Sen. Bernie Sanders 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.
If he did, or if his tax plan were implemented, Sanders would increase his tax liability by nearly 30 percent, analysis of his tax returns indicates.
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 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.
Multiple tax-policy think tanks have provided tools to estimate tax liability with and without the TCJA. Using the information provided in Sanders's 2018 tax return, these calculators indicate major benefits to his bottom line from the TCJA. One tool, provided by the Tax Policy Center estimates that Sanders's income tax liability without the TCJA would have been $144,451; with the tax law, it fell to $106,782, a drop of $37,669.
Another estimator from the Tax Foundation estimates a total tax liability of $188,753.
In other words, the TCJA-which Sanders voted against-saved him nearly $40,000 in taxes in 2018, roughly the additional tax burden he would have to face if his preferred tax code was implemented.
https://freebeacon.com/politics/trump-tax-law-saved-sanders-nearly-40000-last-year/
If he did, or if his tax plan were implemented, Sanders would increase his tax liability by nearly 30 percent, analysis of his tax returns indicates.
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 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.
Multiple tax-policy think tanks have provided tools to estimate tax liability with and without the TCJA. Using the information provided in Sanders's 2018 tax return, these calculators indicate major benefits to his bottom line from the TCJA. One tool, provided by the Tax Policy Center estimates that Sanders's income tax liability without the TCJA would have been $144,451; with the tax law, it fell to $106,782, a drop of $37,669.
Another estimator from the Tax Foundation estimates a total tax liability of $188,753.
In other words, the TCJA-which Sanders voted against-saved him nearly $40,000 in taxes in 2018, roughly the additional tax burden he would have to face if his preferred tax code was implemented.
https://freebeacon.com/politics/trump-tax-law-saved-sanders-nearly-40000-last-year/
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