2016 Postmortem
In reply to the discussion: Who are these "130 economists" that endorse how Bernie pays for his proposals? [View all]MaggieD
(7,393 posts)Here is the actual report, and it slams his proposals and tax increases:
"he proposal would raise taxes at every income level, but high-income taxpayers would face the biggest increases, both in dollar amount and as a percentage of income. Overall, the plan would raise tax burdens by an average of nearly $9,000, thereby lowering average after-tax income by 12.4 percent. However, the highest-income taxpayers (the top 0.1 percent, or those with income over $3.7 million in 2015 dollars) would experience an average increase in tax burdens of more than $3 million in 2017, nearly 45 percent of their $6.9 million average after-tax income. Households in the middle quintile of the income distribution would see an average tax increase of almost $4,700, or 8.5 percent of their average after-tax income. Those in the bottom quintile would experience smaller tax increases, averaging $165, or 1.3 percent of their average after-tax income.
The increases in marginal tax rates under the plan would reduce incentives to work, save, and invest. The proposals would also raise the marginal effective tax rate (METR) on all new investments, thus significantly reducing incentives to invest and increasing tax distortions in the allocation of capital. Although the significant additional revenues would by themselves reduce government borrowing and lower interest rates, it is clear that Senator Sanders intends to use those revenues to expand government programs. If the revenues are insufficient to cover the new spending, the additional borrowing could increase interest rates, which would further raise investment costs."
http://taxpolicycenter.org/UploadedPDF/2000639-an-analysis-of-senator-bernie-sanderss-tax-proposals.pdf