In order to pay for "single-payer" health care plans, Bernie Sanders says, as president, he would raise income taxes across the board. This just goes to show that nothing about this plan would be free -- the funds will always come and go from somewhere.
However, that doesn't mean the plan is without its merits. The single-payer health plan, originally costing approximately $1.38 trillion a year, would be completely covered by this tax increase, and save families "thousands of dollars a year in out-of-pocket health-care costs."
Sanders intends to pay for all of this through income tax increases -- but only a small amount. That means someone earning more than $250,000 a year would pay a 37% tax rate. This is only slightly higher than before, but it could still make a small groove in their chosen lifestyle.
Sanders' plan, "Medicare for all," would also call for a 2.2% health-care premium for all Americans, while employers would pay 6.2% in payroll tax. These percentages have been calculated based on federal income tax numbers, according to the Washington Post.
Wealthy Americans might also see an increase in their estate taxes to make up some extra money to fund the program. This will help families save even more on their out-of-pocket expenses when it comes to their health coverage. A family making around $50,000 a year, for example, could save almost $6,000 a year in total health costs.
All of these figure have been calculated for Mr. Sanders by economist Gerald Friedman (of the University of Massachusetts at Amherst), who assures both Sanders and us that the cost of this new "Medicare for all" program will be "more than offset by what such families would save on private premiums and deductibles."
What do you think, PopStars? Are you game for a small increase in taxes if it means we all get a "free" trip to the doctor's office?