By Jon Dougherty
Thanks to the tax reform law passed by Republicans and POTUS Donald Trump in 2017, America’s most vocal anti-capitalist and democratic socialist Sen. Bernie Sanders saved more money than scores Americans make in a year.
According to reports, the tax law saved Sanders — who is a millionaire, by the way — nearly $40,000 in 2018.
The Washington Free Beacon reported:
Sen. Bernie Sanders (I., Vt.) saved roughly $38,000 in taxes thanks to the Tax Cuts and Jobs Act, the Republican-passed tax cut championed by President Donald Trump which the New York Times recently admitted cut most Americans’ taxes.
Sanders released ten years’ worth of tax returns Monday night, fulfilling a long-standing promise to do so. The returns indicated that Sanders is now a millionaire, having collected more than $1 million in 2016 and 2017 thanks to the sales from his books Our Revolution and Bernie Sanders Guide to Political Revolution.
Despite the Republican-provided tax break, Sanders was noncommittal during a town hall-style broadcast on Fox News Monday when asked if he would support one of his own tax policies — paying 52 percent of his annual wages in taxes for ‘the wealthy.’ That was the highest bracket he proposed during his 2016 presidential bid.
If he did support that kind of rate, his tax liability would be 30 percent higher this year than it was, according to reports.
It should be noted that Sanders has not announced any substantial changes to his tax platform during his current bid for the 2020 Democratic nomination:
According to analysis from the right-leaning Tax Foundation, Sanders’s 2016 proposal would add four new top tax brackets with rates of 37 percent, 43 percent, 48 percent, and 52 percent, It would also add a 2.2 percent “income-based [health care] premium paid by households,” which the Tax Foundation writers say is “equivalent to increasing all tax bracket rates by 2.2 percentage points.”
Using the Tax Foundation’s estimates of Sanders’s brackets, as well as the senator’s reported 2018 taxable income of $519,529, we can estimate a total tax liability under his schema of $170,240.11. If Sanders were paying taxes under his own plan, he would be shelling out an additional $36,819.11 to the government, and have a tax liability of 32.7 percent of his income.
Sanders has spent decades in Congress without accomplishing much of anything. His newfound wealth comes, hypocritically, from writing books bashing the very capitalist system that created his wealth in the first place.
You can’t make this stuff up.
Sanders is a monumental hypocrite, of course, but this goes much further. Like a typical Left-wing thug authoritarian, Bernie wants most Americans to live far below our means so that people like him can rule us from a position of wealth and privilege.
Which makes him no different than the very people he criticizes.
- Follow Jon Dougherty on Twitter at @JonDougherty10