Published: Tue, April 16, 2019
Worldwide | By Myra Stephens

Bernie Sanders' Tax Returns Show He's Now A Millionaire

Bernie Sanders' Tax Returns Show He's Now A Millionaire

According to tax returns released by the Sanders campaign, Sanders had an adjusted gross income of $561,293 in 2018, $1,131,925 in 2017 and $1,062,626 in 2016.

MacCallum: I didn't suggest a wealth tax.

But among presidential candidates, Jeb Bush still holds the modern-day record for the size of a total tax release. Sanders has published three books since the start of his first White House run, including bestsellers "Our Revolution" and "Where We Go From Here".

He augmented his Senate salary with book royalties in each of those years, particularly in 2016 and 2017 when he made more than $800,000 each year in royalties.

The filings show that Sanders, who throughout his career has called for an economy and government that works for everyone and not just the 1 percent, is among the top 1 percent of earners in the US. Burlington Free Press shared that in 2016, he donated all $4,050 from five appearances to charity. Sanders said that his newer returns will show that he is a millionaire thanks to book sales.

He added later that "I consider paying more in taxes as my income rose to be both an obligation and an investment in our country". Sanders and his wife, Jane Sanders, reported paying a 26% effective tax rate on his adjusted gross income.

Daniel Shaviro, a New York University School of Law professor of taxation, who examined the 2018 return at the request of the Washington Post, said the return was straightforward. Harris released 15 years of tax returns over the weekend.

The wait for Sanders' tax returns lasted well over a month following his promise in a CNN town hall in February that they would be coming "soon". All of the other returns have typed entries.

Sanders released a portion of his 2014 tax returns last presidential election cycle, followed by his full 2014 tax returns in the face of pressure.

Sanders' status as a millionaire, which he acknowledged last week, was cemented in his 2017 statement.

"I agree with you, I think Trump is a unsafe president", Sanders added, referring to his previous comments where he called the president a pathological liar and said he didn't think Americans were proud to have a president with that quality. "I didn't know it was a crime to write a good book". The documents said he paid $137,573 in federal taxes in 2018 and owed $8,267 in taxes for the year.

"You can volunteer too", Sanders responded. One of them was a bestseller on the New York Times bestseller list. Kamala Harris, D-California, released 15 years of tax returns, the most of any Democratic presidential contender. For example, the disclosure form only requires that income and debts be described in wide ranges, and does not report the value of real estate. Sanders was first elected to the Senate in 2006 and served in the House for 16 years before that. "Democrats are going to lose", Sanders said to the audience in Bethlehem, Pennslyvania.

This is a breaking news story, refresh the page for updates. It included clips of Sanders criticising the influence of "millionaires and billionaires" alongside a chart showing how he became a millionaire through his books sales.

ThinkProgress is affiliated with the Centre for American Progress, a liberal group, but says it is editorially independent. Sanders pushed back and said that he did not propose the plan, but later said that his proposal during the 2016 campaign was 52 percent.

Neera Tanden, president of the Centre for American Progress and a former adviser to Clinton, said in a statement that the video was "overly harsh".

A number of other Democratic presidential candidates have released tax returns in recent weeks.

"These tax returns show that our family has been fortunate".

After Sanders put out the past decade of his taxes, former Texas Rep. Beto O'Rourke did the same on Monday evening, though without his 2018 return which he hadn't filed yet but said he would make public as soon as he filed.

Netflix was able to reduce its tax bill to the feds by $191 million using the stock option tax break, making its effective tax rate -3 percent.

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