The Tax Man Cometh

I’ve been remiss in posting this week. I have several draft and should post them soon.

In the meantime, Vox put together a calculator that shows you how much each candidate’s tax plan would cost or save you based on your income and status. We don’t make a huge amount of money, but we’d be paying $13,000 more a year if Bernie Sanders got his way. Keep in mind; many experts don’t think Sanders raises taxes enough to pay for socialized medicine. And we’re not in “the rich”, who would see marginal rates of 75%.

Now liberals will counter that we’re getting “free” healthcare and “free” college tuition. But the latter will only happen if the states cooperate, which they won’t. And the former is nice, I guess, but I’m dubious that my employer will roll those savings directly into my salary. So under Sanders, we’d be paying way more in taxes, getting crappy socialized medicine and “free” college at the two institutions that go along with his plan.

And, you know … there’s still a part of me that prefers him to Clinton.

(Trump and Cruz show a few thousand in tax cuts. I’m going to ignore those for the time being since I’m assuming the GOP won’t cut spending that much or blow that big a hole in the budget. But I’ve been wrong before on their willingness to pile up debt in pursuit of tax cuts.)

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  1. ilovecress

    Out of interest, I put in my income to the calculator to see what happens…

    Weirdly, it also gave me the opportunity to compare tax rates – which are sort of the same. Looks like the US is lowest at about 20k, with UK at 21k and NZ at 22k.

    But might I be missing State taxes or anything there?

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  2. Balthazar

    Yes, for instance NYS Jersey and California range from 7-10% State income tax above the fed.

     

    Florida and texas have none.

     

    It depends on where you live

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  3. blameme

    It’ll hit me about 30k if Bernie wins. So, this new house I am buying, I’d have to move out of it even thought I have worked hard to succeed and pay for it. But what the hell, we should all be equally miserable, amirite?

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