Source: Kevin Drum.
Analysts for the Tax Policy Center, which previously analyzed the Rubio, Cruz, Trump and Clinton tax plans, released its analysis of the Sanders tax plan on Friday.
What it shows is that the Republican candidates would reduce taxes for everybody, but mainly for the rich, and the Democratic candidates – Bernie Sanders much more than Hillary Clinton – would increase taxes for everybody, but mainly for the rich.
Other things being equal, tax cuts are better than tax hikes, and low taxes are better than high taxes. The issue is how necessary are the things that the taxes go to pay for.
The Republican candidates’ argument is that much government spending is wasteful and unnecessary, and that the important think is to allow wealthy people to accumulate capital. Economic growth created by private investment will be best for the country in the long run.
Bernie Sanders’ argument is that the country has huge unmet national needs, and that tax increases are necessary to pay for them. Economic growth created by government investment will be best for the country in the long run.
Also, Sanders claims that average Americans will save more on reduced premiums and co-pays under his Medicare-for-all single-payer health plan than they will pay in increased taxes.
Hillary Clinton is somewhere in between, but closer to Sanders than she is to Trump, Cruz or Rubio. She is probably more concerned about fiscal responsibility and balanced budges than the other four.
I think that refusing to tax and spend on necessary things is a false economy.
Refusing to rebuild and modernize bridges, dams, ports, water and sewer mains and other national infrastructure is equivalent to refusing to repair your roof because it costs too much. Putting this work off means greater expense later on.
Refusing to spend money for national health care is like refusing to go to the doctor because you don’t want to pay medical bills. Refusing to invest in education and scientific research is like letting your children grow up illiterate because school is too expensive.
Our choice as Americans is to pay now, or pay more later. And if it is necessary to borrow to pay for needed long-range things, what better time than when interest rates are a record lows? This is a window of opportunity that may be starting to close.
Below are some charts and links that give more detail on the candidates’ plans. I couldn’t find exact matches for all the charts, but they will give a general idea.
An Analysis of Bernie Sanders’ Tax Proposals by the Tax Policy Center.
Bernie Sanders: $15T in tax increases proposed, hitting most taxpayers by Brian Faler for POLITICO.
Tax Plan Showdown: Now We Have Bernie Sanders Too by Kevin Drum for Mother Jones.
Senator Bernie Sanders’ tax hikes are bigger than Donald Trump’s tax cuts by Dylan Matthews for Vox.
Tax Policy Center Is Wrong: Sanders’ Tax and Medicare-for-All Plan Will Save the Middle Class $3,240 a Year by Warren Gunnels, Bernie Sanders’ policy director.
Economists Bashing Bernie Sanders Tax Plans Admit They’re Clueless by Zach Cartwright for U.S. Uncut.
An Analysis of Hillary Clinton’s Tax Plan by the Tax Policy Center.
Tax Plan Showdown: Hillary Clinton vs. the Republicans by Kevin Drum for Mother Jones.
The Best Analysis Yet of Hillary Clinton’s Tax Proposals by Dylan Matthews for Vox.
An Analysis of Donald Trump’s Tax Plan by the Tax Policy Center.
Donald Trump’s Tax Plan vs. Hillary Clinton’s Policy: How Would Your Paycheck Be Affected? by Lauren Lyons Cole for IBT Times.
Donald Trump’s tax plan gives the top 0.1 percent $1.3 million each by Dylan Matthews for Vox.
An Analysis of Ted Cruz’s Tax Plan by the Tax Policy Center.
Ted Cruz would radically reform taxes but also explode the debt by Jeanne Sahadi for CNN.
Ted Cruz has the biggest, most radical, most rich person friendly tax plan yet by Dylan Matthews for Vox.
An Analysis of Marco Rubio’s Tax Plan by the Tax Policy Center.
Marco Rubio’s Extreme Tax Plan by Derek Thompson for The Atlantic.
Marco Rubio’s tax plan would increase the deficit by $8.2 trillion by Dylan Matthews for Vox.