Trump: Bernie Sanders wants to tax 'you people' at 90 percent

SlyPokerDog · Oct 20, 2015

At a recent rally in Richmond, Va., Donald Trump called Bernie Sanders the c-word — "communist" — and suggested that Sanders’ plans for wealth redistribution extends beyond targeting Trump and other billionaires.

Under Sanders, Trump said, tax hikes would come for everyone.

"This maniac that was standing on (Hillary Clinton’s) right is giving everything away, so she’s following," Trump said on Oct. 14, referring to the Democratic debate the night before. "He’s gonna tax you people at 90 percent. He’s gonna take everything. And nobody's heard the term communist, but you know what? I’d call him a socialist/communist, okay? ‘Cause that's what he is."

A few days later, Sanders dismissed Trump’s comments in an interview on ABC’s This Week.

"Well, if I had to respond to every absurd thing that Donald Trump said, I would spend my whole life doing it," Sanders said in the Oct. 18 interview. He added, "Yes, we are going to ask Trump and his billionaire friends to pay more in taxes. ...We'll come up with that rate. But it will be a damned lot higher than it is right now."

It’s clear that Sanders wants to raise taxes on the "1 percent." But does he want to tax the average Americans standing before Trump at the Richmond rally at 90 percent as well?

Sanders hasn’t released a tax plan yet, and we searched Lexis Nexis and CQ and found that Sanders has never explicitly proposed a 90 percent tax rate for billionaires, let alone applying that rate across the board.

We asked the Trump campaign how the GOP frontrunner knew what Sanders is proposing, but we didn’t hear back. However, he may be distorting comments Sanders made in May 2015 about the marginal tax rate for the very wealthy.

Just like Ike

Early in his campaign, Sanders drew alarm when he said in an interview with CNBC that he doesn’t think a top marginal tax rate of 90 percent is too high.

Briefly, the marginal tax rate is applied to the last dollar you earn. The U.S. tax system is based on tax brackets. Let’s say you were a single filer who earned $410,000 in adjusted gross income last year. The first $9,075 you earned was taxed at 10 percent, the amount from $9,076 to $36,900 was taxed at 15 percent, the amount from $36,901 to $89,350 was taxed at 25 percent, the amount from $89,351 to $186,350 was taxed at 28 percent, the amount from $186,351 to $405,100 was taxed at 33 percent, the amount from $405,101 to $406,750 was taxed at 35 percent, and the amount above $406,751 was taxed at 39.6 percent.

In other words, the current top marginal tax rate is 39.6 percent, affecting individuals who make more than $400,000 a year. That’s roughly the threshold to make it into the top 1 percent of incomes if you’re filing as an individual. And even for this sample filer making $410,000, that 39.6 percent tax rate hits only a relatively small amount of their income. The average American never sees marginal federal income tax rates that high.

"If my memory is correct, when radical socialist Dwight D. Eisenhower was president, the highest marginal tax rate was something like 90 percent," Sanders said on May 26 (his memory is correct). "That's not 90 percent of your income, you know? That's the marginal."

Many on the right and left interpreted Sander’ comments as advocating for increasing the top rate to 90 percent. The Sanders camp, however, told us the Vermont senator has made it very clear that that’s not what he was saying.

Looking at his past comments — one from 2008, four from this year — Sanders doesn’t seem like he’s committed to any figure:

• Nov. 5, 2008 on Fox News’ Your World with Neil Cavuto: Sanders said of the top tax rate, "No, of course, it is not going to be 90 percent." Pressed by Cavuto for a figure, Sanders said, "Neil, I’m not going to develop tax policy in a three-minute segment on your show."

• June 2, 2015 on Yahoo! News: In response to host Katie Couric’s suggestion that he proposed taxing the wealthiest Americans at 90 percent, Sanders interjected, "No, I didn’t. It’s not true. That’s one of these things that seems to be circulating. We haven’t come up with a formal tax proposal. ...Will we raise the individual tax rate for the wealthy? Absolutely, but we haven’t come up with a number yet."

• June 11, 2015 on Charlie Rose: "We are working right now on a comprehensive tax package which I suspect will for the top marginal rates go over 50 percent."

• Sept. 18, 2015 on CBS This Morning: "No, I don’t think you have to go up to 90 percent. …I don’t know if you have to go there but we will come up with some very specific ideas."

• Sept. 23, 2015 on CNN New Day: "If you are extremely wealthy, yes, you are going to pay more in taxes. If you are a large corporation today, by the way, that's stashing your money in the Cayman Islands and not paying a nickel in federal taxes, yes, you are going to be paying taxes."

In short, the most specific figure we found from Sanders on the top marginal tax rate is not terribly specific — "over 50 percent" — and it would not affect all but a tiny fraction of Americans.

Nothing is certain but taxing corporations

And that’s the point that’s even more problematic with Trump’s claim -- who Sanders’ supposed 90 percent tax would affect.

Most of the taxes that Sanders has actually proposed in writing would not apply to "you people." The one exception would raise the rate to far below 90 percent.

His call for paid family and medical leave, based on legislation introduced by Sen. Kirsten Gillibrand, D-N.Y., would require "just a small increase in the payroll tax" that would hit everyone, Sanders said on This Week.

How small? Employers and employees would chip in an additional 0.2 percent each, bringing the federal payroll tax from 12.4 percent to 12.8 percent. According to a report by Gillibrand’s office, that’s the equivalent of $72.04 per year for the average worker, and $227.40 for the highest wage earners.

For corporations and the very wealthy, Sanders’ proposed tax increases and new taxes may hurt more. Here’s a rundown:

• Increase the top estate tax rate from 40 percent to 45 percent for estates valued at $3.5 million to $10 million; 50 percent for $10 million to $50 million; 55 percent for $50 million to $1 billion; and 65 percent for estates over $1 billion (estates under $3.5 million will be exempt)

• Create a tax on trading transactions that would impose a 0.5 percent rate for stock trades, 0.1 percent for bonds and 0.005 percent for derivatives to pay for free tuition at all public colleges

• Eliminate the cap on payroll taxes for incomes over $118,500 and tax all income above $250,000 to expand Social Security

• Eliminate tax deferrals for U.S. corporations located abroad and tax breaks for oil, gas and coal companies

Beyond this, there’s some doubt that Sanders could achieve his policy proposals without additional tax increases. Indeed, one tax expert cautioned against speculating because Sanders has been so vague about his proposals.

"There is not enough substance to (Sanders’) proposals for anyone to have analyzed them," said Roberton Williams of the nonpartisan Tax Policy Center. "Organizations typically wait until there is a fully formulated plan before they try to model them. Sanders is not anywhere near that point yet."

Sanders’ director of policy, Warren Gunnels, told us, "Once he introduces his individual tax reform plan, we'll let you know."

And in turn, we will let you know.

Our ruling

Trump said Bernie Sanders is going to "tax you people at 90 percent."

Sanders hasn’t released an official tax plan, either for billionaires or for anyone else. But based on his previous comments and proposals, the tax policies Sanders is advocating are targeted at corporations and affluent Americans.

Sanders has dismissed the notion that he wants to set marginal tax rates for billionaires at 90 percent. But even if he did end up doing that, that rate wouldn’t affect "you people" — that is, the rank and file Americans who attended Trump’s rally.

We rate Trump’s claim Pants on Fire.

http://www.politifact.com/virginia/...bernie-sanders-wants-tax-everyone-90-percent/

speeds · Oct 20, 2015

Can't help but read Sanders quotes in Sanders' halting, accusatory voice. I like it.

magnifier661 · Oct 20, 2015

All that needs to be said is successful democratic socialist countries tax from 35-49% the country's GDP. Denmark taxes middle class at 60-70%.

The reality for total socialistic policies will be, using the successful countries, will be 6.5-8.5 trillion to our existing 17.3 T GDP. There is a reason why Bernie "Feel the Bern in your Wallet" Sanders hasn't come up with a tax plan, just like Obama didn't when he ran. If the voters really saw what's coming, they would never vote for them.

MARIS61 · Oct 21, 2015

He's adding another $18,000,000,000 budget to our current $18,000,000,000 deficit.

Taxing all the billionaires in the US at 90% won't even dent that.

BrianFromWA · Oct 21, 2015

Wait a second...how can you come up with a plan for what's free, if you haven't (in at least seven years) come up with a plan for how to pay for it? Does he even know how much "free healthcare" and "free college", et al., is?

As for Social Security, I posted before about how it's pretty decent. Assuming it's not getting robbed ("Lockbox", anyone?) it's basically paid for. For now. Maybe some tweaking of the tax number is involved, but it seems pretty close.

Medicare/Caid is horribly broken. Again, as I've posted before, the overrun for medicare/caid is bigger than the entire budget for DoD/DHS/DVA. The OVERRUN! You can't just hike up payroll taxes a bit to pay for it.

Now, if those things (that are already supposed to be funded from your taxes, but are still way short) aren't working like they're supposed to, and we have almost trillion-dollar overruns, how are you going to set up things that pay for more stuff? That's a question I'd like to see Bernie answer. Which federal institution is working correctly, paid for as it's supposed to be? How much free stuff came from the almost-trillion-dollar "stimulus"? If there's a problem with college graduates getting jobs commensurate with their student loans, how does paying all of them off (and adding more "free collegians") get more jobs for them?

magnifier661 · Oct 21, 2015

Bernie was quoted that he would save Americans 30% on what they pay for healthcare. Currently, we average 9,500 per capita on healthcare. That's like 6,600 per capita with his 30% discount as advertised. The population is like 321 mil X 6,600. That's 2.18T for that alone.

magnifier661 · Oct 21, 2015

Back to school statistics
Fast Facts

Question:
What are the new Back to School statistics for 2015?

Response:

Elementary and Secondary Education

Enrollment

In fall 2015, about 50.1 million students will attend public elementary and secondary schools. Of these, 35.2 million will be in prekindergarten through grade 8 and 14.9 million will be in grades 9 through 12. An additional 4.9 million students are expected to attend private schools (source). The fall 2015 public school enrollment is expected to be slightly higher than the 50.0 million enrolled in fall 2014.

Of the projected 50.1 million public school students entering prekindergarten through grade 12 in fall 2015, White students will account for 24.7 million. The remaining 25.4 million will be composed of 7.7 million Black students, 13.1 million Hispanic students, 2.6 million Asian/Pacific Islander students, 0.5 million American Indian/Alaska Native students, and 1.5 million students of Two or more races (source). The national percentage of students who are White is projected to remain at less than 50 percent in 2015. The percentage of students who are White is expected to continue declining as the enrollments of Hispanics, Asians/Pacific Islanders, and students of Two or more races increase through at least fall 2024, the last year for which projections are available (source).

In fall 2015, about 1.3 million children are expected to attend public prekindergarten; enrollment in public kindergarten is projected to reach approximately 3.7 million students (source).

About 4.1 million public school students are expected to enroll in 9th grade in fall 2015. Students typically enter American high schools in 9th grade (source).

Teachers

Public school systems will employ about 3.1 million full-time-equivalent (FTE) teachers in fall 2015, such that the number of pupils per FTE teacher—that is, the pupil/teacher ratio—will be 16.0. This ratio is the same as the 2000 ratio. A projected 0.4 million FTE teachers will be working in private schools this fall, resulting in an estimated pupil/teacher ratio of 12.5, which is lower than the 2000 ratio of 14.5 (source).

Schools and Districts

In 2012–13, there were about 13,500 public school districts (source) with nearly 98,500 public schools, including about 6,100 charter schools (source). In fall 2011, there were about 30,900 private schools offering kindergarten or higher grades (source).

Expenditures

Current expenditures for public elementary and secondary schools are projected to be $634 billion for the 2015–16 school year. These expenditures include such items as salaries for school personnel, benefits, student transportation, school books and materials, and energy costs. The current expenditure per student is projected at $12,605 for the 2015–16 school year (source).

Attainment

About 3.3 million students are expected to graduate from high school in 2015–16, including 3.0 million students from public high schools and about 0.3 million students from private high schools (source).

The percentage of high school dropouts among 16- through 24-year-olds declined from 10.9 percent in 2000 to 6.8 percent in 2013 (source). Reflecting the overall decline in the dropout rate between 2000 and 2013, the rates also declined for Whites, Blacks, and Hispanics (source) .

The percentage of students enrolling in college in the fall immediately following high school completion was 65.9 percent in 2013 (source).

College and University Education

Enrollment

In fall 2015, some 20.2 million students are expected to attend American colleges and universities, constituting an increase of about 4.9 million since fall 2000 (source).

Females are expected to account for the majority of college students: about 11.5 million females will attend in fall 2015, compared with 8.7 million males. Also, more students are expected to attend full time than part time (an estimated 12.6 million, compared with about 7.6 million) (source).

About 7.0 million students will attend 2-year institutions and 13.2 million will attend 4-year institutions in fall 2015. Some 17.3 million students are expected to enroll in undergraduate programs and about 3.0 million will enroll in postbaccalaureate programs (source).

Increases in the traditional college-age population and rising enrollment rates have contributed to the increase in college enrollment. Between 2000 and 2013, the 18- to 24-year-old population rose from approximately 27.3 million to approximately 31.5 million (source). The percentage of 18- to 24-year-olds enrolled in college also was higher in 2013 (39.9 percent) than in 2000 (35.5 percent) (source).

In 2013, there were about 12.2 million college students under age 25 and 8.2 million students 25 years old and over. The numbers of younger and older students increased between 2000 and 2013 (source).

Increasing numbers and percentages of Black and Hispanic students are attending college. Between 2000 and 2013, the percentage of college students who were Black rose from 11.7 to 14.7 percent, and the percentage of students who were Hispanic rose from 9.9 to 15.8 percent (source). Also, the percentage of Hispanic 18- to 24-year-olds enrolled in college increased from 21.7 percent in 2000 to 33.8 percent in 2013; the percentage of Black 18- to 24-year-olds enrolled did not change measurably during this period (source).

Finance

For the 2013–14 academic year, the average annual price for undergraduate tuition, fees, room, and board was $15,640 at public institutions, $40,614 at private nonprofit institutions, and $23,135 at private for-profit institutions. Charges for tuition and required fees averaged $6,122 at public institutions, $29,648 at private nonprofit institutions, and $13,787 at private for-profit institutions (source).

Attainment

During the 2015–16 school year, colleges and universities are expected to award 952,000 associate's degrees; 1.8 million bachelor's degrees; 802,000 master's degrees; and 179,000 doctor's degrees (source). In 2012–13, postsecondary institutions awarded 966,000 certificates below the associate's degree level, 1.0 million associate's degrees, 1.8 million bachelor's degrees, 752,000 master's degrees, and 175,000 doctor's degrees (source).

In 2013, about 72.1 percent of 25- to 34-year-olds with a bachelor's or higher degree in the labor force had year-round, full-time jobs, compared with 67.5 percent of those with an associate's degree, 59.0 percent of those with some college education, 61.7 percent of high school completers, and 53.3 percent of those without a high school diploma or its equivalent (source). In 2014, a smaller percentage of 20- to 24-year-olds with a bachelor's degree or higher were unemployed than were their peers with lower levels of education (source).

In 2013, median earnings for full-time year-round working young adults ages 25–34 with a bachelor's degree were $48,500, while the median was $23,900 for those without a high school diploma or its equivalent, $30,000 for those with a high school diploma or its equivalent, and $37,500 for those with an associate's degree. In other words, young adults with a bachelor's degree earned more than twice as much as those without a high school diploma or its equivalent (103 percent more) and 62 percent more than young adult high school completers. Additionally, in 2013 median earnings for young adults with a master's or higher degree were $59,600, some 23 percent more than the median for young adults with a bachelor's degree (source).

For more information, please see the following:

The Condition of Education: The annual report to Congress on important developments and trends in U.S. education.

The Digest of Education Statistics: A compilation of statistical information covering the broad field of American education from prekindergarten through graduate school.

State-level data resource page: Links to selected publications and websites that provide state-by-state information on achievement, attainment, demographics, enrollment, finances, and teachers at the elementary, secondary, and postsecondary levels.

Projections of Education Statistics: This report provides projections for key education statistics, including enrollment, graduates, teachers, and expenditures in elementary and secondary schools.

U.S. Department of Education program and budget information can be found here.

U.S. Census Bureau Current Population Survey: The Current Population Survey (CPS) is a monthly survey of about 60,000 households conducted by the U.S. Census Bureau. The CPS is the primary source of information on labor force statistics and also contains information on enrollment and educational attainment.

donkiez · Oct 21, 2015

Its nice to see some people take a break from Benghazi email gate to start ramping up the Sanders trashing. Thats how you know he is really making a difference and making the Republicans scared.

Sent from my SPH-L720 using Tapatalk

magnifier661 · Oct 21, 2015

donkiez said: ↑

Its nice to see some people take a break from Benghazi email gate to start ramping up the Sanders trashing. Thats how you know he is really making a difference and making the Republicans scared.

Sent from my SPH-L720 using Tapatalk
Click to expand...

What are you talking about? I am merely replying to Sly's post, especially when he called out Trump.

The only thing I'm scared of is an assassination attempt on Trump. That's the only thing that will stop him from winning the White House

donkiez · Oct 21, 2015

magnifier661 said: ↑

What are you talking about? I am merely replying to Sly's post, especially when he called out Trump.

The only thing I'm scared of is an assassination attempt on Trump. That's the only thing that will stop him from winning the White House
Click to expand...

I was not specifically talking about you. I was respoding to the OP. Although your Sanders is a socialist nazi communist threads sound pretty fearmongerish. You make a good Trump drone.

SlyPokerDog · Oct 21, 2015

magnifier661 said: ↑

What are you talking about? I am merely replying to Sly's post, especially when he called out Trump.

The only thing I'm scared of is an assassination attempt on Trump. That's the only thing that will stop him from winning the White House
Click to expand...

I didn't call out anyone. I posted an article on something said that wasn't accurate.

magnifier661 · Oct 21, 2015

SlyPokerDog said: ↑

I didn't call out anyone. I posted an article on something said that wasn't accurate.
Click to expand...

#ClickBaitArticlesMatter

magnifier661 · Oct 21, 2015

donkiez said: ↑

I was not specifically talking about you. I was respoding to the OP. Although your Sanders is a socialist nazi communist threads sound pretty fearmongerish. You make a good Trump drone.
Click to expand...

Never said nazi. Sanders is very pro communism though. His words and policies prove that.

UncleCliffy'sDaddy · Oct 21, 2015

magnifier661 said: ↑

#ClickBaitArticlesMatter
Click to expand...

Oh irony................................

magnifier661 · Oct 21, 2015

BTW... the 90% tax rate is redistribution of wealth.

http://www.cnn.com/2013/02/08/opinion/mccaffery-marginal-tax-rates/

If Jane makes $10,000, the government mails her a check for $4,000. Over a certain range, Jane keeps that money. But as she starts earning more than approximately $18,000, Jane begins to lose the $4,000, at a roughly 20% rate. Add that to payroll taxes (7.65%), the regular income tax (15%, at that range), and Jane is in a rate bracket over 40%, and we are just getting started -- other federal, state and local programs and taxes pile on to the same effect.

You might be thinking that losing a benefit is not a tax. That is an understandable sentiment, but Jane will not be comforted by it. Looking just at the EITC, as Jane's earnings go over $18,000, she loses some of the dollars she is earning to "regular" taxes, and the $4,000 she was getting in assistance is disappearing. It's real, green, money that she is losing. This is the net effect that Shaviro was describing: Compare Jane earning $10,000 in the workplace to Jane earning $25,000, and the latter Jane simply has over $2500 fewer dollars to spend.
Click to expand...

magnifier661 · Oct 21, 2015

Here is a break down on how the 90% works in "DENMARK", which Bernie wants to model.

blue32 · Oct 21, 2015

^ but free COLLEGE!!!!!

VanillaGorilla · Oct 21, 2015

MarAzul · Oct 21, 2015

If people go to college to gain the edge and better their prospects, it seem like a smart move, even if they run up some debt, like a student loan. But what would the edge be, if everyone has the same free education? The students would be debt free, but as it is purposed, our government would run up all that debt instead of the students. Since they would all be equal without an edge, what is the value to the government to justify the debt?

Wouldn't this simply further the need for the master or the PHd education to gain the edge? There seems to be no end to this need, perhaps education is not the business of the government,
let the individual take care of it, pursuit of education would seem to be a compatible companion with the pursuit of happiness.

riverman · Oct 21, 2015

MarAzul said: ↑

If people go to college to gain the edge and better their prospects, it seem like a smart move, even if they run up some debt, like a student loan. But what would the edge be, if everyone has the same free education? The students would be debt free, but as it is purposed, our government would run up all that debt instead of the students. Since they would all be equal without an edge, what is the value to the government to justify the debt?

Wouldn't this simply further the need for the master or the PHd education to gain the edge? There seems to be no end to this need, perhaps education is not the business of the government,
let the individual take care of it, pursuit of education would seem to be a compatible companion with the pursuit of happiness.
Click to expand...

In some systems there's a national college entrance exam so not everyone gets free college..they have to qualify..they use a quota system and if you don't get a university score, you can choose other tech schools

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