“We don’t need to raise taxes on the middle class by one penny to finance Medicare for All,” said Sen. Warren, D-Mass. Her plan, however, which was obtained by Fox News revealed it likely cost “just under $52 trillion” over the next 10 years.
Further, it would increase taxes on everyday Americans.
“When fully implemented, my approach to Medicare for All would mark one of the greatest federal expansions of middle class wealth in our history,” stated Warren, in her plan. “And if Medicare for All can be financed without any new taxes on the middle class, and instead by asking giant corporations, the wealthy, and the well-connected to pay their fair share, that’s exactly what we should do.”
The plan would be partially subsidized by existing medicare and medicaid funds, both at the state and federal levels. It will also largely tax the rich.
“Employers, financial transactions, the ultra-wealthy, large corporations” will pay $20 trillion in taxes. Moreover, billionaires will face a six percent wealth tax.