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Refer to the following apolitical comparison of the then Senator from Vermont, Bernie Sanders, and former Vice President Joe Biden: FRONT PAGE Taxes: Bernie vs.
Refer to the following apolitical comparison of the then Senator from Vermont, Bernie Sanders, and former Vice President Joe Biden: FRONT PAGE Taxes: Bernie vs. Biden The Sanders The Bidens Gross Income $566,421 $4,580,459 Deductions Charitable contributions $18,950 $275,796 State and local taxes 10,000 10,000 Mortgage interest 12,814 28,555 Miscellaneous 5,128 22 Taxable income $519,529 $4,266,086 Income Tax $133,124 $1,517,831 Source: 2018 tax returns For married individuals filing joint returns, the 2018 marginal tax rates were 32 percent for incomes above $315,000, 35 percent for incomes above $400,000, and 37 percent for incomes above $600,000. If deductions for charitable contributions were not allowed, how much more tax would the Sanders have paid in 2018? Instructions: Round your response to two decimal places. $
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