Economist Gabriel Zucman has compared what the average tax rates will be depending on your income, based on the various plans offered by Bernie Sanders, Elizabeth Warren, Joe Biden, and under Donald Trump. It should come as no surprise that Bernie Sanders and Elizabeth Warren go easy on the bottom 99% and start taxing the richest 1% very heavily, with Sanders really socking it to them. Joe Biden and Donald Trump tax the 99% more than the other two plans, tax the top 1% a lot less, and greatly reduce the tax rates of the top 400 individuals.
You can also simulate the tax plans of the main presidential candidates:
Based on their currently released plans, this is how Warren, Biden, and Sanders would change tax progressivity
Their proposals are still being refined. We'll update the model as new proposals come in. pic.twitter.com/Qy0vaJvmL2
— Gabriel Zucman (@gabriel_zucman) October 14, 2019
I’ve just got to be a broken record here, but no US politician should be considered to be serious about the economy or economic fairness without talking about defense spending. Seriously this is some messed up shit.
Good god! The similarity between Trump and Biden — I don’t know who it looks worse for. Establishment Democrat tax policy ain’t that different than Trump tax policy. Ha! Trump’s just nicer to the donor class.
(Also, I love how Sanders’ line gets practically vertical when it gets to the Top 400.)
I think we need to inject a broader question into the public discourse: what exactly constitutes a tax in this day and age? I’d propose that expenses incurred by anyone to maintain a minimal standard of living is a tax, regardless of who bears that cost. Brits and Canadians pay more in income taxes, which are also more progressive than U.S. income taxes. They also have universal health care. I’d contend that by my proposed definition, the Western Europeans and Canadians actually pay lower taxes than Americans. All we need to do is come up with a name for these other taxes that will catch on. Consumer taxes? Non-governmental taxes?
@4
Well, for now. Our version of the Republicans (though, as Conservatives, they should be in favour of retaining the monarchy, and so not actually republican…) have never liked the NHS, would dearly love to just rip it apart, but know that it’s popular and so have just been engaged on a slow salami process of degrading it until, they hope, they can just say “it doesn’t work, let’s abolish it”.
The not being fucking dead fee?
The not getting reamed by shithead capitalists like Bezos fee?
@xohjoh2n
You’re my hero!
@4 TGAP Dad,
There is already an economics term which is the inverse of what you are looking for. “Discretionary income” is what is left over after all taxes and basic living expenses are met. The basic living expenses include things like food, shelter, clothing, and includes things like utility bills, petrol to get to a job, and various types of insurance. Some of these may be state mandated, some may be related to the needs of where you live, some may be required by your job. Discretionary income is what is left over after xohjoh2n’s “not being fucking dead fee” has reduced your paycheck to not being worth the stamp to mail it.
I’ve considered for some years that the well-being of a society is better measured by median discretionary income rather than median disposable income.