There is an article in the Wall Street Journal that starts off with a Big Bold Promise...
“All Americans would be able to get care from their chosen providers without having to pay premiums, deductibles or copayments.”
I will not attempt to explain all of what the author of the article says to get to the point where he talks about Taxes. I’ll just lay out the Taxes part because that is the part we fear the most and understand the least.
Eventually the author says that the government would need to take about $1 Trillion out of what businesses and families now pay to private insurers.
(Here I go again but this time in more depth... Remember $1 Trillion is 1 Thousand Billion Dollars and $1 Billion is 1 Thousand Million Dollars.)
Where is the $1 Trillion to come from? The author says it will come from a Confusing Array of Taxes and Fees (another word for taxes)...
Ø He proposes that all businesses that currently purchase health insurance for their employees be mandated to pay into Medicare for All 92% of what they now spend to purchase that health care insurance.
Ø He proposes that larger firms that haven’t provided coverage for every worker would pay $500 for each uninsured worker.
Ø He proposes that small businesses would be exempt from these premiums. (This makes me wonder how many currently small businesses will strive to stay small because they will not be able to “afford” to become big.)
Ø He proposes that after two or three years, this system could make a transition to a 1.78% Tax on Gross Receipts.
Ø He proposes the possibility that the above 1.78% Tax on Gross Receipts could be bypassed in favor of an 8.2% Payroll Tax.
Ø He proposes a National Sales Tax of 3.75% on nonnecessities (Congress will argue over what is a nonnecessity forever).
Ø He proposes a Wealth Tax of 0.38% (after exempting the first $1 million of all families’ net worth).
Ø He proposes taxing Long-Term Capital Gains as Ordinary Income.
The Bottom Line: The sum of these revenue streams will allow Medicare for All to operate with a 1% Budget Surplus.
How in the name of heaven can these many New Complicated and Confusing Taxes be imposed on a Fluid and Volatile Economy and this man has the gall to look into our wide disbelieving eyes and say, “All of this will result in a 1% Budget Surplus”?
Would I kid u?
Smartfella
Lagniappe: If you want to read the entire article for yourself, click below, however, I warn you, if you think what I wrote in this Blog Posting was confusing, the confusion you just read was the tip of the iceberg… https://flipboard.com/@WSJ/the-case-for-medicare-for-all/f-89912b738f/wsj.com
