Medicare for All

Medicare for All could save the US $450 BILLION anually and save 68,000 lives every year according to a recent Yale study.

It provides dental, eye and hearing aid coverage with no networks, no premiums, no deductibles, no copays, and no surprise bills!

Here are a few options for funding this policy:

4% Income Tax

Create a 4 percent income-based premium paid by employees, exempting the first $29,000 in income for a family of four.

(Revenue raised: About $4 trillion over 10 years.)

What will you pay?

Family Income

Current Medical Costs

$1,240 per year

$4,775 savings

In 2018, the average family paid $6,015 in premiums for insurance. Under this option, a typical family of four earning $60,000, would pay a 4 percent income-based premium to fund Medicare for All on income above $29,000 – just $1,240 a year – saving that family $4,775 a year. Families of four making less than $29,000 a year would not pay this premium.

7.5% Payroll Tax

Impose a 7.5 percent income-based premium paid by employers, exempting the first $1 million in payroll to protect small businesses.

(Revenue raised: Over $5.2 trillion over 10 years.)

What will your employer pay?

Employees

Average Salary

Current Cost per Employee

$750 per employee / per year

$276,220 total savings

In 2018, employers paid an average of $14,561 in private health insurance premiums for a worker with a family of four. Under this option, employers would pay a 7.5 percent payroll tax to help finance Medicare for All – just $4,500 – a savings of more than $10,000 a year.

No Health Tax Expenditures

Eliminating health tax expenditures, which would no longer be needed under Medicare for All.

(Revenue raised: About $3 trillion over 10 years.)

New Tax Bracket

Raising the top marginal income tax rate to 52% on income over $10 million.

(Revenue raised: About $700 billion over 10 years.)

Replace SALT Deduction Cap

Replacing the cap on the state and local tax deduction with an overall dollar cap of $50,000 for a married couple on all itemized deductions.

(Revenue raised: About $400 billion over 10 years.)

Capital Gains as Income

Taxing capital gains at the same rates as income from wages and cracking down on gaming through derivatives, like-kind exchanges, and the zero tax rate on capital gains passed on through bequests.

(Revenue raised: About $2.5 trillion over 10 years.)

Restore Estate Tax - Close Loopholes

Enacting the For the 99.8% Act, which returns the estate tax exemption to the 2009 level of $3.5 million, closes egregious loopholes, and increases rates progressively including by adding a top tax rate of 77% on estate values in excess of $1 billion.

(Revenue raised: $336 billion over 10 years.)

Restore Corporate Income Tax

Enacting corporate tax reform including restoring the top federal corporate income tax rate to 35 percent.

(Revenue raised: $3 trillion ,of which $1 trillion would be used to help finance Medicare for All and $2 trillion would be used for the Green New Deal.)