But but, ‘free stuff!’…
Via IJR:
Prepare to see the size of your paycheck shrink in 2017 if Bernie Sanders is elected President of the United States.
A new analysis of the Democratic presidential candidate’s tax plan found that the self-professed socialist would raise federal tax revenue by 34% and cut the after-tax incomes of the wealthiest households in the U.S. in half — all to fund his big-government proposals like universal healthcare and free college tuition.
The Tax Policy Center, which conducted the analysis, found that under a Sanders’ administration:
The total amount of federal taxes collected would increase by $15.3 trillion over the next decade;
The top 0.1% of earners would be taxed an average federal rate of 63.7% in 2017 – up from 34.2% in 2016; and
The middle 20% of American households would see their taxes go up $4,692 in 2017 – resulting in a net loss of 8.5% of their after-tax income.