A new study released by a bipartisan think-tank threw more cold water on Sen. Elizabeth Warren’s ‘Medicare for All’ proposal this week; saying it would be “impossible” to fund the plan by simply raising taxes on the wealthy.
“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,” reports Fox News.
“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.”
How you finance #MedicareForAll matters A LOT.
For example, many option could lift marginal rates to or above revenue-maximizing levels, leaving little tax capacity to fund much of anything else. https://t.co/eIP40nc1N8
— Marc Goldwein (@MarcGoldwein) October 28, 2019
Warren has refused to comment on whether her massive healthcare proposal would ultimately raise taxes on all Americans -including the middle class.
Sen. Bernie Sanders has publicly admitted his plan would raise taxes on all families, but the increased burden would be offset by household savings on co-payments and premiums.
Read then full report at Fox News.