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Fairly certain this calculator fails to account for Sanders' proposed lifting of the Social Security tax cap for (presumably household?) earnings over $250,000.
by twoodfin 11y ago
Fairly certain this calculator fails to account for Sanders' proposed lifting of the Social Security tax cap for (presumably household?) earnings over $250,000. That's a fake 6.2% and real 12.4% marginal income tax hike.
Also the brackets don't match up with this analysis[2], though I have no idea who's right. That analysis also suggests Sanders' plan adds another employer-paid payroll tax of 6.2%! I'm not sure how that overlaps with the "Medicare for All" tax. Let's assume they're not cumulative. The result is still something like a real 60% marginal rate on a household with two $150,000 earners. Before state and local taxes, of course.
EDIT: No, of course, the 2.2% employee and 6.2% employer taxes are cumulative! It's disingenuous to imply that your wages aren't being taxed if your employer pays the tax instead of you.
[1] http://taxfoundation.org/article/details-and-analysis-senator-bernie-sanders-s-tax-plan http://taxfoundation.org/article/details-and-analysis-senato...
[2] https://berniesanders.com/issues/strengthen-and-expand-social-security/ https://berniesanders.com/issues/strengthen-and-expand-socia...
- jstelly 11y agoYes, this looks like a simplified picture that is much more incremental than what is actually proposed on the Bernie Sanders site: https://berniesanders.com/issues/how-bernie-pays-for-his-proposals/ https://berniesanders.com/issues/how-bernie-pays-for-his-pro... The "more accurate" calculator linked from github is similarly limited.