Posted on 02/25/2020 4:18:08 AM PST by karpov
Sen. Bernie Sanders (I-Vt.) on Monday night released a list of how he plans to pay for his proposals.
The presidential candidate announced during a CNN town hall Monday night that he planned to distinguish himself from President Trump and the promises the Trump campaign made in 2016 by posting to his website a detailed proposal on how to raise money for his plans.
The list published Monday details how the senator plans to pay for his big ticket promises like Medicare for All and the Green New Deal, in addition to smaller plans like Housing for All.
Sanders said he planned to raise $16.3 trillion for the Green New Deal to combat climate change.
The money would come from making the fossil fuel industry pay for “their pollution,” garnering profit from the wholesale of energy, decreasing defense spending, getting new income tax revenue and saving federal and state safety net spending from the jobs created in the plan and enforcing higher taxes on large corporations.
For the Medicare for All plan, Sanders said he plans to create a 4 percent income-based premium while exempting the first $29,000 in income for a family of four, requiring employers to pay a 7.5 percent income-based premium, getting rid of health tax expenditures and increasing the top marginal income tax to 52 percent on incomes over $10 million.
He also would tax capital gains at the same rates of income from wages, enact the For the 99.8% Act, reform the corporate tax system and use money from the tax on the extremely wealthy.
But CNN's Chris Cuomo said Sanders's plan for Medicare for All "is not matching the price tag" of the total estimated cost.
(Excerpt) Read more at thehill.com ...
Less? We import 6 million bbls of crude oil per day!!!!! At $55/bbl that is $300,000,000+/day!!!!
Bernard doesn’t care because he will become one of those filthy rick people.
Just like i have read that obama is worth 100? million dollars.
Someone is singing a tune that the band isn’t playing. No amount of pointing out the obvious is going to do any good.
There goes any future raises you'd hoped to get to help pay for the OTHER things Bernie wants to GIVE AWAY!
And so long as Sanders remains in the race, it’s worth taking his policy ideas seriously, since he has unveiled expensive new spending proposals on a near-weekly basis. All told, Sanders’s current plans would cost as much as $97.5 trillion over the next decade, and total government spending at all levels would surge to as high as 70 percent of gross domestic product. Approximately half of the American workforce would be employed by the government. The ten-year budget deficit would approach $90 trillion, with average annual deficits exceeding 30 percent of GDP.
The $97.5 trillion price tag is made up mostly of the costs of Sanders’s three most ambitious proposals. Sanders concedes that his Medicare For All plan would increase federal spending by “somewhere between $30 and $40 trillion over a 10-year period.” He pledges to spend $16.3 trillion on his climate plan. And his proposal to guarantee all Americans a full-time government job paying $15 an hour, with full benefits, is estimated to cost $30.1 trillion. The final $11.1 trillion includes $3 trillion to forgive all student loans and guarantee free public-college tuition—plus $1.8 trillion to expand Social Security, $2.5 trillion on housing, $1.6 trillion on paid family leave, $1 trillion on infrastructure, $800 billion on general K-12 education spending, and an additional $400 billion on higher public school teacher salaries.
This unprecedented outlay would more than double the size of the federal government. Over the next decade, Washington is already projected to spend $60 trillion, and state and local governments will spend another $29.7 trillion from non-federal sources. Adding Sanders’s $97.5 trillion—and then subtracting the $3 trillion saved by state governments under Medicare For All—would raise the total cost of government to $184 trillion, or 70 percent of the projected GDP over ten years
Such spending would far exceed even that of European social democracies. The 35 OECD countries average 43 percent of GDP in total government spending. Finland’s 57 percent tops the list, edging France and Denmark. Meantime, Sweden and Norway—regularly lauded as models for the U.S.—spend just under 50 percent of GDP. The U.S. government, at all levels, spends between 34 percent and 38 percent of GDP, depending on how one calculates.
Sanders’s agenda is virtually impossible to pay for. Adding $97.5 trillion in new spending to an underlying $15.5 trillion projected budget deficit (under current policies) creates a ten-year budget gap of $113 trillion. Yet Sanders’s tax proposals would raise at most $23 trillion over the decade.
https://www.city-journal.org/bernie-sanders-expensive-spending-proposals
I just wonder what types of WEAPONS will be used to do this???
That's an awful lot of loot to spread around!
If you think any Democrat will implement that, you are not as wise as I once thought.
equals: between $3-4 trillion per year.
Let’s see...
there are about
350,000,000 of us...
$3,500,000,000,000 is gonna get spent...
Let me be the first to send my portion of $10,000 to DC.
No because Sanders spending plans top $65 trillion while his “schemes” to pay for it total $3 trillion leaving him 62 trillion short. That also is based on their overtly optimistic numbers that their crash the US economy spending plan would not also significantly reduce what they actually manage to take in in new taxes
Are you ready for $8.00 per gallon gas?
Yes. Scarier still, that so many think it is a good idea.
Not mentioned in the blurb above Comrade Bernie plans to get additional monies from slashing the military which we don’t need unless we have to bomb North Korea, Iran, Israel, or China. Russia is our friend
Sanders has lost Penn and Florida, but never fear there are more states he could lose before the week is out.
Wow! I don‘t know what you are smoking, but you have a way too-optimistic outlook on this. Do you really believe anybody with a ’D‘ after their name will support such a suggestion?
Any increase in taxes on corporations will automatically flow to the consumer so the middle class gets to pay for it. Any corporation that does not bake these costs into their pricing will go out of business.
Corporations do not pay taxes, they merely collect them from consumers and pass them to the government.
Note: we should get away from using the word ‘capitalism” because it is a term coined by K Marx - perhaps ‘free market’?
The import tariff on crude would be a good idea but the rest of what Bernie said is BS.
So he plans on paying for it by forcing others to pay for it. Like employers. Because general workers don’t get if it comes out of the company’s bottom line it’s coming off your top line.
sanders cuts the top and the bottom of the blanket, then stitches the pieces onto the sides, making the blanket wider ... and inclusive
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.