Socialist Democrat presidential candidate Elizabeth Warren frequently claims her Medicare-for-all plan would not raise taxes on the middle-class ‘one single dime.’
However, several new studies contradict her claims, saying the middle-class would have to be taxed at an astronomically higher rate to pay for her plan. In order to pay for Warren’s Medicare-for-all plan without taxing the middle class, high-income earners would have to pay an average tax rate of above 100%. This means it would be impossible to pay for her plan with an income tax increase on high-income earners alone.
According to one study, paying for “Medicare-for-all” would raise payroll taxes by an estimated 32 percent on all American workers and businesses.
The study estimates that raising taxes on the rich, corporations, and the financial sector would only cover 33% of Warren’s Medicare-for-all plan.
Donald Trump Jr. has criticized Warren, saying, “If you took $1 billion from each [billionaire], you cover about 1% of her plan.”
The total amount for a government-run Medicare-for-all plan that expands coverage to every U.S. resident for nearly all medical services would cost U.S. taxpayers roughly $30 trillion over a decade.
Source: The Scoop