Bernie’s “Free Stuff” Will Cost Taxpayers $19.6 Trillion in New Taxes
Our national debt is currently just over $18 trillion
Last week, I noted that Bernie Sanders was reluctant to reveal how he intends to pay for everything for everyone; this week, the Washington Examiner has some answers.
The Washington Examiner estimates that the bill for Bernie’s “free stuff for everyone!” promises will be approximately $19.6 trillion. Our national debt, which has nearly doubled under Obama, is under that at just over $18 trillion.
Where’s the money going to come from? Taxes. Of course.
The Washington Examiner writes:
Sen. Bernie Sanders’ populist message has put him in the position to potentially win Democratic nomination contests in both Iowa and New Hampshire, shaking the sense of inevitability that has surrounded Hillary Clinton. As the socialist senator from Vermont gains traction in polls, Clinton has more aggressively attacked his policy proposals, forcing Sanders to release details on how he would pay for his ambitious economic and social agenda.
Taken together, Sanders is proposing $19.6 trillion in new taxes over a decade, according to an analysis by the Washington Examiner, of which $14 trillion would come from his healthcare plan alone. To put that in perspective, the Congressional Budget Office projects that federal revenues over the next 10 years will be a total of $41.6 trillion, meaning that Sanders would raise taxes by 47 percent over current levels.
Here’s the list:
The Washington Examiner has details on each proposed tax here.
It’s also worth keeping in mind that these estimates are on a static basis. Meaning they don’t take into account any offsetting reduction in revenue that’s likely to occur due to depressed economic activity resulting from such major tax increases. For instance, taxing “speculation” on Wall Street will reduce trading activity, and thus it’s unlikely to raise the $300 billion per year claimed by the Sanders campaign.
Bernie’s “free” stuff will cost tax payers more than our nation’s existing accumulated debt.
DONATE
Donations tax deductible
to the full extent allowed by law.
Comments
Nothing is free.
Every little handout has to be paid for.
They are giving away “free” stuff that will have to be paid by our children down the road.
These people have no soul.
They have to be stopped. For our children.
“What’s the problem?” a lib acquaintance recently asked me. “We’ve always had debts and we’re doing ok.” Sigh
Socialist speculation is what killed millions of people and caused the social wastelands of so many nations.
The free stuff that socialism actually provides is a loss of humanity and the consequent despair. But sheep are dumb animals. They will be led to the slaughter to overhead reduce costs.
Socialists think they know better than everyday people about how to spend your money. The accumulated hubris of Progressives-Socialists-Deemocrats is greater than the national debt to the power of 19.5 trillion.
RE: socialism’s “free stuff”:
This image is titled, “Facebook and You”, but it could just as easily be “Socialism and You”.
With the labor participation rate flat lining, who is going to be paying those taxes for his programs?
Easy question, easy answer: we’ll just tax the top 1% at 150% of their annual income, and the top 0.1% at 250%.
For 10 years.
Sounds reasonable, right? [/sarcasm]
Ending the tax free status of employer provided health insurance is already going to happen come 2018 under the lush utopian wonder of obamacare.
Yes, boys n girls, you will pay income tax on your employer provided health insurance.
Sorry, Bernie. The current marxist in the white house already beat you to that one.
Hey, if you’re part of the “burn it down” crowd, Bernie will burn it FAST…!!!
“Bern it down”, Rags? 😉
So, unless my math is way off, he’s proposing an additional $1,650 (or so) in annual taxes ($16,500 over 10 years) for every man, woman, and child in America (on average). That’s not counting the corporate, business, capital gains, or death taxes.
Family of four? ~$6,600 of extra tax liability per year.
And this won’t grind the entire economy to a screeching halt, how?