Joe Biden's tax plans vs. Bernie Sanders' tax plans
would seek to ensure the ongoing solvency of Social Security by requiring employers and employees to split the 12.4% Medicare tax Wages of $0 - $137,700: 7.65%In addition, Sanders' plan would impose a 7.5% payroll tax on employers. To protect small businesses, the first $2 million in wages paid would be exempt from the tax. This raises the total shared payroll tax burden between employer and employee to as much as 23.7% on wages paid in excess of $250,000.
While certain itemized deductions are subject to limitation — for example, the deduction for state and local income and property taxes is capped at $10,000 — there is no longer any overall limitation on a taxpayer's itemized deductions as there was prior to 2018.Biden has latched onto a proposal long embraced by President Obama and promised to cap the tax benefit of itemized deductions at 28%. As a result, someone earning $500,000 would pay a tax of 39.
But first...what’s a wealth tax? It would work a bit like the estate tax, only you don't have to be dead to pay it, so if there's a silver lining to be found, that's it. Each year, your net worth will be computed, and if the value of your assets at the end of the year exceeds a threshold, you would pay the corresponding tax on the excess.Biden has no proposal for a wealth tax. As a result, I’ll use this space to mention a few of his tax proposals that have yet to be discussed.
Creating a $5,000 tax credit for family caregivers of people with certain physical and cognitive needs.: Sanders is all in on a wealth tax. Under his proposal, the rate would kick in at 1% on assets valued at between $32 million and $50 million, and increase to 8% on assets worth over $10 billion. That is, assuming it is 1) constitutional, 2) administrable, and 3) enforceable; long shots, all.For both candidates, raising tax revenue is a huge priority.
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