ACA-11 Taxes to fund health care coverage and cost control

Homepage | Forums | Main Forums | Universal Healthcare / Medicare For All | ACA-11 Taxes to fund health care coverage and cost control

Viewing 0 reply threads
  • Author
    Posts
    • #465751
      eridani
      Participant
      • Total Posts: 11,969

      Anyone who would rather pay a $900/mo premium than a $250/mo tax should not be running around loose without adult supervision.

      (1) An annual excise tax … upon a qualified business … at a rate of 2.3 percent of the gross receipts … minus the first $2,000,000 in annual gross receipts.

      (2) (A) A payroll tax … on every employer who pays … 50 or more resident employees … at a rate of 1.25 percent of wages or other compensation … [plus] 1 percent of wages or other compensation in excess of $49,900 per employee.

      (3) (A) … a State Personal Income CalCare Tax:

      $149,509 but not over $299,508 0.5% of the taxable income
      $299,509 but not over $599,012 1% of the taxable income
      $599,013 but not over $1,299,499 1.5% of the taxable income
      $1,299,500 but not over $2,484,120 1.75% of the taxable income
      $2,484,121 and above 2.5% of the taxable income

      Comment by Jim Kahn & Don McCanne of PNHP—$12,250 per household in new taxes sounds like a lot. This plan includes a 2% payroll tax, a highly progressive income tax (starting at 0.5% at $150,000), and a business excise tax.

      However — bottom line — the net savings for a typical middle-class family are highly attractive.

      Currently, working families pay a lot for health care:

      $5,969 annual employee premium contribution for family coverage
      $4,000 annual per household in out-of-pocket spending

      That’s $10,000, which under single payer disappears. Huge savings.

      Plus, employers contribute $16,253 for premiums for family coverage. That high cost keeps wages low, so if it went away (the proposed payroll tax is about 90% lower), annual wages would rise by $10,000 or more.

      Thus, for a working family, we’re into net financial gain territory.

      And … the actual tax increase for a middle-class family would be way less than the $12,250 average. That’s because the tax plan relies on a very progressive income tax, $750 at $150,000 and really kicking in above $1 million in annual income.

      Overall, single payer reduces costs for the vast majority of families, while providing guaranteed health care.

      And: no more medical debts or bankruptcy. That’s a huge boost to financial security.

      Jesus: Hey, Dad? God: Yes, Son? Jesus: Western civilization followed me home. Can I keep it? God: Certainly not! And put it down this minute--you don't know where it's been! Tom Robbins in Another Roadside Attraction

Viewing 0 reply threads
  • You must be logged in to reply to this topic.