Politico reports that Comrade Sanders has big dreams about your pocketbook:
He’s called for multiple increases in the income taxes paid by individual Americans that would push the top rate to 54 percent, from the current 39.6 percent.Just a reminder: Hillary Clinton voted with Comrade Sanders 93% of the time!
At the same time, Sanders would create and expand payroll taxes. He's proposed a new 6.2 percent tax on employers as well as an additional 0.2 percent payroll tax on both employers and their workers. He would also apply the current 12.4 percent Social Security tax to incomes over $250,000.
Corporate taxes would go up, mostly by going after multinational corporations using accounting maneuvers to slice their tax bills. Sanders would end so-called deferral, which allows companies to postpone paying taxes on overseas profits; target tax-advantaged corporate inversions; and place new limits on the credits companies receive for paying taxes in other countries.
Sanders would almost triple capital gains taxes to 64 percent, a level unseen since World War I. At the same time, he would shut off ways the wealthy have long used to avoid paying the tax, such as “stepped up basis at death,” which allows them to pass assets onto heirs tax free.
