Numerous politicians are now proposing a new single-payer health insurance system for America. This new “Medicare for all” plan will be expensive.
Last week, the Wall Street Journal explained how we would pay for “Medicare for all.”
Three new taxes are being explored:
1) a new “national” sales tax of 3.75%. This is in addition to your California sales tax of 7.75%.
2) a new wealth tax of 3% for families with a net worth of over $1 million
3) the elimination of the long-term capital gains tax at 20% with imposition of the regular income tax of 37%
These politicians believe that the “Medicare for all” is easily affordable because of these three new taxes and the fact that the Federal Reserve can print money to cover the cost.
As Benjamin Franklin told us years ago, “Nothing in this world is certain but death and taxes.”