I love the guy and a lot of his ideas but I am terrified of how much he'll hit me in taxes. Seems a bit insane.
He's a good dude, and I'll be happy to support him if he's the nominee, but his plans don't pencil out. Virtually all of the analysis from credible sources suggest that the same ideas that have so many eager to support him aren't practical and won't happen.
I'm in favor of hiking my own tax brackets and the tax brackets of those earning far more; it makes no sense that the hightest top bracket (39%) hits in the mid-$400s. Why isn't there a 45% bracket starting at $1M, and a 50% bracket at $5M, and 60% at $20M?
But even with a much more progressive tax system, it wouldn't pay for all the promises Bernie is making. If we're going to point out that Tea Party Republicans aren't serious with their tax cuts and flat tax proposals, we have to be willing to say the same thing when folks on our side promise plans that don't make economic sense.
$2.5 of $5M should be forked over to the gov't? I can understand when you start aiming at the $100M types but you really want to penalize the ones who likely worked the hardest to get into the millionaire's club.
I make $20M but keep $8M? TG, let me ask you a question, no mustard on it and I want you to not answer with emotions.
Think about what you present. If I have to give over half my money to the government for being an intelligent hard worker and business builder creating jobs and employing people most likely, don't you think the people who are forking over all this money are going to want a say in how it is spent? People already have emotions about their taxes and 25-30% of it going to Uncle Sam. I would think the buying of politicians would be even more rampant especially on the local level and trying to skirt the federal government.
We could talk about a 50% bracket perhaps for the top 3-5% but many of them hide their money. $20M is a business owner most likely. They are not paying people millions as tax accountants that I know anyways.
Tommy Robin Hood Gunz Blazin' to the rescue!