Bernie's Tax Plan Helps the Middle Class: Only Millionaires & Billionaires Can Complain:
Based on a tax foundation chart, it’s clear that, for middle class taxpayers, there is very little difference between Hillary’s tax plan and Bernie’s tax plan.
Bernie’s plan raises taxes for wealthy households; and that’s what upsets corporate- and millionaire- and billionaire-lovers.
One Example:
Hillary 43.6% of 5 million = 2,180,000
Bernie 50.2% of 5 million = 2,510,000 difference of $330,000 more per year
Hillary 15% of 13,250= 1,722
Bernie 17.2% of 13,250 = 2,279……this is $557 more per year, a lot, if you are struggling financially.
However: Politifact Confirms: Bernie’s Health Plan Will Save EVERY American Family $1200 per year
http://usuncut.com/news/bernie-sanders-healthcare-plan-would-save-the-average-american-family-1200/
The real reason corporatists and millionaire- and billionaire-lovers hate Bernie’s plan:
“Bernie’s plans go an additional step further, by including a direct financial transaction tax on Wall Street as well as by lifting the (arbitrary) cap on income subject to the Social Security payroll tax, a move that would ensure the long-term solvency of Social Security. Together, these two plans would raise trillions of dollars in revenue over ten years. – “
http://inequality.org/democratic-candidates-propose-tax-rich/
Table 1. Tax Brackets under Hillary Clinton’s Tax Plan
Ordinary Income Capital Gains and Dividends Single Filers Married Filers Head of Household
10% 0% $0 to $9,275 $0 to $18,550 $0 to $13,250
15% 0% $9,275 to $37,650 $18,550 to $75,300 $13,250 to $50,400
25% 15% $37,650 to $91,150 $75,300 to $151,900 $50,400 to $130,150
28% 15% $91,150 to $190,150 $151,900 to $231,450 $130,150 to $210,800
33% 15% $190,150 to $413,350 $231,450 to $413,350 $210,800 to $413,350
35% 15% $413,350 to $415,050 $413,350 to $466,950 $413,350 to $441,000
39.6% 20% $415,050 to $5 million $466,950 to $5 million $441,000 to $5 million
43.6% 24% $5 million and above $5 million and above $5 million and above
Individual Income Tax Brackets under Senator Bernie Sanders’s Tax Plan
Ordinary Income Capital Gains and Dividends Single Filers Married Filers Heads of Household
12.2% 2.2% $0 to $9,275 $0 to $18,550 $0 to $13,250
17.2% 2.2% $9,275 to $37,650 $18,550 to $75,300 $13,250 to $50,400
27.2% 17.2% $37,650 to $91,150 $75,300 to $151,900 $50,400 to $130,150
30.2% 17.2% $91,150 to $190,150 $151,900 to $231,450 $130,150 to $210,800
35.2% 17.2% $190,150 to $250,000 $231,450 to $250,000 $210,800 to $250,000
39.2% 39.2% $250,000 to $500,000 $250,000 to $500,000 $250,000 to $500,000
45.2% 45.2% $500,000 to $2,000,000 $500,000 to $2,000,000 $500,000 to $2,000,000
50.2% 50.2% $2,000,000 to $10,000,000 $2,000,000 to $10,000,000 $2,000,000 to $10,000,000
54.2% 54.2% $10,000,000 and up $10,000,000 and up $10,000,000 and up
Note: The bracket thresholds above are based on 2016 parameters.
• Eliminates the alternative minimum tax.
From (Right Wing) Tax Foundation: http://taxfoundation.org/article/details-and-analysis-senator-bernie-sanders-s-tax-plan
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