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Bernie Sanders Economic Plan explained

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  • Bernie Sanders Economic Plan explained



    Dispite our best intentions, the system is dysfunctional that intelligence failure is guaranteed.
    Russ Travers, CIA analyst, 2001

  • #2
    Except, that when you make $15 an hour you pay more in FICA than you do at $7.20 an hour so you really end up somewhere around $6.50 an hour. So, you higher minimum wage under Sander's plan means you take home less pay than you probably do now. That's how Socialism works!

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    • #3
      Are you sure that the entire $31,200 would be taxable? It would be just as reasonable to expect that the first $29,000 is tax exempt. Therefore, the potential tax would be ($31,200-29,000) X 0.52 = $1,144

      $31,200 - 1,144 = $30,056 take home.
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      • #4
        Originally posted by Herman Hum View Post
        Are you sure that the entire $31,200 would be taxable? It would be just as reasonable to expect that the first $29,000 is tax exempt. Therefore, the potential tax would be ($31,200-29,000) X 0.52 = $1,144

        $31,200 - 1,144 = $30,056 take home.
        Given current tax tables/rates, more likely under $29,000 is a rate less than 52% (maybe 49% ).
        TANSTAAFL = There Ain't No Such Thing As A Free Lunch

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        • #5
          Originally posted by Urban hermit View Post
          Could we get a more legible link/URL here?
          I'd like to see what other details there are.
          TANSTAAFL = There Ain't No Such Thing As A Free Lunch

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          • #6
            Originally posted by Urban hermit View Post
            Obviously, the person who did this math has never payed taxes and does not know how taxes are calculated. In short, when one says that people earning above x amount will be taxed at a certain rate, it means that that only the amount above x will be taxed at that rate. So, the calculation of multiplying 52% with 31,200 is a joke and reads more like a meme that a serious criticism of Bernie's plan.

            By the way, last time I heard Berny, he was talking about Medicare for all and he was talking (I think) about an increase of Medicare related taxes (and not income taxes) to cover the cost
            Last edited by pamak; 21 Feb 20, 04:52.
            My most dangerous mission: I landed in the middle of an enemy tank battalion and I immediately, started spraying bullets killing everybody around me having fun up until my computer froze...

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            • #7
              Originally posted by Herman Hum View Post
              Are you sure that the entire $31,200 would be taxable? It would be just as reasonable to expect that the first $29,000 is tax exempt. Therefore, the potential tax would be ($31,200-29,000) X 0.52 = $1,144

              $31,200 - 1,144 = $30,056 take home.
              If the first $ 29000 is tax exempt,which it is not today , the proposal has no sense, as it could never pay for the additional state expenses .
              Besides, the $ 31200 does not depend on the minimum wage, but on the willingness of tax payers to work 40 hours.If more than half of your additional income is taken away by the government, why would you work 40 hours ?
              Last point : his proposal ,if becoming reality, will destroy the economy and increase unemployment : how will the employer find the money to pay his employees $15 per hour ? If he increases his prices, he will lose clients .
              The proposal is marxist nonsense from a communist who thinks that the employers ( his enemies,who should work in the Gulag )have billions in the banks .

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              • #8
                Who is Jesse James Jameson AMERICAN Patriot and why should we believe anything he/she has to say?

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                • #9
                  Originally posted by Herman Hum View Post
                  Are you sure that the entire $31,200 would be taxable? It would be just as reasonable to expect that the first $29,000 is tax exempt. Therefore, the potential tax would be ($31,200-29,000) X 0.52 = $1,144

                  $31,200 - 1,144 = $30,056 take home.
                  The whole plan is a communist tax increase :$1144 for the state and $1056 for the employees .
                  If the aim of the proposal would be to increase the minimum wage, why not give the employees $1056 non taxable ?
                  There is no reason to give the state a lot of money if you want to increase the minimum wage .

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                  • #10
                    Your Bernie talks about "free medical" in Canada.......sure it looks as if we dont pay for anything but we do via our federal taxes, we can also pay into a private system if we wish for "travel insurance" and the like , we also pay for dental and vision also hearing , so dont kid yourself all is free and sure we can claim certain costs come Incom Tax time, .....In Europe your medical coverage would be around 600 E per month, also the UK system started out being "free for all" around 1948 but it went bankrupt in the '50.s with all the coverage ie, dental, vision, major surgery, visitors who "suddenly" got sick and used the UK medical system etc...Sure our drug costs are lower than yours and Yes!! we can choose any doctor we wish , certain drugs are not covered by our medicare but we dont have to sell our house to pay our medical bill.

                    Wasnt your thug in charge supposed to lower drug costs???Good luck boys

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                    Last edited by Bow; 21 Feb 20, 09:53.

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                    • #11
                      Until you calculate in FICA (eg., Social Security and Medicare taxes that are non-refundable and taken on every dollar you make) you can't see the whole picture. These are, right now, about as much as income tax.

                      https://www.taxcalculator2020.com/fica-tax-rate-2020/

                      This increases dollar for dollar on your income to something around $140,000 when it cuts off. Make more than that and you pay no additional FICA. It's purely a tax on the working and poor.

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                      • #12
                        Originally posted by T. A. Gardner View Post
                        Until you calculate in FICA (eg., Social Security and Medicare taxes that are non-refundable and taken on every dollar you make) you can't see the whole picture. These are, right now, about as much as income tax.

                        https://www.taxcalculator2020.com/fica-tax-rate-2020/

                        This increases dollar for dollar on your income to something around $140,000 when it cuts off. Make more than that and you pay no additional FICA. It's purely a tax on the working and poor.
                        Who are the ones who need it the most.
                        Quis Custodiet Ipsos Custodes? Who is watching the watchers?

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                        • #13
                          Originally posted by Mountain Man View Post

                          Who are the ones who need it the most.
                          But, I thought the whole idea from a Democrat POV was "The Rich" were going to pay for that not the peons who make little...

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                          • #14
                            Originally posted by T. A. Gardner View Post

                            But, I thought the whole idea from a Democrat POV was "The Rich" were going to pay for that not the peons who make little...
                            Riiiight....
                            Quis Custodiet Ipsos Custodes? Who is watching the watchers?

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                            • #15
                              You all do realize that if Sander's "plan" has to be explained, then he has already missed the boat?
                              Quis Custodiet Ipsos Custodes? Who is watching the watchers?

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