Bernie Sanders for President

According to a NY Times article from Dec 8, "the only groups likely to face a tax increase are those near the bottom of the income scale -- individuals who make less than $20,000 and families with earnings below $40,000." The increase for those in that bracket has to do with the difference between the new reduction in Social Security payroll taxes [there's a good idea, aging America], and the non-extension of Making Work Pay [Obama's signature tax cut-so sorry old sport]. " 'It will come to a few dollars a week,' said...an analyst at the nonpartisan Tax Policy Center, 'but it is an increase.' "


Put another way, loosely estimating those "few dollars" at $10 per week, that would add up to $520 over the course of a year. That same percent increase on a millionaire making exactly $1M [increase taxes on millionaires? then we'd see class warfare] would come out to be roughly $13,000 [the yearly latte bill]. If that increase were applied only flatly to all our nation's approximately 4.7 millionaires, it would yield $61,100,000,000. That's not quite as much as we would have reaped had the Bush era tax cuts on the top 2% been allowed to lapse, but you get the idea. This is to say nothing of what we're losing in capital gains taxes, the elevation of the estate tax cap or, most perniciously, the loophole that taxes hedge fund managers [hedge fund managers!] at a maximum of 15% of earnings [the capital gains rate] instead of the roughly 30% that is the going rate for normal million/billionaires.


Bernie Sanders for President!