February 8, 2016 12:12 PM | Permalink |
For Immediate Release: Monday, February 8, 2016
Contact: Jenice R. Robinson, 202.299.1066 X29, Jenice@ctj.org
(Washington, D.C.) A new analysis of Sen. Bernie Sanders’ tax plan finds that it would increase federal revenue by $13 trillion over a decade, while increasing after-tax income for all groups except the very highest earners.
The top 1 percent would see an average reduction in after-tax income of $159,000, while almost all other income groups would see an increase in after-tax income.
How does a plan that raises $13 billion actually result in an increase in income for most wage-earners? Under Sanders’ plan, the United States would move to a single-payer, government-provided health plan. Economists generally agree that employers would adjust most workers’ wages upwards because they no longer would incur the cost of employer-provided healthcare.
The analysis looks only at what would happen to wages, taxes, and federal revenues if the Sanders plan were implemented. It does not project the cost or benefit of federal spending on universal health care.
For a summary of the analysis, go to: http://ctj.org/ctjreports/2016/02/bernie_sanders_health_care_tax_plan_would_raise_13_trillion_yet_increase_after-tax_incomes_for_all_i.php