Sen. Bernie Sanders has a serious shot at being the Democrat presidential nominee. Many polls have him leading in both Iowa and New Hampshire. That’s disturbing. That’s like handing America over to Fidel Castro.
How radical is Bernie? To simplify things, I’ll let the numbers do the talking.
The Wall Street Journal featured a chart in Monday’s edition showing how radical and extreme the Democratic presidential candidates have become on economic and tax issues. But Bernie is in a universe all his own.
Keep in mind that I’m your typical small businessman. Guys and gals such as me create many of America’s jobs and pay taxes. And we are overwhelmed. Even with President Donald Trump’s tax cuts, taxes are still too high. We have to work 16 hours a day to keep up with the taxes and the thousands of hours of accounting that goes with them.
But that’s with the highest federal income tax bracket at 37 percent (adding the Medicare tax surcharge brings it to 40 percent). That’s with a capital gains tax of 20 percent (adding the Obamacare surcharge brings it to 23.8 percent). Then there’s the FICA (Social Security) tax of 12.4 percent for the self-employed on the first $137,700 of income.
Basically — even with Trump — our lives are about struggling to pay taxes on top of taxes on top of taxes. And that’s living in Nevada, which has no state income tax
Do you want to hear what Bernie proposes? Get ready to move to another country.
Bernie wants the top income tax rate to jump from 40 percent to 69.2 percent. And Bernie wants to remove the cap on FICA taxes. Now instead of paying about 16 percent combined taxes for Social Security and Medicare up to $137,700, you’ll pay it on every dollar you earn — up to infinity.
So in states such as New York and California, your tax rate will be about 70 percent — plus a 13.4 percent state income tax.
That’s just about an 85 percent tax bite.
Generous Bernie will leave you with 15 percent of your own money. You’ll need it, because you’ll have to pay for your property and sales taxes out of what’s left. Basically, you’ll be working for Uncle Bernie.
What about capital gains? Bernie wants to raise those rates from 20 percent to 55.8 percent. Goodbye to American job growth. Who would ever again buy a stock or risk $1 million to start a business and then get hit with taxes like this? The answer is no one.
Bernie Sanders is insane. And dangerous. It would be like electing communist Fidel Castro as president.
Thank goodness Bernie will never be president. But, amazingly, he very well may be the 2020 Democrat presidential nominee.
Lastly, consider this. Recently, the Clark County Education Association endorsed Bernie in the Nevada Democratic caucus. These are the people who mold young minds. These are the people who teach math to your kids.
No wonder Nevada’s students are failing. Their teachers can’t add two plus two.
Contact Wayne Allyn Root at Wayne@ROOTforAmerica.com. Hear or watch the nationally syndicated “Wayne Allyn Root Show” from 3 to 6 p.m. daily at 790 AM and at 5 p.m. every night on Newsmax TV (Cox cable channel 96).