You're right, that chart is only for income taxes.
Bernie wants to raise the cap on Soc Sec to $250,000. No where have I seen that he's going to raise the SS tax rate. It's currently 6.2% on the first $118,500.
State taxes, as you said, will depend on which state you live in. Seven states pay no state income tax, seven states have a flat tax rate of around 5% or less, and outside of CA/HI/OR the marginal tax rates are below 10% (way below that in some).
Medicare for all will be another payroll tax. 6.2% will fall on the employer and 2.2% will fall on the employee. (But people always fail to understand the savings on premiums, deductibles, co-pays, prescriptions, etc. It's important to note those savings).
Your magic number of 73% is sort of correct: 1) It's literally only for deca-millionaires in CA and 2) the 6.2% isn't on the 10s of millions, it's on the first $250,000. The effective SS rate on deca millionaires is 0.155%. So add up 52% fed income, 13.3% state income, 2.2% medicare, and 0.155% social security and that magic number is actually 67.66%....again, for the highest income earners in CA. Factor in healthcare cost savings and that number will be a little lower.
It's funny because the media is throwing out 70%, 80%, 90% tax rates like candy to get everyone to believe that's what will happen. Not only is it not true, but they don't inform people 1) cumulative taxes and 2) how to figure out what you'll pay. I get so pissed when I hear some schmuck who works for minimum wage say "I'm not paying 90% in taxes because of some socialist!" I just shake my head.
My cumulative marginal tax rate will be around 40%. The effective rate will be much lower. The average rate even lower. And my wife and I make more than double the average household income in this country.
