REPORT: Increasing Taxes on the Wealthy Will Not Be Enough to Pay for Medicare for All | NTK Network REPORT: Increasing Taxes on the Wealthy Will Not Be Enough to Pay for Medicare for All

REPORT: Increasing Taxes on the Wealthy Will Not Be Enough to Pay for Medicare for All

“There is a lot of money out there, but there isn’t $30 trillion sitting around from high earners,” Marc Goldwein said. “It just doesn’t exist.”

By NTK Staff | 05.09.2019 @1:30pm
REPORT: Increasing Taxes on the Wealthy Will Not Be Enough to Pay for Medicare for All


Several of the leading 2020 Democratic presidential hopefuls have come out in support of Sen. Bernie Sanders’ (I-VT) Medicare for All proposal, which comes with an estimated $30 trillion price tag.

A Bloomberg News report on Thursday, however, highlighted how difficult if not impossible it would be for America to come up with this large sum of money.

When Sanders first proposed Medicare for All in 2013 he found little support, but when he proposed it again earlier this year, fellow 2020 hopefuls including Sens. Kamala Harris (D-CA), Cory Booker (D-NJ), Kirsten Gillibrand (D-NY), and Elizabeth Warren (D-MA) signed on to the legislation.

Sanders’ Medicare for All proposal would cost roughly $30 trillion over 10 years according to some estimates, and Democrats have suggested on the campaign trail that taxing the rich would pay for Sanders’ proposal.

However, this doesn’t appear to be the case, according to Bloomberg:

“To pay for those programs, the candidates have focused on taxing the rich. But many of the plans they’ve put on the table would require across-the-board tax increases that would hit middle-earners as well as the wealthy, public policy analysts say. None more than Medicare For All.”

Marc Goldwein, a senior vice president at the non-partisan Committee for a Responsible Federal Budget, told Bloomberg that “raising the more than $30 trillion needed to fund Sanders’s health plan over a decade would require doubling all personal and corporate income taxes or tripling payroll taxes, which are split between employees and employers.”

“There is a lot of money out there, but there isn’t $30 trillion sitting around from high earners,” Goldwein said. “It just doesn’t exist.”

Sanders has not yet said how he intends to pay for his Medicare for All proposal, but in 2017 he released a paper which offered several options.

Bloomberg pointed out, however, that these options would only come up with about $16.2 trillion worth of tax increases, which is about half of what is needed.

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