Elizabeth Warren's Medicare-for-all proposal would cost Jeff Bezos $7 billion
Elizabeth Warren's Medicare-for-all proposal would cost Jeff Bezos $7 billion
Warren: Medicare for All plan will not raise middle-class taxes 'one penny'
06 November, 2019, 19:40
On Friday, the Democratic presidential candidate unveiled her $52 trillion Medicare-for-all plan, including $20.5 trillion in new funding, which she said could be generated without raising taxes on middle-class Americans (they'd no longer pay health premiums or copays, but would pay taxes on the extra take-home pay they receive under the new system).
Warren says health carecosts have brought many people to the brink of bankruptcy - a key reason she supports Medicare for All. She proposed that the money to fund the proposal would come from existing federal spending on Medicare and Medicaid; existing state spending on health insurance; and existing private-sector employer contributions. It will, she said, address concerns raised by unions, hospitals, and medical professionals, as well as those who now have private insurance or work for private insurance companies.
That is a lower estimate than the $34 trillion in new federal spending the Urban Institute recently reported would be needed to fund a single-payer program.
The proposal to remake the US healthcare system will face scrutiny from Warren's more moderate Democratic opponents, who have questioned Medicare for All's practicality. Warren's plan excludes a payroll tax in favor of the Employer Medicare Contribution, which is potentially less progressive.
Her plan also calls for providing a "pathway to citizenship" for people in the country illegally, and increasing legal USA immigration, which she says will result in $400 billion in new tax revenue. The plan is expected to significantly raise government spending and give the government a monopoly in the healthcare insurance industry. If the press covers the inevitable consequences for access to care at all, it will be presented as a she-says/he-says matter of opinion. One would be an increase to her wealth tax. Under their plans, an expanded Medicare system would fully cover everyone in the country. In other words, even in a plan she claims doesn't raise taxes on middle-income earners, Warren raises taxes on middle-income earners.
Financial transaction tax and tax on financial institutions.As a recent ITEP reportexplains, a tax on financial transactions can raise substantial revenue while reducing inequality and improving the functioning of financial markets.
Raise $800 billion over a decade through a tax of one-tenth of 1% on the sale of bonds, stocks or derivatives.
Obamacare has been regularly criticized for limiting the doctors that users of the program can visit as well as the sharply rising costs of the program which have made many plans significantly more expensive than they were before the program.
Combined, that's a tax hike of nearly $5 trillion, or $500 billion a year. "And it's really hard to value those assets for tax purposes".
Enact a worldwide tax system for offshore corporate profits.The law enacted by President Trump taxes the offshore profits of American corporations more lightly than domestic profits.
On Friday, Biden's campaign questioned Warren's calculations, calling them "double talk" and "mathematical gymnastics" and asserting that middle-class taxes would rise despite her vow.
Warren has spent much of her campaign campaigning on a surtax on those with over $50 million in wealth. As part of her plan to finance Medicare for All, she has increased the rate for net worth exceeding $1 billion to 6 percent.
The senator also said she would require the top 1% of households to pay taxes on their investment gains annually, instead of when the investments are sold, at ordinary income rates.
Under Warren's plan, employers would take that average cost, adjust it upwards to account for the overall increase in national health care spending, and multiply it by their number of employees in the first year of Medicare for All.
Health care costs are rising and crushing families. Who pays is very important and what are the benefits that come in there. And the explanation Warren links to doesn't provide much detail on how that estimate was reached.
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