Socialist Bernie Sanders is the greatest critic of the Republican tax reduction plan as he rants the plan is designed to favor “millionaires and billionaires!” Bernie further claims it is designed to pay off campaign contributors in a dodge of the more important issue that progressive tax system are regressive economically.
The people that start businesses, develop inventions, create new products, books, movies, TV programs, new model devices, cars, trains, buildings and on, lose their drive when less and less can be realized from their work and risk should they succeed. A feature motion picture can take six years to plan, write, finance, cast and produce, then have one payday that is taxed horrendously instead of over the six years it took to create.
It should be very clear “Progressive tax systems” are regressive of creativity and business expansion. They have succeeded in making success a sin and unprofitable. Progressive tax systems hang over the people who would expand economies like an executioners sword and are the reason America has been in decline. The current tax tables for married couples reveal the bias in the system.
|Table 2. Married Filing Joint Taxable Income Tax Brackets and Rates, 2017|
|Rate||Taxable Income Bracket||Tax Owed|
|10%||$0 to $18,650||10% of taxable income|
|15%||$18,650 to $75,900||$1,865 plus 15% of the excess over $18,650|
|25%||$75,900 to $153,100||$10,452.50 plus 25% of the excess over $75,900|
|28%||$153,100 to $233,350||$29,752.50 plus 28% of the excess over $153,100|
|33%||$233,350 to $416,700||$52,222.50 plus 33% of the excess over $233,350|
|35%||$416,700 to $470,700||$112,728 plus 35% of the excess over $416,700|
|39.60%||$470,700+||$131,628 plus 39.6% of the excess over $470,700|
Where 58% of the people make less than $35,000 and only 2.5% make more than $165,000 the government would actually get more in tax revenues with a flat tax of 18.3% which is the optimum according to our mathematical analysis you can see at https://GenesisCurve.Blogspot.com and every man would have “The same skin in the game,” on a percentage basis.
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More importantly, it would put money in the hands of the people who have ideas and the energy to bring them to life. Over-taxing our creative, most productive and valuable people is unfair and invites illegal activity, special interest lobbying and all the other ills we have created with our current socialistic tax system.
In spite of his socialist declarations Mr. and Mrs. Bernie Sanders are very successful capitalists. She is the President of a college and currently under indictment for embezzling money from school funds.
Bernie Sanders made more than $1 million in 2016 according to his latest U.S. Senate financial disclosure, which he filed 20-days late. He received a $795,000 advance for his book, “Our Revolution.” He got another $63,750 for his upcoming “Bernie Sanders’ Guide to Political Revolution,” he is doing with author Kate Waters. He received $6,735 in royalties for his 1997 memoir “Outsider in the House” and $2,521 in royalties for his 1987 spoken-word folk album, “We Shall Overcome.” The total is $878,000 for his claimed working-class values.
Add to this the $174,000 a year Congressional salary combined with the more than $878,000 Sanders reported in his filing, puts this “democratic socialist’s” 2016 paycheck at $1,052,000.
In addition to his take-home pay, publisher St. Martin’s Press paid all expenses on Sanders’ national book tour last November and December, which took him to 12 states and the District of Columbia. Disclosure of this would be taxable for you and me, but not for Bernie and he did not report it.
Bernie also has a sizable tranch of retirement mutual funds held in the name of his wife, Jane O’Meara Sanders. The Senate only requires disclosure within broad dollar ranges, so it is impossible to determine the value of the package, but experts estimate something between $192,000 and $815,000.
In his “liabilities” category, Sanders lists two mortgages: one for $250,001 to $500,000, the other for $100,001 to $250,000.
Sanders’ most infamous real estate transaction, a 2016 purchase of a $575,000 lakefront home in North Hero, New Hampshire has been concealed behind a trust; the Islands Family Trust. In his required Senate financial filing, Sanders discloses that he is “a co-trustee in a family trust created when we bought a summer home.” Where the trust and purchase came immediately after he dropped out of the Presidential primary there has been open speculation the money came from the Clinton campaign.
The Senate’s disclosure standards are loose and in spite of being asked by the press Senator Sanders has not released his tax returns. During his 2016 presidential campaign, Bernie released a summary of his 2014 tax return. As the fact-checking website PolitiFact noted, of all the candidates for president last year, “Sanders’ releases are less extensive than anybody’s but Donald Trump.” Could Bernie be leaning Republican?
The opinions expressed in this commentary are solely those of the author and are not not necessarily either shared or endorsed by iPatriot.com.