At the past Democrat debate, Bernie seemed a bit unsure as to when his tax returns would be released, but he had a legitimate excuse: his wife handles the tax returns. If he was lying, I think we’d hear a different excuse.Compare that to Hillary Clinton who could give no reason as to why the transcripts of her speeches for Goldman Sachs had been released. When pressed on that issue, Hillary continued to dodge the question.
Less than a week after the debate, Bernie has released his tax returns, and here’s what was found. Via Reuters:U.S. presidential candidate Bernie Sanders, who has made income inequality a top campaign theme, had taxable income of $205,271 in 2014, putting him almost in the top 5 percent of American earners, according to the release of Friday of his federal tax return.
So he’s in the clear – he’s not a one-percenter! Still, for someone who blasts the wealthy who take advantage of every deduction and write-off available, Sanders isn’t practicing what he preaches:
Sanders and his wife, Jane, paid $27,653 in federal income taxes in 2014, an effective federal tax rate of 13.5 percent, on income of $205,271, which is their adjusted gross income before deductions. That figure is just below the $206,563 that Census data show as the lower limit for the top 5 percent of U.S. households in 2014.The Sanders family had $141,000 in taxable income, meaning over $64,000 in deductions was taken. His wife should’ve considered a career in accounting.
Can a man whose taken over $60,000 in deductions really portray himself as the working man’s candidate, when the amount he took in deductions is larger than the median household income? I’d say yes – the woman he’s running against still earned more from a single speech than he earned in a year.
[Note: This post was authored by The Analytical Economist]