Tell your Democrat friends: Take the Bernie Sanders Tax Hike Challenge

Here is the gist in a nutshell:

I give you Exhibit A: From FY 1954 (Ike's 1st)-FY 1981 (Carter's last) the top personal income tax rate was >70%, the avg. capital gains rate (long-term) ~29%, the corporate income tax rate was always sky-high (and often the income level where the top rate was hit, didn't change for years--couple that w/ runaway inflation & you have bracket creep) & payroll taxes went up >350% from 1950-75. The results? The budget was balanced a grant total of 3 times (2 times under Ike & in FY 1969), despite these ridiculously high tax rates. Point being, Bernie et al have no intention of balancing the budget, they just want more income redistribution--they WILL NOT balance the budget. Ever. Exhibit B (this is even more important as Democrats controlled Congress the entire time): From FY 1962 (Kennedy's 1st)-FY 1981 (Carter's last) the top personal income tax rate was >70%, the avg. capital gains (long-term) rate was 30.5% (this is double-taxation at its finest), the corporate income tax rate https://taxfoundation.org/federal-corporate-income-tax-rates-income-years-1909-2012 remained high & payroll taxes increased >350% from 1950-75. The results? In FY 1969 the budget was balanced.... one solitary time. Meaning: Bernie Sanders et al. have no intention of balancing the budget, they will not balance the budget, they just want more income redistribution. What say ye Dumbasscrats. ED. NOTE: See here https://www.youtube.com/watch?v=WQYA2r7pxVg & here https://www.youtube.com/watch?v=-wWmcK47q6M (4:50-end) for plenty of details & data, pertaining to this challenge.

Even under a very high-tax time-frame, Washington managed to balance the budget a single, solitary time. Keep in mind, this was before Social Security & Medicare really started going off the rails. The labor force participation rate was much higher than in recent decades, out-of-wedlock births & fragmented families were much less common on the 1950s & 1960s than in recent decades too. Yet, the budget was balanced a single, solitary time.

In addition, back in the 1950s-1970s every single income quintile had a net positive personal income tax rate overall. Today, even before the COVID-19 spendathon, the bottom two quintiles had negative personal income tax rates, they don't contribute.

Granted, there are some folks & families in those quintiles that do have positive personal income tax rates, but overall they do not.

I am certainly all for poor people (we could have a flat personal income tax or head tax & see how much support that gets in Congress) not paying taxes, but squealing like lunatics over "the rich" is disingenuous.

If anyone else wants to take the Bernie Sanders Tax Hike Challenge—don’t sing it, bring it!

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The relevant links

The Bernie Sanders Tax Hike Challenge (archived versions just in case you refuse to log into Facebook) https://archive.ph/bbjKd https://web.archive.org/web/20200114043052/https://www.facebook.com/notes/old-fart-rants-debunked/old-fart-rants-takes-the-bernie-sanders-tax-hike-challenge/2058315051071567/

Live version https://www.facebook.com/notes/old-fart-rants-debunked/old-fart-rants-takes-the-bernie-sanders-tax-hike-challenge/2058315051071567/

Screenshots from when Old Fart Rants took the Bernie Sanders Tax Hike Challenge & was defeated soundly https://www.facebook.com/media/set/?set=a.2058314824404923 https://web.archive.org/web/20221004000957/https://www.facebook.com/media/set/?set=a.2058314824404923 https://archive.ph/UJPDs

More reading: Debunking the Democrat talking point that we must raise taxes on successful people to balance the budget & pay for all this stuff. It’s never been about tax rates, the problem has always been spending & pols in Washington will do what pols in Washington do – they will spend gobs of money on X, Y & Z regardless if the money for that is set aside or not http://freewebs.com/professor_enigma/sam-seder-aoc-tax-the-rich

My essay debunking the senile lunatic Bernie Sanders http://freewebs.com/professor_enigma/bernie-sanders