The ever-consistently-tax-raising phenom, straight outta Brooklyn, VT – Bernie Sanders – is just about ready to solve the country’s economic woes by drastically raising taxes during a recession. Is there nothing that Marxist dogma
cannot solve? But, to parse Bernie is to love him, so in the words of MC Hammer, let’s “break it down”:
Liberal Sen. Bernie Sanders (I-Vt.) on Friday gave the Senate Finance Committee proposals to raise taxes by $1.8 trillion.
Of course he does. Why not raise taxes to the tune of, oh, say, 16% on total GDP consumption? Since $11.12 trillion fell into that category in 2012, Bernie’s taxes ($1.8 trillion) would constitute a 16.19% tax increase on the part of the economy that actually produces jobs.
The plan includes a tax on carbon emissions and a Wall Street transaction tax.
Of course it does. Bernie wants to a) cut into oil company profits, which, incidentally and probably inconsequentially to flatlander Marxist Senators, are usually hovering around the 5%-6% range in terms of profit margin. Perhaps Bernie might extend his steely tax-increasing gaze to the software industry, that regularly enjoys over 20% margins – but hey, they’ll be writing healthcare software, so let’s not punish them just yet. There will be time to get them later.
Taxes on carbon emissions will increase costs for every company in the country. It will especially hit manufacturing and transportation, which, as Bernie seems to continually say he champions, are about as blue-collar as it gets. He’s going to raise their costs, which means jobs will be cut. It’s that simple. Bernie’s arguing for job cuts in the private sector to support larger federal spending.
Let’s say that one more time: Bernie’s arguing for job cuts in the private sector to support larger federal spending. That he’s not laughed out of Congress (and hopefully out of Vermont) for being so economically illiterate
remains the wonder of our time.
Republican leaders say they want any tax reform bill marked up this fall to raise no new revenue. The Sanders proposal represents the other end of the spectrum.
Yes, it represents the Rainbow Fairy/Oligarchy end of the spectrum, the end that aggrandizes power in an even more massive and growing centralized bureaucracy, all done in the name of The People. Please report now to your ObamaCare Re-education Camp and Soma Dispensary immediately, or the IRS will be forced to drone-strike you.
Senate Finance Committee Chairman Max Baucus (D-Mont.) and ranking member Orrin Hatch (R-Utah) had asked for member input by Friday and had offered to keep any suggestions secret for 50 years.
Sanders declined the offer of secrecy.
“Given the fact that my suggestions represent the interests of the middle class of this country and not powerful corporate special interests, I have no problem with making them public,” he said.
Yes, otherwise it would be a really big secret that Bernie wants to raise taxes. Bernie’s claim that he’s interested in the middle class is laughable given the above – what’s he’s interested in is the endorsement of big labor and federal entitlement recipients. Speaking of powerful corporate interests, labor is a cost component for any manufacturer or service provider. If costs go up, price goes up, and demand generally goes down. Bernie supports decreased demand for the products the people he purports to support make, which will mean job cuts.
Let’s say that again: Bernie wants to cut jobs for the middle class.
Sanders notes that he was instrumental in helping to craft the 2014 Senate budget, which raised $975 billion over 10 years.
“It was a good start. I would go further,” he said.
You mean the first budget the Senate passed in 4 years? We should congratulate Bernie on the fact that for the first time in 4 years the Senate can be bothered to pass a budget, you raised taxes a trillion dollars? Spending $3.7 trillion while taking in $2.2 trillion in revenue is an achievement? That’s like a family of four earning $100,000 annually in income and spending $168,000. How long will that family still live in their home, absent Bernie offering up part of his salary to cover their spending?
I would go further, too. I would dis-invite you from being a Senator anymore. There. Now that’s a good start.
The Wall Street transaction tax would be imposed at a 0.3 percent rate and would raise $325 billion, Sanders said.
No, it wouldn’t, because when you increase the cost of something, demand is reduced. Taxes are a cost, plain and simple. By raising taxes you reduce economic activity, so you won’t get the projected revenues. Instead, you’ll reduce jobs, and you’ll increase the transaction costs for everyone who has a nickel in the market. Which is roughly 50% of the workforce, largely in retirement vehicles. Thanks for cutting into my retirement funds, Senator – can I raise taxes on your federal pension when you start collecting on it? Can I raise them 16.19%, y’know, in the interests of “fairness”?
In addition to a carbon tax, Sanders proposes ending tax breaks for oil companies while extending breaks for renewable energy projects.
I would support ending subsidization of all kinds. Why stop at oil, when renewable energy projects only exist due to federal subsidies? Why are we paying for windfarms to fail to produce energy?
He also proposes ending the deferral of tax obligations on foreign income for U.S. companies and taxing capital gains at the level of ordinary income for the wealthiest 2 percent of earners.
The result of this idea is that we’re going to make sure that people put their money in places where Bernie’s hands can’t get on it, and reduce investment. In other words, it’s eat the rich. Those who invest in companies seeking a profit are the ones that creates jobs, because without new products or services, you have no growth. One question the Genius Senator never seems to ask, though, is: After you eat the rich, who do you eat next?
In a separate letter, Sanders outlines how to address the IRS scandal over the scrutinizing of Tea Party organizations. Sanders proposes banning tax-exempt organizations, classified as 501(c)4, 501(c)5 and 501(c)6 from political activity.
Finally, here is Bernie’s quiet nail in our American coffin: If Americans organize to speak out against what Bernie wants to do, and what he has been complicit in doing (meaning, largely, the catastrophic spending and unfunded liabilities he staunchly supports), then we’re going to make it harder for you, the People, to organize to try to stop us.
It bears repeating: Bernie wants to silence the People in their opposition to his policies. Now, maybe it’s because he’s a Marxist, and holds the Constitution in contempt, but the rest of us might think that once the “leadership” thinks it has the right to stop us from speaking, they are no longer leaders. Instead, they have become the American Oligarchy.