Published: Wed, November 06, 2019
Health Care | By Cedric Leonard

Here's a list of $20.35 trillion of Elizabeth Warren tax hikes

Here's a list of $20.35 trillion of Elizabeth Warren tax hikes

Vilsack, a former USA secretary of agriculture, said "One sliver of society isn't going to pay for the rest of us".

Companies with fewer than 50 employees that do not already sponsor coverage would be exempted from the proposal.

Today, I'm releasing my plan to pay for #MedicareForAll.

Medicare for All will require $20.5 trillion in additional federal spending, which still leaves more than $30 trillion left to be covered from other sources.

Warren's plan, heavy as it is on taxes and controls, is alarming in its own right. She calculates that $9 trillion of this gap will come from the premiums that employers now pay for their workers' health insurance. "There would be a lot of adjustment required from from hospitals and doctors as their incomes go down". Some independent experts also questioned whether her numbers were realistic. "You know, a quick transition would be hard and potentially result in shortages or increased wait times for health care".

An online calculator launched by Warren's campaign showed an average family of four with employer-provided insurance would save $12,378 per year. Warren openly advocates making all private health insurance-the kind that a large majority of Americans have-illegal. Replacing the smorgasbord of private insurers with one government insurer will also wipe out a lot of excess administrative costs in the system. Further, Warren's campaign says if they are at risk of falling short of the revenue target, they could impose a "Supplemental Employer Medicare Contribution" for big companies with "extremely high executive compensation and stock buyback rates".

At recent debates, Warren had refused to answer directly when asked whether she would be forced to raise middle-class taxes to cover the costs, even as Sanders acknowledged he would. Warren has also been repeatedly targeted on the Democratic debate stage over whether the plan would include middle-class tax hikes. Employers would no longer have to subsidize health insurance for staff; instead, they'd pay a new tax, which Warren calls "Employer Medicare Contribution".

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Sanders is still the candidate associated most publicly with Medicare for All. It would be one of the greatest federal expansions of middle-class wealth in history. Corporations would lose trillions of dollars of tax deductions they are now eligible to claim, and firms that move their profits abroad would be targeted with substantial new levies on the overseas money. Medicare for All would extend the program to cover all Americans, including at least 24 million who are now uninsured, eliminating the need for private health insurance.

"As a left-wing San Francisco liberal I can say to these people: What are you thinking?" "They're going to go up significantly for the wealthy. And for virtually everybody, the tax increase they pay will be substantially less - substantially less than what they were paying for premiums and out-of-pocket expenses".

Biden's campaign spokeswoman, Kate Bedingfield, called Warren's idea of having employers transfer to the government nearly all of the $8.8 trillion she estimates will be spent on private insurance for employees a "sleight of hand".

But the dynamics are complicated, and adding millions of people to the health insurance rolls could mitigate cost reductions. Is Warren going to raise middle-class taxes as part of this?

And a whopping $2.3tn would come from stronger enforcement of existing tax laws - money that would have to be identified and collected before it could be used.

Strengthen the current anti-base erosion and minimum tax regime established by the Tax Cuts and Jobs Act (TCJA) by establishing a 35 percent country-by-country tax on foreign earnings.

"Something like half of the wealth of the wealthiest people in America are held in privately held corporations, privately held businesses", said Howard Gleckman, senior fellow at the Urban-Brookings Tax Policy Center. It's harder to imagine these figures becoming a reality.

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