However, the fact-sheet highlighted for the first time that many of Sanders’ expected cost-saving measures relied on conjecture and best-case scenarios. For example, Sanders’ document asserts that a “modest tax on
Wall Street speculation … will raise an estimated $2.4 trillion over ten years” and, in one fell swoop, make all “public colleges, universities and trade schools tuition-free … and cancel all student debt over the next decade.”
The proposal specifically would place a “0.5 percent tax on stock trades – 50 cents on every $100 of stock – a 0.1 percent fee on bond trades, and a 0.005 percent fee on derivative trades.”
The National Review
has likened a tax on so-called “Wall Street speculation” to a de facto tax on savings, saying the Sanders plan is untested and “would mean paying $25 to the federal government every time you traded $5,000 worth of stock — or five times what you’d pay the typical online brokerage in fees. … Over the long term, that imposes serious costs on actively traded funds such as the ones containing many Americans’ retirement funds.”
Meanwhile, housing for everyone would cost $2.5 trillion over ten years, and would be paid entirely by a “wealth tax on the top one-tenth of one percent,” raising a total of $4.35 trillion, according to Sanders’ fact-sheet. Similarly, “universal childcare and pre-school to every family in America” would be provided with a wealth tax on the “top 0.1 percent,” again raising more than $4 trillion. The taxes would target wealthy individuals’ “net worth,” not simply their income.
The plan would require the IRS “to perform an audit of 30 percent of wealth tax returns for those in the 1 percent bracket and a 100 percent audit rate for all billionaires,” and would include a “40 percent exit tax on the net value of all assets under $1 billion and 60 percent over $1 billion for all wealthy individual seeking to expatriate to avoid the tax.”
A new “income inequality tax on large corporations that pay CEOs at least 50 times more than average workers” would take care of $81 billion in past-due medical debt, Sanders further claimed.
Sanders’ projections also stated without providing details that his Green New Deal plan would create “20 million new jobs,” thus ensuring $2.3 trillion in “new income tax revenue.”
Additionally, Sanders
cited “economists” as he promised that by “averting climate catastrophe we will save: $2.9 trillion over 10 years, $21 trillion over 30 years and $70.4 trillion over 80 years.”
yeah I can't see the US putting up with THAT plan!
Crazy Bernie Finally Reveals How He Will Fund His Socialist Programs – Sons of 1776
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Originally Posted by FrohnB
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