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Details and Analysis of
Senator Bernie Sanders’s Tax Plan
By Alan Cole and Scott Greenberg
· Senator Sanders (I-VT) would enact a number of policies that would raise
payroll taxes and individual income taxes, especially on high-income
· Senator Sanders’s plan would raise tax revenue by $13.6 trillion over the
next decade on a static basis. However, the plan would end up collecting
$9.8 trillion over the next decade when accounting for decreased economic
output in the long run.
· A majority of the revenue raised by the Sanders plan would come from a
new 6.2 percent employer-side payroll tax, a new 2.2 percent broad-based
income tax, and the elimination of tax expenditures relating to healthcare.
· According to the Tax Foundation’s Taxes and Growth Model, the plan would
significantly increase marginal tax rates and the cost of capital, which would
lead to 9.5 percent lower GDP over the long term.
· On a static basis, the plan would lead to 10.56 percent lower after-tax
income for all taxpayers and 17.91 percent lower after-tax income for the
top 1 percent. When accounting for reduced GDP, after-tax incomes of all
taxpayers would fall by at least 12.84 percent.
Over the past few months, Senator Bernie Sanders (I-VT) has released details of changes
he would make to the federal tax code.1 His plan would increase marginal tax rates on all
taxpayers, through higher individual income tax rates and two new payroll