Varney: Biden’s tax plan shows Bernie Sanders is the real president
‘Varney & Co.’ host discusses Biden’s far-reaching tax plan with Larry Kudlow.
Vermont Sen. Bernie Sanders would skirt by the tax hikes that are planned to help pay for trillions of dollars of spending plans championed by the Biden administration.
Sanders, an independent who caucuses with Democrats and is a self-described democratic socialist, earned $350,760 last year – $174,000 as a senator and another $176,760, mostly through book deals, according to a financial filing out Wednesday. His 2020 income falls just below the $400,000 threshold that has been discussed as purview to President Biden’s proposed tax hikes.
A spokesperson for Sanders did not respond to FOX Business’ request for comment.
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Biden says "the floor should be $400,000," Sanders told NBC’s Meet the Press earlier this month. "Nobody under that should pay more in taxes."
The Biden administration has proposed to raise taxes on individuals making at least $400,000 per year in order to help pay for its American Families Plan, which would cost an estimated $1.8 trillion over the next decade.
The plan seeks to return the top individual income tax rate to 39.6% — the level it was at before President Trump’s 2017 tax overhaul – to help pay for proposed dramatic increases in federal spending on education, child care and paid family leave.
Proposed tax brackets from the Biden administration show the higher tax rate would apply to families with joint taxable income of about $509,300 and individuals earning more than $452,700, however, the measures have not yet been officially drafted.
In addition to income tax hikes on wealthy individuals, the Biden administration has also proposed raising the top capital gains tax to 39.6%, which could reach 48% when factoring in state and local taxes, to help pay for the proposed American Families Plan.
A separate increase in the top corporate tax rate to 28% would provide funding for Biden’s approximately $2 trillion infrastructure package, dubbed The American Jobs Plan. Both spending packages are part of Biden’s Build Back Better Agenda, which has a price tag of about $6 trillion.
Sanders, who has been vocal about wanting the wealthy to pay their fair share in taxes, listed between $471,000 and $1.39 million in assets, consisting of his wife Jane’s retirement plans, his pension plan and joint accounts. Not included are the three homes owned by him and his wife that were purchased for a total of $1.465 million.
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The three-term senator and his colleague, Sen. Elizabeth Warren, D-Mass., earlier this year proposed a wealth tax of 2% on Americans worth at least $50 million, with the rate rising to 3% for billionaires.
"The very rich and large corporations should start paying their fair share of taxes to help us rebuild America and create the jobs that we need," Sanders told "Meet the Press."
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