Posted on 10/29/2019 6:47:37 AM PDT by knighthawk
A bipartisan budget watchdog released a report Monday detailing options for how the federal government could pay for "Medicare-for-all," the health care plan popular with 2020 Democratic presidential contenders — and its findings show there would be no way to fund the expanded health program by simply raising taxes on the rich.
The report, published by the Committee for a Responsible Federal Budget, examines a variety of potential ways to raise the estimated $30 trillion over 10 years necessary to fund "Medicare-for-all," including a 32 percent payroll tax, a 25 percent income surtax and a 42 percent value-added tax. These methods could all raise $30 trillion, the report says, but there is no way for the federal government to bring in that much money simply by taxing rich people.
"There is not enough annual income available among higher earners to finance the full cost of 'Medicare-for-All,'" it says. "On a static basis, even increasing the top two income tax rates (applying to individuals making over $204,000 per year and couples making over $408,000 per year) to 100 percent would not raise $30 trillion over a decade."
(Excerpt) Read more at foxnews.com ...
Didn’t Bernie Sanders already admit everyone’s taxes would rise to 50% but you’d get a lot of “free” stuff?
Math is racist.
L
Just go to Youtube and search bill whittle eat the rich. It’s a video about four or five years old that does the math about taking money from the rich to finance stuff.
Pretty effective.
Just wait until the masses find out how much THEY will be taxed for Medicare for All! When I was working in the NHS, back in the 80’s, I was making PEANUTS as I wasn’t a registered technologist in Britain, and my tax bite was 50%. There, the Government decides how much to tax you and once a year you get a little card in the mail telling you how much you paid for the designated year. And EVERYBODY PAYS TAXES. None of this 50% aren’t taxed.
Math is racist.
Well, if raising taxes won’t do it, they’ll just have to confiscate the wealth....../s
They don’t plan to just tax high income. They plan to slice off a percentage of savings/investments/assets each year. Yes they will. That is not a tax. It is a confiscation. And they will do it if elected.
Maybe, depends largely on how much you lower the definition of 'rich'.
Add to the cost of Medicare for all the cost of free college and the Green New Deal and 100% taxes on everyone would begin to be enough. Face it what Warren, Sanders and the Squad want is nothing less than a communist state resembling the former East Germany.
The masses would discover this little gotcha AFTER it was made into law - just like they discovered what a smelly piece of Obama the Affordable Care Act was, after it was put into place.
I talked to a Medical University professor. He said what isn’t being discussed is that Medicare for All would destroy the current medical establishment. 50% of hospitals would close in bankruptcy. Many doctors would quit, because Medicare only pays them 50 cents on the dollar.
Yes. It is called ‘Taxing Accumulated Wealth’ and it is done, worldwide. In Socialist and Communist countries (huh, are there any Communists that have wealth? Other than the ruling class that would obviously not tax themselves)
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