Bernie Sanders unexpectedly released a fact-sheet Monday night explaining that he’d pay for his sweeping new government programs through new taxes and massive lawsuits against the fossil fuel industry, as well as by slashing spending on the military, among other methods.
The move sought to head off complaints from Republicans and some rival Democrats that his plans were economically unrealistic, especially after a head-turning CBS News interview in which the frustrated Vermont senator said he couldn’t “rattle off to you every nickel and every dime” about his proposed expenditures.
He released his plan on his website just minutes after promising to do so during a CNN town hall.
However, the fact-sheet highlighted for the first time that many of Sanders’ expected cost-saving measures relied on conjecture and best-case scenarios. For example, Sanders’ document asserts that a “modest tax on Wall Street speculation … will raise an estimated $2.4 trillion over ten years” and, in one fell swoop, make all “public colleges, universities and trade schools tuition-free … and cancel all student debt over the next decade.”
The proposal specifically would place a “0.5 percent tax on stock trades – 50 cents on every $100 of stock – a 0.1 percent fee on bond trades, and a 0.005 percent fee on derivative trades.”
The National Review has likened a tax on so-called “Wall Street speculation” to a de facto tax on savings, saying the Sanders plan is untested and “would mean paying $25 to the federal government every time you traded $5,000 worth of stock — or five times what you’d pay the typical online brokerage in fees. … Over the long term, that imposes serious costs on actively traded funds such as the ones containing many Americans’ retirement funds.” – READ MORE
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