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.
As they barreled along in the subway Alexander turned to Sammy and asked “who are your heroes?”
“Like me personally?”
“Societal. In my age there were Achilles, Odysseus, Ajax and so many more. I want to know who the new heroes are.”
“Those are Greek dudes right?”
“Yes.” Alexander said disdainfully.
“Hey, don’t get mad at me cus I ain’t super booky?”
“I assume that means you don’t read much.”
“The last time I picked up a book was like third grade man. I live in the streets.”
“You have no place of domicile?”
“Dom a what?”
“A dwelling. A place where you sleep.”
“You take things too literally. I’m just sayin I was always roaming the streets. I had an apartment. It was small, so I spent as much time as possible outside in the city.”
“Who are the heroes of your age?” Alexander asked trying to get the conversation back on track.”
“I don’t know man. Everyone is so divided these days.” Sammy hedged as he looked around the subway to see who might be listening.
“Do you know of the Trojan War?”
“That’s the one with the horse. Right?”
“I have much to ...
