Tax Rates Under Bernie

Vox: The chart, by Vox’s Javier Zarracina, shows Dylan Matthew’s estimates of how Bernie Sanders would change marginal tax rates on wages, both from payroll taxes and from income taxes.

Note that the Y axis does not increase linearly

“Most taxpayers would see a single-digit increase in their marginal tax rate. People with taxable income below $250,000 would see an 8.8 percentage point increase.”

“But the very rich would see eye-popping increases in marginal rates: from 36.8 percent to 62 percent for people with taxable income between $250,000 and $413,350. The big change here is applying the Social Security payroll tax, which adds another 12.4 points.”

“Even more dramatic are Sanders’s proposed increases to capital gains taxes … Bernie would hike the top rate to 64.2 percent and the rate for many making upper six figures to 49.2 percent.”

14 Comments

  1. Except he’d never get that past congress.

    C’mon.

    Does he really expect to do this, or is this a bargaining position? Even as a bargaining position, it only works if we win back both houses. By a lot.

  2. The chart is inaccurate. The 10%, 15%, and 25% tax brackets do not change for people making up to the respective limits on those brackets.

  3. I am an Accountant/Financial Analyst, everything about this graph and article is misleading. No mention of the additional 2.2% income tax (left side) going into effect only if a Medicare for All Single payer healthcare system were enacted and how if that happened, families would save thousands in high deductibles and out of pocket expenses. On the flip side, the 6.2% employer payroll tax, (right side of the graph) employers would save thousands in healthcare premiums and no longer have to manage health insurance for their employees. Not to mention how Bernie Sanders tax plans would bring trillions of new Revenue in while every tax plan on the Republica side would reduce revenue. “Knowledge is power. Information is liberating. Education is the premise of progress, in every society, in every family.” ~ Kofi Annan

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