •  Increasing the estate tax

 

The taxpayer’s reaction

via GIPHY

Responsible Estate Tax Act (Death Tax): This is a progressive plan to ‘strengthen’ the estate tax structure.

Total cost: $214 billion

How it will be paid for: By increasing the tax rates!

Currently, the estate tax rate is 40% on inheritances over $5 million.

Increases rates to:

  • 45% on estate value between $3.5 million and $10 million
  • 50% on estate value between $10 million and $50 million
  • 55% on estate value in excess of $50 million
     

This plan is widening the tax base and increasing the rates.

The taxpayer’s reaction

via GIPHY