There used to be a common saying (that I hear less of recently) – “my head is with Hilary, but my heart is with Bernie.” The notion was that while us progressives wanted policies that looked like Bernie’s, we knew that they were unrealizable dreams. I used to think that, too. But I have recently come to realize how thoroughly unworkable his plans are, and honestly, I don’t even think I want his policies as dreams.
The independent Tax Policy Center conducted an analysis of Sanders’s tax plan (emphasis mine):
“He estimates his “Medicare for all” health plan alone would cost nearly $1.4 trillion annually. To help finance it, he’s proposing a 6.2 percent employer tax, which he calls an “income-based health care premium” (and which would likely be passed on to workers). And a 2.2 percent income-based tax on most households. And income tax rate hikes on income in excess of $250,000, with a top rate of 52 percent, a level the US has not seen since 1981. And big rate hikes on most investment income, which would be taxed at the same rate as wages. And he’d expand the estate tax and cap the value of deductions at 28 percent for those making $250,000 or more.
And even with the wildly optimistic tax revenue projections his campaign releases, there’d still be a big revenue shortfall that would have to be covered by other tax increases. Politifact also notes:
“With Sanders’ proposed taxes, costs would need to be trimmed by roughly 42 to 47 percent — a tall order when “the most generous estimates of how much you could cut cost are on the order of 20 percent,” said Sherry Glied, a professor of health policy and economics at New York University who’s served in the George H.W. Bush, Clinton and Obama administrations.”
As a fiscally conservative progressive, there’s just no way I could support Sanders with a clear conscience.