70 Top Tax Bracket for Ordinary Income & Capital Gains would give America worlds Highest Income Tax Rate
Texas Insider Report: WASHINGTON D.C. Senator and Democrat Presidential Candidate Bernie Sanders introduced his Medicare for All Act of 2019 last week. And the Tax Hike Options that were included to pay for the plan are already causing some analysts to Feel the Bern.
Rather than including specific financing mechanisms in the legislation Sanders proposal included only a set of Tax Hike Options that would be paired with the proposal.
The tax hikes include among other taxes:
- A 4 Employee Payroll Tax
- A 7 Employer Payroll Tax
- A 70 Top Tax Bracket for Ordinary Income & Capital Gains Income which would give America the Highest Income Tax Rate in the world.
- A 77 Death Tax beginning at $3.5 million with a rate of 45
- The Elimination of Health Tax Expenditures" plus
- A proposal banning Employer-Provided Health Insurance
- Repeal the Deduction for Health Care increasing taxes on businesses by $3 trillion over a decade and
- Would repeal Health Savings Accounts (HSAs)
Feel the Bern yet?
Rather than including financing mechanisms in the legislation Sanders released a set of Tax Hike Options that would be paired with the proposal. These tax hikes would hit American families at every income level and businesses large and small" explains a cost evaluation released last week by Americans for Tax Reform.
The proposal increases taxes by $16.2 trillion over the next decade.
This would pay for roughly half of the cost of single payer healthcare which costs between $32 trillion and $36 trillion according to estimates" explains Americans for Tax Reforms analysis.
Its a stark reality: Sooner or later somebody has to pay for universal health care which is guaranteed to be a big applause line on the presidential campaign trail.
The money to pay for the Democrat Socialist from Vermonts proposal nonetheless has to come from somewhere.
