According to a recent Bloomberg survey that reveals 43% of Iowa Democrat Caucus goers consider themselves "socialists." While this in itself is disturbing on many levels -- namely because most of those polled likely do not even know what the term actually means -- it certainly explains Sen. Bernie Sanders' seemingly inexplicable rise in the polls.
The socialist senator has promised Americans everything but the kitchen sink in terms of free health care, college education and more, but we all know that there are no real free lunches in life.
During debates and interviews, Sanders' promised that all would be paid for for with "modest" tax increases, but as the Democrat candidate is poised to release the details of his economic and social plans, the reality is anything but.
The Washington Examiner conducted analysis of Sanders' plan and provides a list, outlined below, of his staggering $19.6 trillion in new taxes raises over the course of a decade. According to the Examiner, $14 trillion will go toward Sanders' healthcare plan alone:
To put that in perspective, the Congressional Budget Office projects that federal revenues over the next 10 years will be a total of $41.6 trillion, meaning that Sanders would raise taxes by 47 percent over current levels.
* The list of taxes being proposed by Sanders is based on two primary sources. One is a Jan. 13 email sent out by the Sanders campaign with the subject line, "FACT CHECK; Bernie Sanders' to Pay for Economic Agenda to Rebuild the Middle Class." The other is the single-payer healthcare plan released by the Sanders campaign on Jan. 17. Both documents mention a plan to increase taxes on inheritances over $3.5 million, so I just referred to the one in the campaign email so as to avoid double counting.
The author adjusted estimated tax revenue provided by the Sanders campaign to the CBO standard 10-year basis and don't take into account many other factors that could make the debt far worse:
It's also worth keeping in mind that these estimates are on a static basis. Meaning they don't take into account any offsetting reduction in revenue that's likely to occur due to depressed economic activity resulting from such major tax increases. For instance, taxing "speculation" on Wall Street will reduce trading activity, and thus it's unlikely to raise the $300 billion per year claimed by the Sanders campaign.
Details of each proposed tax hike can be found here.