Self-described democratic socialist Bernie Sanders is pledging a political revolution if he’s elected president. That revolution would be the most ambitious attempt to reduce income inequality in American history. Sanders would increase taxes on the “wealthy” in order to pay for programs to help poorer Americans.
Under attack from Hillary Clinton, Sanders has been forced to reveal just how much he plans on raising taxes: $19.6 trillion over 10 years. Just for perspective, right now the federal government only plans to raise $41.6 trillion over the next 10 years.
The Washington Examiner has made a list of what taxes Sanders will increase:
All employers would be subjected to a 6.2 percent tax and all individuals would be subjected to a tax of 2.2 percent. This would finance Sanders’ single-payer health care plan. While most of the industrialized world does have some form of universal health care, relatively few countries have single-payer health care, which is when a single source, the government, collects all the fees and pays for the delivery of care.
Other taxes would be used to fund other programs. A hike in payroll taxes would increase Social Security payments for some seniors. Closing “offshore tax loopholes” would pay for more infrastructure. The payroll tax hike of 0.4 percent, split between employers and employees, would pay for a mandatory family leave program.
Sanders’s would raise the top marginal tax rate to 52 percent. That’s an increase from the current top rate of 39.6 percent and would bring the top marginal tax rate to slightly higher than it was during Ronald Reagan’s first term.