Millionaire Socialist Bernie Sanders' Medical Plan Would Cost Twice Our Nations' GDP - Bernie And 2020 Dems’ Plan To Double Your Taxes & Bankrupt The Healthcare System
Millionaire Socialist Bernie Sanders' Medical Plan Would Cost Twice Our Nations' GDP - Bernie And 2020 Dems’ Plan To Double Your Taxes & Bankrupt The Healthcare System
A NEW STUDY CONDUCTED ON BERNIE'S SINGLE-PAYER PLAN SHOWS IT WOULD COST TAXPAYERS OVER $32 TRILLION
Democrats Have Expressed Support For A Single-Payer Healthcare System
House Minority Leader Nancy Pelosi (D-CA) Has Long Supported A Single-Payer System And Believed That The Affordable Care Act Could Be "A Bridge To European-Style Universal Coverage." "'I supported single-payer since before you were born,' said Pelosi, who has argued since the passage of the Affordable Care Act that it could be a bridge to European-style universal coverage." (David Weigel, "With AHCA Defeat, Some Democrats See Chance To Push For Universal Coverage," The Washington Post , 3/26/17)
Senator Bernie Sanders (I-VT) Wanted To "Build On" Obamacare With His Medicare For All Health Care Plan. "Sanders denied he'd tear down Obamacare [with his Medicare for all plan], noting that he had a role in drafting it and he voted for it. But he said he wants to build on it, and bring down the cost of health care which is still leaving the newly insured with big expenses." (Gabriel Debenedetti, "Sanders, Clinton Clash Over His New 'Medicare For All' Plan," Politico , 1/17/16)
Sanders Thinks We Should Be Going Forward With A Medicare For All, Single-Payer Program In the Long-Term. SEN. BERNIE SANDERS (I-VT): "I am going to go forward with a Medicare for all, single-payer program, and I think that is the direction long-term, that we should be going." (MSNBC's "Meet The Press," 6/25/17)
Former Democrat Majority Leader Sen. Harry Reid (D-NV) Said That Obamacare Is A "Step In The Right Direction" Towards A Single-Payer National Health Care System. "'What we've done with Obamacare is have a step in the right direction, but we're far from having something that's going to work forever,' Reid said. When then asked by panelist Steve Sebelius whether he meant ultimately the country would have to have a health care system that abandoned insurance as the means of accessing it, Reid said: 'Yes, yes. Absolutely, yes.' The idea of introducing a single-payer national health care system to the United States, or even just a public option, sent lawmakers into a tizzy back in 2009, when Reid was negotiating the health care bill." ("Harry Reid Says Obamacare A Step Toward Single-Payer System," Las Vegas Sun , 8/10/13)
Senator Bernie Sanders Has Proposed A Single-Payer Plan, With Little Clarity As To How It Would Be Paid For Or How Much It Would Cost
During The 2016 Presidential Campaign, Sanders Released His Single-Payer Health Care Plan. "Bernie Sanders released the details of his 'Medicare for all' single-payer health care plan just two hours before the Democratic debate here on Sunday night, escalating the bitter wrangling over health care with Hillary Clinton." (Gabriel Debenedetti, "Sanders, Clinton Clash Over His New 'Medicare For All' Plan, Politico , 1/17/16)
The Single-Payer Legislation Sanders Presented Does Not Include Taxes To Fund The Bill. "The legislation itself does not include any taxes." (Jordan Weissmann, "Bernie Sanders' Big Single-Payer Proposal Skips Over The Hardest Thing About Single-Payer,"Slate , 9/13/17)
According To Medicareforall.Org, The Reason There Are Only Vague Estimates For The Cost Of Single Payer Is Because Analysts Must Know The Funding Mechanism Before They Can Make A More Specific Estimate. "Why only a rough estimate is available for how much an individual or family would pay in taxes. There are multiple funding proposals. There have been and are many funding proposals with either national-based or state-based single-payer funding proposals. U.S. Congress committees and associated analysis will need to narrow down the proposals to one." ("How Much Tax An Individual And A Family Will Pay For National Single-Payer Health Care, Improved Medicare For All," Medicare For All, Accessed 9/19/17)
Separating The Potential Tax Hikes From The Legislation Itself "Gives The Co-Sponsors A Convenient Out From Endorsing Any Specific Tax Increase That Could Be Used Against Them In A Campaign Ad." "That might give wonks a sense of what the bill's backers are thinking. But it definitely gives the co-sponsors a convenient out from endorsing any specific tax increase that could be used against them in a campaign ad. More importantly, at least if you're a single-payer fan, it means they haven't committed themselves to some of the more controversial trade-offs that would be necessary to make single-payer a reality." (Jordan Weissmann, "Bernie Sanders' Big Single-Payer Proposal Skips Over The Hardest Thing About Single-Payer," Slate , 9/13/17)
Sanders' Plan Only Raises Less Than Half Of The Cost For His Health Care Plan, Leaving $16.6 Trillion Of The Cost To Be Financed Some Other Way. "Analysis by the Tax Policy Center indicates that Sanders's revenue proposals, intended to finance all new health and nonhealth spending, would raise $15.3 trillion in revenue over 2017 to 2026. This amount is approximately $16.6 trillion less than the increased federal cost of his health care plan estimated here." (John Holahan, et al., "The Sanders Single-Payer HealthCare Plan," The Urban Institute , Accessed 9/20/17)
Sanders' Proposed Taxes Are "Too Low To Fully Finance The Plan." "The total $15.3 trillion that would be raised is approximately $16.6 trillion less than the increased federal cost of his health care plan estimated here, suggesting that fully financing the Sanders approach would require additional sources of revenue be identified, that is, the proposed taxes appear to be too low to fully finance the plan." (John Holahan, et al., "The Sanders Single-Payer HealthCare Plan," The Urban Institute , Accessed 9/20/17)
In September 2017, Sanders Along With 16 Democratic Co-Sponsors, Released A Plan To Create A Single-Payer Health Care System. "After weeks of buildup, Sen. Bernie Sanders has finally released his latest plan to create a single-payer health care system in the United States, tugging along 16 Democrats as co-sponsors of the Medicare-for-all legislation, many of whom appeared with him at a buoyant press conference Wednesday afternoon." (Jordan Weissmann, "Bernie Sanders' Big Single-Payer Proposal Skips Over The Hardest Thing About Single-Payer," Slate , 9/13/17)
Sanders' 16 Co-Sponsors Were There For The Unveiling Of The Bill In Front Of "Nearly 300 Attendees And Heavy Coverage From Cable News," A Dramatic Change From When Sanders Introduced The Bill In 2013 With Zero Co-Sponsors. "Sanders released his 'Medicare for all' plan in a large Senate hearing room Wednesday, with nearly 300 attendees and heavy coverage from cable news. The bill has 16 co-sponsors, which is a big turnaround when he introduced a similar bill in 2013 without a single co-sponsor." (Rachel Roubein, "Senator Asks For CBO Score Of Sanders's Single-Payer Bill," The Hill , 9/14/17)
A Number Of "Potential 2020 Candidates" Co-Sponsored The Bill Including Senators Kamala Harris (D-CA), Corey Booker (D-NJ), Kirsten Gillibrand (D-NY), And Elizabeth Warren (D-MA). "Even more telling is the number of potential 2020 contenders who have decided to get on board with the plan. Sens. Kamala Harris, Kirsten Gillibrand, Cory Booker, and Elizabeth Warren each took turns at the podium Wednesday extolling the virtues of socialized health insurance." (Jordan Weissmann, "Bernie Sanders' Big Single-Payer Proposal Skips Over The Hardest Thing About Single-Payer," Slate , 9/13/17)
In An Accompanying White Paper Released With His Single-Payer Legislation, Sanders Proposed A Total Of $16.19 Trillion In Tax Increases. "7.5 percent income-based premium paid by employers Revenue raised: $3.9 trillion over ten years. 4 percent income-based premium paid by households Revenue raised: $3.5 trillion over ten years. Savings from Health Tax Expenditures Revenue raised: $4.2 trillion over ten years. Make the Personal Income Tax More Progressive Revenue raised: $1.8 trillion over ten years. Make the Estate Tax More Progressive Revenue raised: $249 billion over ten years. Establish a Wealth Tax on the Top 0.1 percent Revenue raised: $1.3 trillion over ten years. Close the Gingrich-Edwards Loophole and Create Parity for Wealthy Business Owners Revenue raised: $247 billion over ten years. Impose a one-time tax on currently held offshore profits Revenue raised: $767 billion over ten years. Impose a Fee on Large Financial Institutions Revenue raised: $117 billion over ten years. Repeal Corporate Accounting Gimmicks Revenue raised: $112 billion ten years." ("Options To Finance Medicare For All," Sen. Bernie Sanders , Accessed 9/20/17)
One Suggestion Contained In The White Paper Is A "7.5 Percent Income-Based Premium Paid By Employers" That Would Raise $3.9 Trillion Over A Decade. "7.5 percent income-based premium paid by employers. Revenue raised: $3.9 trillion over ten years." ("Options To Finance Medicare For All," Sen. Bernie Sanders , Accessed 9/20/17)
A Family Making $50,000 A Year Would Pay An Additional $844 Each Year Due To This Tax . "Under this option, a typical family of four earning $50,000, after taking the standard deduction, would pay a 4 percent income-based premium to fund Medicare for All - just $844 a year." ("Options To Finance Medicare For All," Sen. Bernie Sanders , Accessed 9/20/17)
Another Suggestion In The White Paper Is A 4 Percent Tax Increase On Household Income That Would Raise $3.5 Trillion Over A Decade. "4 percent income-based premium paid by households. Revenue raised: $3.5 trillion over ten years." ("Options To Finance Medicare For All," Sen. Bernie Sanders , Accessed 9/20/17)
The White Paper Also Suggested That An Increase Taxes On Income And Capital Gains, Would Raise At Least $1.1 Trillion In Revenue Over 10 Years. "Make the Personal Income Tax More Progressive. Revenue raised: $1.8 trillion over ten years." ("Options To Finance Medicare For All," Sen. Bernie Sanders , Accessed 9/20/17)
Part Of Sanders' Plan Is To Raise The Top Tax Rate From 39 Percent To 52 Percent, With Additional Brackets At 50, 45, And 40 Percent. "Progressive income tax rates. Under this plan the marginal income tax rate would be: 40 percent on income between $250,000 and $500,000. 45 percent on income between $500,000 and $2 million. 50 percent on income between $2 million and $10 million. (In 2014, only 136,000 households, the top 0.1 percent of taxpayers, had income between $2 million and $10 million.) § 52 percent on income above $10 million. (In 2014, only 16,700 households, just 0.02 percent of taxpayers, had income exceeding $10 million)." ("Options To Finance Medicare For All," Sen. Bernie Sanders , Accessed 9/20/17)
Sanders Would Tax Capital Gains At The Same Rate As Ordinary Income. "Taxing capital gains and dividends the same as income from work." ("Options To Finance Medicare For All," Sen. Bernie Sanders , Accessed 9/20/17)
The White Paper Also Proposes To Increase The Death Tax From A Flat Rate Of 40 Percent To As Much As 55 Percent For Certain Estates. "The existing flat 40 percent estate tax rate would be replaced with the following progressive Rates: 45 percent for the value of an estate between $3.5 million and $10 million. 50 percent for the value of an estate between $10 million and $50 million. 55 percent for the value of an estate in excess of $50 million. An additional 10 percent surtax would apply to estate value in excess of $500 million. ($1 billion for married couples)." ("Options To Finance Medicare For All," Sen. Bernie Sanders , Accessed 9/20/17)
This Would Raise $249 Billion In Revenue Over A Decade. "Make the Estate Tax More Progressive. Revenue raised: $249 billion over ten years." ("Options To Finance Medicare For All," Sen. Bernie Sanders , Accessed 9/20/17)
In Addition To Raising Income Taxes, Sanders Also Seeks To Impose A "Wealth Tax." "This option would establish an annual 1 percent federal wealth tax on the net worth of the wealthiest 0.1 percent of U.S. households. The tax would apply to net worth exceeding $21 million for a household. That means a household with $21.5 million would pay 1 percent of $500,000, or $5,000." ("Options To Finance Medicare For All," Sen. Bernie Sanders , Accessed 9/20/17)
This Would Raise $1.3 Trillion In Revenue Over Ten Years. "Establish a Wealth Tax on the Top 0.1 percent. Revenue raised: $1.3 trillion over ten years." ("Options To Finance Medicare For All," Sen. Bernie Sanders , Accessed 9/20/17)
Some Have Argued That This Tax Would Be "Potentially Unconstitutional." "Others Have Argued That Any Wealth Tax Would Be Dauntingly Complicated, And Potentially Unconstitutional. Sanders Has Described It As One Way To Spread The Concentration Of Wealth." (Ruby Cramer, "With Popular Single-Payer Plan, Bernie Sanders Enters New Territory: A Wealth Tax," Buzzfeed , 9/20/17)
Sanders Would Force Owners Of S-Corporations To Pay Themselves A Salary Separate From Their Business Profits So That It Could Be Subjected To Payroll Taxes. "Close the Gingrich-Edwards Loophole and Create Parity for Wealthy Business Owners. Revenue raised: $247 billion over ten years. This option closes the Gingrich-Edwards loophole which allows individuals who own and run an S-Corporation to game the system and avoid paying payroll taxes by claiming some income as business profits." ("Options To Finance Medicare For All," Sen. Bernie Sanders , Accessed 9/20/17)
Even If Every Tax Hike Sanders Proposed Was Implemented, They Would Only Generate $16.9 Trillion In Additional Revenue Over 10 Years. "The legislation itself does not include any taxes. Instead, its authors have written up a complementary white paper titled 'Options to Fund Medicare for All' with a menu of tax hikes that add up to about $16.9 trillion over a decade (which, for what it's worth, might not actually be enough to cover the cost of a single-payer system)." (Jordan Weissmann, "Bernie Sanders' Big Single-Payer Proposal Skips Over The Hardest Thing About Single-Payer," Slate , 9/13/17)
Now, At Least Two Separate Cost Estimates Peg The Cost Of Sanders' Single-Payer Plan To Be At Least $32 Trillion-Financed In Part By A Doubling Of Individual Income Taxes
A Recent Estimate Of Sanders' Single Payer Plan Has Been Estimated To Cost $32.6 Trillion Over The Next 10 Years. "Sen. Bernie Sanders' 'Medicare for all' plan would increase government health care spending by $32.6 trillion over 10 years, according to a study by a university-based libertarian policy center." (Ricardo Alonso-Zaldivar, "Study: 'Medicare For All' Projected To Cost $32.6 Trillion," The Associated Press , 7/30/18)
According To The Mercatus Center At George Mason University, The "Leading Current Senate Bill" To Establish A Single-Payer Healthcare System Is Sanders' "Medicare For All Act" (M4A). "The leading current Senate bill to establish single-payer health insurance in the United States is that of Senator Bernie Sanders (I-VT). It's called the Medicare for All Act, or M4A." (Charles Blahous, "The Costs Of A National Single-Payer Healthcare System," The Mercatus Center , 7/30/18)
The Mercatus Center Found That Sanders' Current Single-Payer Plan Would Add Approximately $32.6 Trillion To The Federal Budget During The First Ten Years Of Implementation . "M4A would add approximately $32.6 trillion to federal budget commitments during the first 10 years of its implementation (2022-2031)." (Charles Blahous, "The Costs Of A National Single-Payer Healthcare System," The Mercatus Center , 7/30/18)
The Mercatus Study Projected That The Single-Payer Plan Would Equal Nearly 10.7 Percent Of GDP In 2022 And Rise To Nearly 12.7 Percent Of GDP In 2031 With Substantial Increases Thereafter. "This projected increase in federal healthcare commitments would equal approximately 10.7 percent of GDP in 2022. This amount would rise to nearly 12.7 percent of GDP in 2031 and continue to rise thereafter." (Charles Blahous, "The Costs Of A National Single-Payer Healthcare System," The Mercatus Center , 7/30/18)
The Mercatus Study Also Concluded That Doubling The Projected Federal Individual And Corporate Income Taxes Would Be "Insufficient To Finance The Added Federal Costs Of The Plan." "A doubling of all currently projected federal individual and corporate income tax collections would be insufficient to finance the added federal costs of the plan." (Charles Blahous, "The Costs Of A National Single-Payer Healthcare System," The Mercatus Center , 7/30/18)
The Urban Institute's Health Policy Center Estimated Sanders' Health Care Plan Would Cost $32 Trillion Over Ten Years. "In total, federal spending would increase by about $2.5 trillion (257.6 percent) in 2017. Federal expenditures would increase by about $32.0 trillion (232.7 percent) between 2017 and 2026..[.]" (John Holahan, et al., "The Sanders Single-Payer HealthCare Plan," The Urban Institute , Accessed 9/20/17)
