ATR: Self-avowed socialist and Democrat presidential candidate Bernie Sanders has released his proposal for a government takeover of the American healthcare system. The proposal, which Sanders calls “Medicare for All,” replaces private insurance with government as the single payer.
Rather than including financing mechanisms in the legislation, Sanders released a set of tax hike “options” that would be paired with the proposal.
These tax hikes would hit American families at every income level and businesses large and small. The proposal increases taxes by $16.2 trillion over the next decade, according to an estimate of Americans for Tax Reform.
This would pay for roughly half of the cost of single payer healthcare, which costs between $32 trillion and $36 trillion according to estimates.
The list of proposed tax hikes are below:
A New, 4 Percent Employee Payroll Tax
Sanders would impose another 4 percent payroll tax which on employees which he calls an “income-based premium paid by employees.”
According to Sen. Sanders’ estimates, this increases taxes on American families and individuals by $3.9 trillion.
A New, 7 Percent Employer Payroll Tax
Sanders would impose another 7 percent payroll tax which on employees which he calls an “income-based premium paid by employers.”
This is a $3.5 trillion tax increase over ten years.
Eliminating Health Tax “Expenditures”
The proposal would ban employer-provided insurance and repeal the deduction for health care, increasing taxes on businesses by over $3 trillion over a decade.
This proposal would also repeal Health Savings Accounts, which are utilized by an estimated 25 million American families. These tax advantaged savings accounts largely benefit the middle class – roughly half of all HSAs are owned by families earning between $60,000 and $200,000.
The deduction for cafeteria plans and the medical expense deduction is also eliminated. keep reading
h/t Shh!
Sorry
CharlieBernie. Nope.Confiscate the entire wealth of the nation and you’ll only have enough for a couple of years. Then what?
Corrupt bastard fascist.
I have to wonder whether any Democrat promising “Free Medicare” has actually told the voter just what this does and more importantly does not cover. I suspect the majority of citizens figure it covers all types of medical procedures, physiotherapy, drugs, vision, psychologists, dental, sex changes etc etc. I believe that it would be more like ours which covers a list of medical procedures, hospital stays if associated with a covered procedure as well as other health related costs. It is most certainly not free. We pay for it in higher general taxes, special temporary taxes (well they said it was temporary and that was 20 years ago and they considered it a Health Surcharge and not a tax), taxes on sin products such as tobacco and booze and a host of others. They need to questioned closely on what they will cover so the voter can decide. It took us with 1/10 of your population 14 years to create our system and it’s still undergoing change (for example adding more private sector involvement in delivering medical procedures) to this day.
It sounds like the Dems would deliver something well short of what the voter thinks they’re going to get at a higher cost both in taxes and reduced income and increased consumer cost. It also sounds like they would deliver a badly crafted, unworkable and unsustainable program.
Hey, Bernie, it would be easier to list the things you will not tax.
“I only needs to take 19 Trillion dollars to make things free for you”
And you know that’s low-ballin it to boot!!
“Sanders would impose another 7 percent payroll tax which on employees which he calls an “income-based premium paid by employers.””
That “paid by employers” is a way to mislead working people into believing it won’t be put on them.
Most workers will never realize it is a part of the cost of employing them an employer has to figure in when deciding how much they are going to pay him, and the higher the costs other than just direct wages the lower the wage has to be to compensate for it, making it an indirect (hidden) tax on the employee.
Did he remember at 90% tax on second homes and a 95% tax on lake homes along with the 100% tax on third homes, finally the 125% on third homes that are also lake homes?
His wife can afford it.
“Confiscate the entire wealth of the nation and you’ll only have enough for a couple of years. Then what?”
Venezuela.