Posted on 02/27/2020 10:21:07 AM PST by karpov
CNN spent a good chunk of time doing the math to come up with a bottom-line figure for all of Bernie Sanders' proposals -- not just "Medicare for All" but the Green New Deal, free college, universal pre-K and child care, and so on. The total? An estimated $50 trillion.
This week, he released fact sheets explaining how he'd pay for them -- or rather, how he'd raise $44 trillion in taxes to pay for them.
Take a look at the Medicare for All portion in the chart below. You'll see that some of the money comes from rolling back the 2017 Republican tax cuts, some comes from new taxes on the rich and some is from capital gains taxes. But some also comes from collecting money that employers and individuals currently pay to private insurers -- that is, trading premiums for higher taxes.
Friendly assumptions. For this little experiment, CNN gave him Medicare for All at the bargain basement price of $27 trillion -- current national health spending that would be ported over to federal spending -- over 10 years. That's a steep discount off an estimate from the Urban Institute and does not include $7 trillion in new national health spending. But whatever.
(Excerpt) Read more at cnn.com ...
The CNN site has bar graphs of the new spending and taxes. Here are the 10-year numbers.
new spending:
Medicare for All $27T
Green New Deal $16.3T
Free college at public universities $2.2T
Free child care & pre-K $1.5T
Housing for all $2.5T
Eliminate Medical debt $0.081T
Expand social security $0.275T
new taxes:
7.5% payroll tax paid by employers $5.2T
Income-based premiums $4T
Raise top tax rate on income over $10m $0.7T
Eliminate employer health care tax benefits $3T
Undo Trump corporate tax cuts $1T
Raise capital gains tax rates $2.5T
Cap state and local tax deductions $0.4T
Raise estate tax to 2009 level $0.336T
Fossil fuel taxes, fees and lawsuits $3.085T
Nationalize electricity production $6.4T
Cut defense spending $1.215T
Income tax on 20 million jobs created $2.3T
Make corporations pay more in taxes $2T
Undo Trump corporate tax cuts $2T
Reduced need for safety net $1.31T
Tax on Wall Street speculation $2.4T
Wealth tax on fortunes over $32 million $4.35T
Tax on CEOs $0.15T
Apply payroll tax to wages above $250,000 $1.7T
Ask not for whom the bell tolls, it tolls for thee.
Good post, and when you roll up all of his plans the economy of our country would be reduced to rubble as the grand total of his plans exceed the total wealth of this country
But of course Comrade Bernie knows best
Indeed, best to destroy our country and he leads us into Hell
Who?
NOT multi millionaire bernard
CNN doesn’t want Bernie because the DNC doesn’t want Bernie
I don’t care which loser they put up, Trump is going to take that person down like he did Hillary
Easy. The “rich” will pay for it when they pay their “fair share” of taxes.
Gimme gimme gimme and make the rich pay for it. Its the new American Way.
NOT Bernie Sanders.
ML/NJ
Who will pay?
No one. Because it will never happen.
cnn is on board per its marching orders.
I think the media is waking up toe fact the Frankenstein they helped create is now a real contender and has a chance to some real damage. They are not sure how to deal with him and do not know what to do. The thing I think they are aware of is they will be the target if he wins. We all will be.
Bernies using public funding for his campaign....and he’s been on the public dole most of his life in politics....he’ll have no problem using tax payers money to grease his agenda.
Nobody because he will never be president.
I think we should be more concerned about the BernSandevirus than the Coronavirus.
Talk about societal upheaval...
Comrade Bernie just wants to make us all equal—with the people of Cuba, the land he loves.
Everyone will pay except the ruling elite.
At the beginning, taxes on work will be raised sharply. If you are productive, you will be forced to pay a lot. This will remove the incentive to work, and the people at the lower end of the scale (democrat voters) will stop working and collect money from the government.
They will take a chunk of accumulated wealth. This will be called a tax. It’s not a tax. It’s confiscation. Every year they will skim off a percentage. Probably 8%. After 12 years, they’ve taken it all, effectively.
They will initiate a tax on financial transactions. All electronic transfers and payments will be taxed. A small amount at first, and after the infrastructure is set up, the amount will be raised.
Inflation will break out. Anyone with savings will effectively lose them. The ruling elite and folks on welfare will not be hurt, as the politicians will raise the amount for inflation.
The country will be ruined financially, because hard work and drive, American qualities, will be disincentivized. The USA will have the economy of Zimbabwe or Venezuela.
In the ensuing disruption of the social order, the left will initiate a revolution, without calling it that, and push the USA into marxism.
Sanders is a Communist.
Communists don’t believe in money per se. They want to get rid of it altogether - rather than “paying”, one just takes what’s needed (never mind knock-down drag-out fights over what constitutes “need”, or why anyone would produce anything of value only to have it taken).
Bernie has made it very clear he has no interest in discussing “cost” of anything - a position only held to by Communists. When pressed, he resorts to hysterical flailing (both verbal and physical), quickly ended by giving just enough of a response to end the discussion under the circumstance.
Who will pay? To Bernie: everyone, with everything.
The average income citizen would have to pay the bill for Bernie. At least until they have eaten their pets and some are on their way to Cuba on home made rafts. Don’t know after that.....
None of it is likely to pass Congress. Its just not politically realistic. Even if Democrats somehow keep the House.
All of it is DOA with a GOP Congress.
As I usually put it:
Socialism advances until it runs out of other people’s money ... at which point it becomes Communism, where it takes everything.
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