The past several weeks have been full of new tax plans released by Democrats. Just this week, both Bernie Sanders and Elizabeth Warren released new tax plans that should scare you. Let’s take a closer look at these tax plans and then look a little deeper into taxes in general.
So Bernie released his plan on Monday, called the income inequality tax. We talked about his billionaire tax plan last week, but now we have another plan. In the income inequality plan, Sanders focuses on pay disparities between CEO’s and workers. In his continued assault on corporate leadership, Bernie proposed a tax on employers that have pay more than 50 times that of median workers. In the article linked above, initial estimates are that this would have cost Apple over $1.4 billion in additional taxes.
Next, Elizabeth Warren released her new tax plan. Her tax focuses on lobbying and will tax companies that spend money lobbying in Washington DC on their interests. Several industries are cited as part of the Vox article linked. What Warren misses in her tax plan is that many of these companies are not necessarily lobbying for special treatment, but government contracts and business to help continue to thrive.
These tax plans, combined with other proposals, will increase taxes on every American. Sure, Elizabeth Warren will try to avoid tax questions on some policies. This does not hide the fact that taxes will increase on Americans overall to pay for free tuition, free healthcare, and many of the other socialist programs proposed. So both you and companies you may own and work for will be taxed under these plans.
Democrats want to act like no one is being taxed enough, but the data shows otherwise. A recent data poll, from the Bureau of Labor and Statistics, shows that taxes are a big part of our income spend. For example, average income in the US was $78,635 before taxes. The average American paid over $13,500 in taxes.
In fact, the tax figure is not all inclusive. In the tax figure, the average American paid $2,200 in property tax, $9,032 in federal income tax, $2,285 in state and local income tax and $78 in other income related taxes. This does not take into account any sales and use tax or regulatory taxes you pay each month. So the average is $13,595 excluding fuel tax, sales tax, cell phone tax, etc.
Based on a previous report from the Tax Foundation, on a conservative note its easy to assume that annual tax expense for the family would be over $14,000. According to the same BLS data, that’s as much as the average American spends on healthcare, food and clothing expenses combined! If Democrats want to push the notion that American’s are living paycheck to paycheck, the solution is not to hit them with more taxes.
In the end, Democrats will continue to push for more taxes and a socialist lifestyle for Americans. In a classic “we know best” scenario, Democrats that have benefitted from the capitalist economy do not feel you need the same opportunity. They’ll continue the push to legislate us into submission.
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