Million Dollar Bernie: Socialist Senator Releases 10 Year Of Tax Returns Detailing Millions In Earnings

After spending years railing against the excesses of the wealthiest Americans, and after refusing to release his full tax returns when he ran for the Democratic nomination against Hillary Clinton, on Monday evening socialist Vermont senator Bernie Sanders released a decade's worth of tax returns which confirm that, as had been extensively leaked before, he is indeed among those that can be called a filthy capitalist millionaire.

The returns show Sanders and his wife, Jane, earned more than $1 million in total income in 2016 and 2017. They earned $519,529 of taxable income in 2018, the sum, of income from his job in the Senate and more than $381,000 in income from book royalties in 2018, and paid $145,840 in federal taxes for an effective rate of 28%.

Sanders' highest grossing year in the past decade was 2017 when his books earned him $875,000 in royalties, resulting in combined income for Bernie and his wife of nearly $1.2 million; they paid an effective rate of nearly 32 percent on that income. In 2016, the couple reported a little more than $1 million, mostly from sales of the book, which was also translated into five other languages.

The Sanders’s income has increased sharply in recent years as he earned more from book royalties and gained fame as a presidential candidate. As shown in the Bloomberg chart above, from 2009 to 2015 the couple’s average income was about $281,000.

Sanders earned $174,000 annually as a U.S. senator, while book sales accounted for $391,000 of his earnings in 2018; in 2017, the book generated $855,631 in income, up from $840,485 in 2016.

"These tax returns show that our family has been fortunate," Sanders said in a statement accompanying the tax returns, without elaborating why he did not turn around and submit an even greater remittance to the IRS, as he now demands all wealthy Americans should do.

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. I will continue to fight to make our tax system more progressive so that our country has the resources to guarantee the American Dream to all people."

< Prev 1 2 3 Next >

Sign Up

Get the InvestingChannel
Free e-Letter Today

Learn More

Independent market opinion, analysis and ideas - delivered every business day

Premium market opinions, analysis, and ideas - delivered every business day

Editor's Picks