Warren Admits Medicare for All Could Lead to Loss of Jobs

Sean Rayford  Getty Images

Sean Rayford Getty Images

The Massachusetts senator famously "has a plan" for all the things from offering common baby care to canceling school debt, however particulars of how she'd pay for her well being plan include far greater political stakes.

It marks a significant contrast with her rival Sen. Even so, her plan might not mollify Sanders supporters who back the Vermont senator specifically because of his record on Medicare for All.

"We don't need to raise taxes on the middle class by one penny to finance Medicare for All", said Sen.

On the debate stage last month, South Bend Mayor Pete Buttigeig called Warren "extremely evasive" on the issue of whether middle-class taxes would increase to pay for her plan. Taxed at current rates, that would raise more revenue for the government.

Ms. Warren, though, on Friday blamed lobbyists in Washington for peddling false information about the true cost of Medicare for All and trying to "to scare middle-class families about the prospect of tax increases".

Her plan is constructed on transferring to the federal government 98% of the $eight.eight trillion she estimates that employers will spend on personal insurance coverage for his or her staff. Her plan would also have employers pay higher taxes to the government, which she says would replace what they now pay toward private health insurance.

-Taxes on the Wealthy: Increasing Warren's proposed billionaires' surtax to 4% of net worth.

The Times/Siena poll, which surveyed 439 Iowa Democratic caucusgoers October 25-30, 2019, shows Warren leading the pack with 22 percent support. We let private insurance and drug companies profit from that pain.

"My concern about the plan she's putting forward is not just the multi-trillion-dollar hole but also the fact that most Americans would prefer not to be told that they have to abandon their private plan".

"We can generate nearly half of what we need to cover Medicare for All just by asking employers to pay slightly less than what they are projected to pay today, and through existing taxes", she wrote.

The rest of the new revenue would come from a combination of military spending cuts, going after tax cheats, and slapping higher taxes on Wall Street, corporations and the richest Americans.

If Warren is underestimating the cost by that much, her predictions about needed tax revenue would come up well short. She also said she'd force large corporations to pay taxes. There also would be a tax on the 40 or so biggest banks.

Financial institutions with more than $50 billion in total assets would be required to pay a fee equal to 0.15 percent of their covered liabilities. Corporations would lose trillions of dollars of tax deductions they are now eligible to claim, and firms that move their profits abroad would be targeted with substantial new levies on the overseas money.

It would extend Medicare, the US government's health insurance program for people 65 years and older and the disabled, to cover all Americans, including at the roughly 27.5 million - 8.5 percent of the population - who are now uninsured. Many lawmakers may be reluctant to side with Warren's call to raise $800 billion over 10 years by eliminating a Pentagon contingency fund used for anti-terrorism operations.

Despite the criticism Warren faces from moderate Democrats and Republicans about how her plan would fundamentally later the American health care system and economy, public opinion appears to be in her side - at least before they hear the details.

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