If elected Bernie Sanders will further destroy the middle class.<\/p>\n
According to the Tax Policy Center and the Tax Foundation, the Sanders tax plan will raise taxes on most Americans.<\/p>\n
\u201cIt\u2019s a very, very, very big tax increase for everyone except those at the bottom,\u201d Roberton Williams, a fellow at the Urban-Brookings Tax Policy Center, said in January.<\/p>\n
A Tax Policy Center analysis of the Sanders tax scheme released on January 28 estimates payroll taxes and individual income taxes will\u00a0not only increase on wealthy Americans, it will lead to 10.56% lower after-tax income for all taxpayers and a 17.91% lower after-tax income for the wealthiest Americans. Additionally, the plan will result in 9.5 percent lower GDP over the long term.<\/p>\n
The bottom 50 percent of taxpayers will see their after-tax incomes decrease by at least 4.87 percent. The top 50 percent of taxpayers will see their after-tax incomes decrease by at least 8.57 percent\u00a0and\u00a0the top 1 percent of taxpayers will\u00a0see their after-tax incomes fall by 17.91 percent, according to the report.<\/p>\n
\u201cWhen accounting for reduced GDP, after-tax incomes of all taxpayers would fall by at least 12.84 percent,\u201d Alan Cole and Scott Greenberg<\/a>write.<\/p>\n A reduction in GDP will translate into an 18.6 percent smaller capital stock and 6.0 million fewer full-time equivalent jobs.<\/p>\n The following chart breaks down the tax plan:<\/p>\n Data compiled by the Tax Policy Center<\/a> estimates 45.3 percent of American households\u2014approximately 77.5 million\u2014will pay no federal individual income tax. This is due to the fact they have no taxable income. Around half receive enough tax breaks to nullify their tax liability.<\/p>\n Sanders\u2019 rhetoric routinely targets Wall Street and billionaires. However, according to the center, the top 1 percent of taxpayers pay a higher effective income tax rate than any other group, about 23%.<\/p>\n \u201cOn average, those in the bottom 40 percent of the income spectrum end up getting money from the government. Meanwhile, the richest 20 percent of Americans, by far, pay the most in income taxes, forking over nearly 87 percent of all the income tax collected by Uncle Sam,\u201d writes Catey Hill for Market Watch<\/a>.<\/p>\n The Sanders plan will raise additional tax revenue by eliminating employer-paid health insurance. This will lead to employers raising wages and salaries which will\u00a0then be subject to income and payroll taxes, causing federal tax revenues to increase by $3.6 trillion over the next decade.<\/p>\n The Foundation for Economic Education<\/a> invokes Sutton\u2019s law when looking at the Sanders tax plan.<\/p>\n Willie Sutton was an infamous bank robber. \u201cAsked by a reporter why he robbed banks, Sutton allegedly quipped, \u2018Because that\u2019s where the money is.\u2019\u201d<\/p>\n Sutton\u2019s Law explains something unusual about Bernie Sander\u2019s tax plan: it calls for massive tax hikes across the board. Why raise taxes on the middle class? Because that\u2019s where the money is.<\/p>\n The problem all politicians face is that voters love to get stuff, but they hate to pay for it. The traditional solution that center-left politicians pitch is the idea that the poor and middle class will get the benefits, and the rich will pay for it.<\/p>\n<\/blockquote>\n As the above analysis demonstrates, this will not be the case\u2014all but the poor and the so-called lower middle class will see their tax burden increased.<\/p>\n Sanders will accelerate the 40-year decline of the American middle class. Despite the fact Americans are working longer hours for lower wages median family income is almost $5,000 less than it was in 1999.<\/p>\n![\"sanders-tax-plan-chart\"](\"http:\/\/hw.infowars.com\/wp-content\/uploads\/2016\/02\/sanders-tax-plan-chart.jpg\")
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