The Statements: It’s time for college to be free
It’s time for healthcare to be free
It’s time to guarantee housing to every single American Nina Turner 8/15/2022
Question: What tax rate would you suggest for the lower, middle and upper class to reach those results? -A Forum For Ideas
Suggested Answer: 70% tax rate for anyone making more than 10 million a year seems fair. -Sebby
Analysis:
All numbers used are based on 2016 data unless noted otherwise
I. The costs:
A. Universal Healthcare - $2.87 Trillion
In the United States healthcare costs were $3.3 Trillion. Medicare and Medicaid spending equaled $1.2376 trillion. A 2017 study conducted by University of Massachusetts suggests universal healthcare would reduce costs and should cost $2.93 trillion. I adjusted this number for inflation and that number becomes $2.87 trillion 2016 dollars.
Sources: https://peri.umass.edu/publication/item/1127-economic-analysis-of-medicare-for-all
https://www.reuters.com/article/us-usa-healthcare-report-idUSKBN1E031D
B. Free College - $65 Billion
There are numerous numbers outlining the cost of free college. A 2020 article suggested $70 Billion and a 2012 article suggested $62.4 billion Those numbers when adjusted for inflation are $64.5 and 65.4 billion respectively. For our purposes I took the middle position of $65 Billion
C. Guaranteed Housing - 71.9 Billion
I couldn’t find projections as to how much this would cost. In 2016 HUD spent $36 billion on housing. In 2023 HUD is requesting $71.9 for its budget. I decided to use the 2023 request as my number for 2016.
Sources: Budget of the U.S. Government, Fiscal Year 2017, Analytical Perspectives (Washington: Government Printing Office, 2016), Table 29-1.
D. Total Cost of New Programs - $3.0069 Trillion
E. 2016 Tax Situation:
Tax Revenue: $3.3 Trillion
Government Spending: $3.9 Trillion
Government Deficit: $587 Trillion
Sources: https://www.cbo.gov/sites/default/files/115th-congress-2017-2018/graphic/52408-budgetoverall.pdf
F. Impact of 70% Tax Rate - Additional $80 billion in tax revenue
Number of people affected: 16,000
Current collection: $90 Billion
After Tax Increase Collection: $170 Billion
Additional tax revenue: $80 billion
G. Current Government spending - $1.2736 Trillion
Medicare/Medicaid: $1.2376 Trillion
Housing: $36 Billion
Education: Above figures would be additional spending
Results: $2.2403 Trillion deficit for 2016.
Substantial additional tax increases would need to implemented or drastic government reduction in spending elsewhere would be necessary.
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As they approached the building they were greeted by a single man also dressed in a black suit.
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“State the oath. All of you in unison.”
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Several seconds passed in silence before the weasel spoke again. “I will inform ...
