The following is an excerpt from Blaze Media’s Capitol Hill Brief email newsletter:
Unless you’re completely detached from reality, you know that the Medicare for All proposals being tossed around among 2020 Democratic presidential candidates would have a heavy impact on the American taxpayer and economy. A new report from the Committee for a Responsible Federal Budget offers an idea of how heavy that impact would be.
“There is not enough annual income available among higher earners to finance the full cost of Medicare for All,” the report says, noting that lawmakers will have to find other ways to pay for it, which will likely mean raising taxes on the middle class. The report says there are a few different ways to foot the bill, such as doubling all individual income tax rates, imposing a new 32 percent payroll tax, or increasing the cost of goods and services by 42 percent through a value-added tax, just to name a few.
So, for those pushing the proposal out on the campaign trail, the question is (or at least ought to be) which kind of massive tax hike they think will be the most palatable to voters who don’t live in safe Democratic territory. No wonder some vulnerable House Democrats are nervous about how a fight over Medicare for All might affect their re-election prospects.
(For more from the author of “New Report Shows How Much Americans’ Taxes Would Have to Go up to Pay for Medicare for All” please click HERE)