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So, will doubling payroll taxes do it? Americans spend about $2.5 trillion on healthcare. Current payroll taxes generate about $1.13 trillion. Medicare/Medicaid's roughly $940 billion price tag would presumably be rolled into Single Payer. Social Security's annual price tag is almost $890 billion.
A quick calculation reveals a current payroll tax shortfall of $700 billion every year. Subtracting Medicare/Medicaid's $940 billion price tag from the $2.5 trillion spent on healthcare would leave an additional $1.56 trillion shortfall if we went to a Single Payer system without hiking payroll taxes.
So, to "break even", payroll taxes would need to generate $890 billion for Social Security (currently severely underfunded) and $2.26 trillion for Single Payer, for a grand total of $3.15 trillion. Again, current payroll taxes generate roughly $1.13 trillion. Which looks to me like they'd basically need to be almost tripled.
Now, let's say Single Payer eliminates the insurance "middle man"...which is reported to account for about $500 billion of the $2.5 trillion. Taking that off of the $3.15 trillion leaves $2.65 trillion...which would require payroll taxes to increase by roughly 2.5 times, or to just over 19% for you and 19% for your employer.
are you boys and girls up for that?
Last edited by webrockk; 17th March 2017 at 07:54 PM.
Point is, if you did pass a flat tax, you'd tax every item of income. Increases in value of property. Life insurance proceeds. Municipal bond interest. Everything -- including all public support for the poor, who needed the support because they are poor. The exemption for a subsistence level income is necessary to prevent starvation, etc.
That's a dedicated tax, yes, but it's not a rational way to measure the best funding level for local schools.
Medicare for all.
Cost control? It's called preventive care.
I know a guy that had no vices and died at the age of 50 from cancer.
If Trumpcare becomes law a millionaire will save $36,000 a year in taxes. Did you feel that?
Trump promised everyone would be covered. Trump promised his healthcare plan would be cheaper. Trump said it would be easy.
When are you people going to realize that the Carnival Barker scammed you and the Used Car Salesman sold you a car that would breakdown the minute it left the lot.
Trump isn't just screwing the left he's screwing those that voted for him too.
....and Obamacare is not going to implode. That's just another lie. Trump's takes the cake on lies. If you hadn't noticed.
Last edited by HadEnough2; 17th March 2017 at 07:53 PM.