How are you going to pay for it Bernie?

[Hoyt]

10. No it would not. It would provide some revenue at least in short-run, but not enough to cover all

stuff we all want.

For example, in January, Sanders released his Estate Tax Plan saying it would raise $315 Billion over 10 years. That's roughly $31.5 Billion a year. Not bad, BUT our current deficit is $965 Billion. So now we are down to needing $953.5 just to balance the annual budget, much less working on the Debt or funding new programs.

https://www.cnbc.com/2019/01/31/bernie-sanders-proposes-big-estate-tax-hike-including-77percent-rate-for-billionaires.html


From memory, if we reverse the trump tax cuts, that will raise roughly $150 Billion annually (lower and middle income people got cuts toom, so they'll be impacted). Lets, add another $150 Billion to reverse george war bush's tax cuts. For the hell of it, let's reverse both those twice -- so we'd have $600 Billion roughly to go against the $953.5 Billion annual Deficit (and we'll assume those tax increases don't impact the economy negatively).

Se we are down to $353.5 Billion. So, let's cut the Military Budget, say $200 Billion. Now, we still have $153.5 Billion to go before we start working on the Debt and the new programs. Of course, cutting the military budget will cut a lot of the best jobs we have, but so what, we won't count that as a negative impact.

By the time we do all that, we've started hurting the economy, probably severely. There is also a proposal by Democrats to impose FICA tax on incomes over $250,000 (and another proposal for $400,000). That is like a 12.5 percentage point increase on top of those increases above and that money goes into trying to shore up Social Security, nothing else.

Fact is, Sanders can't do what he wants without taxing people making $40 - $50K on up too. He needs to just say it. Maybe people will say they are fine with increasing tax rates 15 - 20 percentage points, increasing FICA taxes, etc., paying off some Debt and then trying to fund some new programs. And, maybe people are stupid enough to believe that won't adversely impact the economy long-term.