Daily Adams

The Taxman 

In total, Sanders would raise taxes by about $15.3 trillion over the course a decade, according to an analysis from the Tax Policy Center, via more than two dozen different tax hikes. And although Sanders tax hikes would be concentrated amongst high earners, just about everyone would pay more.

This would substantially cut average incomes. Sanders would raise the average tax burden in the country by about $9,000, and decrease after-tax income by about 12.4 percent, according to TPC’s estimate. Extremely wealthy people would bear the brunt of the hike, with the richest 0.1 percent paying about $3 million more in 2017 than they would with no changes—equal to nearly half (45 percent) of their average pre-tax income of $6.9 million.

But the middle class would face a significant tax hike too: with those in the middle quintile of the income range facing a tax increase of about $4,700, resulting in an average decrease in after-tax income of about 8.5 percent.

That’s worth repeating: With Sanders’ plans in place, middle-class earners would face a nearly 9 percent loss in after-tax income.

Via Bernie Sanders’ Political Revolution Is a $15 Trillion Tax Hike @ Hit & Run : Reason.com

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