Being curious, I thought I’d take a look.
The problem when dealing with other people deciding who is a good candidate, is that you have to then accept that person’s choice of what is good policy…
For example, people in lower incomes see Bernie’s rates as reasonable because 1) they pay little in taxes and 2) he will provide services such as Medicaid and college tuition, an attainment they have always dreamed of obtaining.
Those in the investment world who care nothing about how people hurt, rank Bernie as being unreasonable and rank Trump’s program which is unreasonable, very highly…
So it takes some time and effort to explore both sides and see how things stack up. When one sees that Bernie will greatly increase taxes for ones 2016 income and Trump will greatly decrease taxes for ones 2016 income, one might jump towards Trump as the person giving them the most money… But no. To achieve that cost reduction, Trump who promises to balance the budget, will have to cut most of the services you receive, including Social Security and Medicare, including military and transportation, including crime and the judiciary… So one would assume your life would change greatly either way, and putting all costs together, Bernie’s plan with an organized society could be much cheaper than Trumps plan where all society is in chaos.
For example: roads, an odd example but one all can grasp because we know the difference between free and toll roads. Now and in Bernie’s world you will drive for free. In Trump’s world, you pay $1 on every road you drive… Going to work and coming back will cost you $5 each way. At $10 a day, 5 days a week, and for 52 weeks a year, this one cost would cost you $2,600 a year out of the $5550 dollars Trump says he’ll save you. That’s just roads. What about medical? What about food? What about education? What about all those other things you get as a United States Citizen which you will have to pay for …
So seeing what you get, is important when deciding on cutting or lowering taxes… The answer to deciding should be not whether you pay or get money back; it should be decided which one makes you richer or poorer over a whole year….
You need to see this… It is a tax calculator which inputs the rates all candidates are proposing and tells one how much more or less they pay in taxes… It does not tell you how much or how less you lose in services.
A family of two adults and one child at $50,000 will save $3200 with Trump $1800 with Cruz, $30 more with Clinton, and $6800 more with Sanders.
But under Sanders they get free healthcare; free college; increased infrastructure developments, and their bosses get penalized by the tax brackets if they do not give you substantial raises.
As a business person, I can say that taking the healthcare costs out of business and putting it on government, benefit one between $158 and $359 per month per employee. Which as a business person is much more relief to bottom line after taxes than Trump’s or Cruz’s lower taxes.
But as a very wealthy person, Bernie’s tax increases will make changes… Higher estate taxes, higher tax rates on income, higher financial transaction fees, higher capital gains taxes, and will drastically change the way we park our money. Instead of putting it into stocks and bonds, we will put it into land, businesses, and development. Profit no longer becomes a prime driver, because it becomes money that gets taxed and lost. Instead we invest in our businesses before profits so in the following year, we increase its future value, but not necessarily its income. No different than buying a Van Gogh to hold and sell at some future date.
Those making $10 million according to the calculator can pay $3 million more in taxes. Which tends to make one who is still earning $10 million a year, not want to report he is making $10 million and instead choose to say, buy a company yacht for $5 million and ensure that 1000’s of Americans have another job to work on for another 4 weeks..
So though some people get hurt and some get better under all candidates tax plans, the real focus should be on which makes America better?
And I think no one can argue, what makes America better is when all of its citizens can expect a better future in each subsequent year than they had in the last…. To have a top few get better at the expense of many on the bottom, is great for those few, but must be balanced by the anguish of the many… Likewise to have a bottom few (as in the totally fictional welfare queens) enrich themselves off the top, is no good also… What works best is when all Americans benefit? America should be where the rich get richer, and the poor…. get richer as well.
That needs to be the measuring stick.
So take a family making $50,000.. Out of current deductions they now take home $38,000 (federal, state, FICA, Medicare). Under Bernie, they will take home $32,000. And pay nothing for medical or college. Take college. At $20,000 a year or $80,000 for four, if they started a private college tuition account they would pay $80,000/ 21 years from birth or $3800 a year. But no one can afford to do that, but one can see the cost is rather practical… Medical costs for a family of 3 run according to the NIH, $6,800 for most families. That is almost an even swap. The family is simply paying the Federal government what it once paid insurance companies and medical services in co-payments and deductibles.
The difference is quality. One gets better healthcare service when one is on Medicaid for all than one does with private health plans. So families pay the same under Bernie, get better coverage, and get free education to boot.
And under Cruz and Trump, Pell Grants are gone. Federal loans are gone, all federal grants are gone. There is no assistance for states to help out. Small states of course get hit worst than large states. Something all small states need to consider…
But the reality is that for a very large number of Americans who see no future today under the status quo, a status quo being perpetuated by Hillary Clinton, by Ted Cruz, and by Donald Trump, all allow the rich to benefit AT THE EXPENSE OF ALL OTHERS, Bernie’s plan is very viable and very realistic…
No matter what those who have so much income that they have no money-worries, say…