Bernie Sanders wants to raise your taxes—a lot, especially if you’re rich.
The democratic socialist from Vermont is vying to become the first major party candidate running on a soundly pro-taxes platform since Walter Mondale. Sanders’ plan would impact those in the highest income brackets the most. As illustrated above, after-tax income for the upper quintile would be docked by 17% in 2017 under Sanders’ plan, according to analysis from the nonpartisan Tax Policy Center.
The differences between Sanders and the GOP frontrunners on this issue couldn’t be starker. Cruz’s plan, by contrast, would raise the after-tax income of those at the top by 14%. Hillary Clinton, meanwhile, would leave incomes at about the same level.
While the higher after-tax paychecks proffered by the GOP sound enticing, it’s worth noting that Cruz’s plan would also add $29 trillion (with a “t”) to the deficit by 2036. Sanders also argues that his sweeping reforms (universal healthcare, free tuition) would make paying more in taxes a good deal in the long haul.
A version of this article appears in the April 1, 2016 issue of Coins2Day with the headline “Their Tax Plans, Your Paycheck.”
