As the November elections loom on the horizon, the presidential candidates have all released their tax proposals on the percentage of your income that they will need to take from you every year to maintain themselves.
According to the Tax Foundation, Hilary Clinton would add a 4% surtax on income over $5,000,000. She also raises rates on medium-term capital gains (investments held for less than six years) to between 24% and 39.6%.
Ted Cruz establishes a flat rate of 10% on all ordinary income and increases the standard deduction to $10,000 per filer.
Donald Trump establishes four tax brackets, with rates of 0%, 10%, 20% and 25%. The top rate applies to to income over $150,000 for single filers and $300,000 for joint filers.
And, to fund his grandiose plan of government paying for nearly everything in our lives, Bernie Sanders proposes tax rates taking over half of the income of certain individuals.
Sanders establishes four new brackets of 37%, 43%, 48%, and 52%. The top rate applies to taxable income over $10 million. He also raises the rate of all other brackets by 2.2%. If you make $10 million in a year, Bernie Sanders will take $5.2 million — because “free stuff.”
Warning, knowing how much Sanders’ plans will cost can be shocking.