{"id":136196,"date":"2019-10-30T08:40:12","date_gmt":"2019-10-30T08:40:12","guid":{"rendered":"https:\/\/www.bnreport.com\/study-says-funding-medicare-for-all-with-taxes-on-rich-is-impossible\/"},"modified":"2019-10-30T08:40:12","modified_gmt":"2019-10-30T08:40:12","slug":"study-says-funding-medicare-for-all-with-taxes-on-rich-is-impossible","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/study-says-funding-medicare-for-all-with-taxes-on-rich-is-impossible\/","title":{"rendered":"Study Says Funding Medicare-for-All With Taxes on Rich Is Impossible"},"content":{"rendered":"

A new study from a bipartisan budget watchdog said Monday that its \u201cimpossible\u201d to fund \u201cMedicare-for-all\u201d with taxes on the rich. The plan is popular among several Democratic candidates for president.<\/p>\n

The Committee for a Responsible Federal Budget (CRFB) said that there is simply<\/a> \u201cnot enough annual income available among higher earners to finance the full cost of Medicare-for-All.\u201d<\/p>\n

\u201cOn 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,\u201d it noted,<\/p>\n

The organization also included an accompanying chart with the tax-the-rich option, listing it as \u201cIMPOSSIBLE.\u201d<\/p>\n

It, however, found that the plan could be funded with a 32-percent payroll tax, a 25-percent income surtax, or a 42-percent value-added tax.<\/p>\n

\u201cA mandatory public premium averaging $7,500 per capita\u2014the equivalent of $12,000 per individual not otherwise on public insurance\u201d could also fund it, the study found. More than doubling corporate and income tax rates could also fund it.<\/p>\n

Other ways include \u201can 80 percent reduction in non-health federal spending,\u201d a 108 percent of GDP national debt, or a combination of approaches.<\/p>\n

\u201cImpossibly high taxes on high earners, corporations, and the financial sector\u201d would also fund it, the study said.<\/p>\n

<\/figcaption><\/a> U.S. Sen. Bernie Sanders (I-VT) speaks during a health care rally at the 2017 Convention of the California Nurses Association\/National Nurses Organizing Committee in San Francisco, California on Sept. 22, 2017. (Justin Sullivan\/Getty Images)<\/figure>\n

But, it warned, all of the choices would pose serious consequences to the U.S. economy.<\/p>\n

\u201cRegardless of the impact on total national health expenditures, adopting Medicare for All would mean shifting virtually all private health costs to the federal government. Most independent estimates of Medicare for All find it would cost the federal government $25 trillion to $36 trillion over ten years,\u201d the CRFB said.<\/p>\n

The \u201cMedicare-for-all\u201d proposal has become a talking point in the Democratic primary, and is being bolstered by Sen. Elizabeth Warren (D-Mass.).<\/p>\n

\u201cI will not sign a bill into law that does not cut costs for middle-class families,\u201d she said at the debate in Ohio.<\/p>\n

<\/a><\/figure>\n","protected":false},"excerpt":{"rendered":"

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