Hey Bernie fans! You might want to take a look at this:
BernieSanders.com, Medicare for All: Leaving No One Behind:
How Much Will It Cost and How Do We Pay For It?
How Much Will It Cost?
This plan has been estimated to cost $1.38 trillion per year.
The Plan Would Be Fully Paid For By:
A 6.2 percent income-based health care premium paid by employers.
Revenue raised: $630 billion per year.
A 2.2 percent income-based premium paid by households.
Revenue raised: $210 billion per year.
This year, a family of four taking the standard deduction can have income up to $28,800 and not pay this tax under this plan.
A family of four making $50,000 a year taking the standard deduction would only pay $466 this year.
Progressive income tax rates.
Revenue raised: $110 billion a year.
Under this plan the marginal income tax rate would be:
37 percent on income between $250,000 and $500,000.
43 percent on income between $500,000 and $2 million.
48 percent on income between $2 million and $10 million. (In 2013, only 113,000 households, the top 0.08 percent of taxpayers, had income between $2 million and $10 million.)
52 percent on income above $10 million. (In 2013, only 13,000 households, just 0.01 percent of taxpayers, had income exceeding $10 million.)
Taxing capital gains and dividends the same as income from work.
Revenue raised: $92 billion per year.
Warren Buffett, the second wealthiest American in the country, has said that he pays a lower effective tax rate than his secretary. The reason is that he receives most of his income from capital gains and dividends, which are taxed at a much lower rate than income from work. This plan will end the special tax break for capital gains and dividends on household income above $250,000.
Limit tax deductions for rich.
Revenue raised: $15 billion per year
Under Bernie’s plan, households making over $250,000 would no longer be able to save more than 28 cents in taxes from every dollar in tax deductions. This limit would replace more complicated and less effective limits on tax breaks for the rich including the AMT, the personal exemption phase-out and the limit on itemized deductions.
The Responsible Estate Tax.
Revenue raised: $21 billion per year.
This provision would tax the estates of the wealthiest 0.3 percent (three-tenths of 1 percent) of Americans who inherit over $3.5 million at progressive rates and close loopholes in the estate tax.
Savings from health tax expenditures.
Revenue raised: $310 billion per year.
Several tax breaks that subsidize health care (health-related “tax expenditures”) would become obsolete and disappear under a single-payer health care system, saving $310 billion per year.
Most importantly, health care provided by employers is compensation that is not subject to payroll taxes or income taxes under current law. This is a significant tax break that would effectively disappear under this plan because all Americans would receive health care through the new single-payer program instead of employer-based health care.