The Committee for a Responsible Federal Budget is a bipartisan, non-profit organization made up of national budget experts including many of the past Chairmen and Directors of the Budget Committees, the Congressional Budget Office, the Office of Management and Budget, the Government Accountability Office, and the Federal Reserve Board. It has determined that,
“Senator Sanders has already proposed increasing the top statutory federal tax rate from about 43 percent to 77 percent – which, after accounting for interactions and state and local taxes, is most likely above the revenue-maximizing level”
At first blush, that sounds like a just desert for the people Bernie calls “millionaires and billionaires”. But as the Committee discloses, the 77% federal bite, according to Bernie’s own documented accounts, would reach families making $250,000. The Committee’s chart should be bone-chilling (especially since it does not include state and local taxes) to families where the combined salaries of a couple earning $250,000 would yield them after-tax income of around $60,000.
Today, many families have two wage earners. If one or both own a small business or are in a profession such as medicine, law or architecture, or even if one of them is in a management level position in the federal government, they could find themselves having a drastically altered lifestyle. Moreover, since many business owners and professionals incurred debt to get to their level of pay, their compensation should be adjusted downward.
I am just saying...