Medicare-4-all, 5k-UBI, sub-$trillion-deficit!

[Suave]

I'd like U.S. federal government spending including Medicare-for-all and taxes including refunds providing over $5,000 of universal basic income per tax filer to be implemented as follows: resulting in sub-trillion dollar deficits being implemented as follows:

1. Universal health insurance could affordably be implemented at tax-payer expense if there were also insured cost sharing of 40 percent co-insurance to the insured for covered Medicare expenses including prescription drug expenses. The government paying 60 percent of all U.S. residents' Medicare approved health care would cost tax-payers approximately 2.35 trillion dollars in the fiscal year 2024. Upgraded coverage insuring 80 percent of the insured's Medicare approved expenses and prescription drug costs could be purchased at cost by the insured at an annual premium price of ca. $2,000.

2. Universal health insurance in the U.S could be funded as follows: this being funded in large part by half the revenues collected from personal income taxes (est. $950 billion), in part by a ten percent value-added-tax ( V.A.T. exemptions for Medicare covered services/meds, insurance, food, residential rent, tuition, and banking services ) less less monthly rebates of $180 to each U.S. resident age 18 or over, this would net approximately $300 billion of revenue in the year 2024; Universal health care also being funded in part by an increase in the corporate income tax rate from 21 percent to 25 percent resulting in corporations paying U.S. corporate income taxes of nearly $450 billion in 2024,, and also Universal health insurance being funded in small part by alcohol, cannabis and tobacco excise taxes generating ca. $70 billion of funding towards U.S. Universal Health insurance in year 2024. Medicare payroll taxes would fund ca. $330 billions towards Medicare-for-all in the year 2024.

3. Social security spending of $1.3 trillion in 2024 would be funded in large part by the status-quo system of payroll taxes, this would generate $1.1 trillion during 2024. This $200 billion annual shortfall of funding to social security by payroll taxes would be covered by the withdrawal of excess funds in the social security trust fund.

4. U.S. military and veteran support spending of a $950 billion in 2024 could then be funded with nearly half the revenue from the following simplified income tax system, just a few income tax brackets beginning in year 2024, zero percent on the initial $20,000 of personal individual annual income, 18 percent on $20,001 to $60,000 of personal individual annual income, 29.8 percent on individual personal annual earnings in excess of $60,000., and a 3 percent surcharge tax on an wealthy individual's earned income per year in excess of $5,000,000. Capital gains taxed at same rate as ordinary income. No tax credits, save for a refundable $2,000 child tax credit as well as a $3,000 refundable tax credit for each adult American legal resident. In 2024, this would result in total personal federal income taxes amounting to an estimated $1.9 trillion source of annual federal revenue..

5.. The imposition of financial transaction taxes ( remittance taxes and stock/bond trade taxes) generating ca. $200 billion, the implementation of tariffs resulting in ca. $100 billion of revenue in 2024 and federal estate taxes generating an additional ca. $35 billion in revenue would mostly fund spending for the following federal agencies:: ( est. $63 billion ) spending on the Department of Agriculture, ( est. $46 billion) to the State Department, ( est. $42 billion ) towards Housing and Urban Development, ( est. $33 billion ), by the Department of Energy, ( est. $30 billion ) to the Department of Justice, ( est. $26 billion) for N.A.S.A., ( est. 24 billion ) into the Department of Treasury, (est. $23 billion ) towards the Department of Interior, ( est. $14 billion ) by the Center for Disease Control and Prevention, ( est. $10 billion ) for the Department of Commerce, ( est. $10 billion ) by the Department of Labor, ( est. $9 billion ) for the Environmental Protection Agency, and ( est. $5 billion ) for the Food and Drug Administration.

6. The implementation of excise taxes on railways, fuel, airports and aviation collectively adding up to $160 billion, would fund the Department of Transportation and Homeland Security.

7. Approved federal spending in 2024 at an estimated $2.35 trillion for universal health care ( U.H.I. ) $1.3 trillion for Social Security, ( no change from status-quo on S.S. retirement benefits ), an estimated 950 billion dollars towards the military and veteran services or veteran benefits, $510 billion on debt interest payments, ( est. $63 billion ) spending on the Department of Agriculture, ( est. $46 billion) to the State Department, ( est. $42 billion ) towards Housing and Urban Development, ( est. $33 billion ), by the Department of Energy, ( est. $30 billion ) to the Department of Justice, ( est. $26 billion) for N.A.S.A., ( est. $24 billion ) into the Department of Treasury, (est. $23 billion ) towards the Department of Interior, ( est. $14 billion ) by the Center for Disease Control and Prevention, ( est. $10 billion ) for the Department of Commerce, ( est. $10 billion ) by the Department of Labor, ( est. $9 billion ) for the Environmental Protection Agency, and ( est. $5 billion ) for the Food and Drug Administration. ( est. $50 billion) for the Department of Homeland Security, ( est. $110 billion) for the Department of Transportation; the above proposed federal spending resulting in total federal annual spending to be ca. $5.425 trillion..

8. The above approved fiscal year 2024 federal spending being at $5.605 trillion and $4.645 trillion of tax revenue would result in a federal deficit of ca. just only $960 billion for Fiscal Year 2024!

 

[exchemist]

Paying for medicine centrally procured by government, and funded through taxation, will be a lot cheaper than what you have now. That is why the US medical industries lobby so fiercely against it.

 

[PureX]

Paying for medicine centrally procured by government, and funded through taxation, will be a lot cheaper than what you have now. That is why the US medical industries lobby so fiercely against it.

Yes, it will involve price caps for all kinds of medical products and services, and that will spell the end of the big profit gravy train for all those corporations currently involved in for-profit heath care. There is no bribe big enough that they will not pay any senator of congressman willing to make sure that NEVER happens. Which is why it has not happened, and why it likely will not happen in any predictable time span.

 

[exchemist]

Yes, it will involve price caps for all kinds of medical products and services, and that will spell the end of the big profit gravy train for all those corporations currently involved in for-profit heath care. There is no bribe big enough that they will not pay any senator of congressman willing to make sure that NEVER happens. Which is why it has not happened, and why it likely will not happen in any predictable time span.

Not necessarily price caps. If government or, more likely, a government-mandated national organisation, with a professional procurement division, buys the drugs and services by competitive tender, you will get lower prices without any need for a price cap. What the providers do now is divide and rule, exploiting a system in which it is in nobody's real interest to negotiate a hard bargain. It's a "broken market", in fact. Or that's how it looks to this outsider, at least.

 

[Wandering Monk]

I'd like U.S. federal government spending including Medicare-for-all and taxes including refunds providing over $5,000 of universal basic income per tax filer to be implemented as follows: resulting in sub-trillion dollar deficits being implemented as follows:

1. Universal health insurance could affordably be implemented at tax-payer expense if there were also insured cost sharing of 40 percent co-insurance to the insured for covered Medicare expenses including prescription drug expenses. The government paying 60 percent of all U.S. residents' Medicare approved health care would cost tax-payers approximately 2.35 trillion dollars in the fiscal year 2024. Upgraded coverage insuring 80 percent of the insured's Medicare approved expenses and prescription drug costs could be purchased at cost by the insured at an annual premium price of ca. $2,000.

2. Universal health insurance in the U.S could be funded as follows: this being funded in large part by half the revenues collected from personal income taxes (est. $950 billion), in part by a ten percent value-added-tax ( V.A.T. exemptions for Medicare covered services/meds, insurance, food, residential rent, tuition, and banking services ) less less monthly rebates of $180 to each U.S. resident age 18 or over, this would net approximately $300 billion of revenue in the year 2024; Universal health care also being funded in part by an increase in the corporate income tax rate from 21 percent to 25 percent resulting in corporations paying U.S. corporate income taxes of nearly $450 billion in 2024,, and also Universal health insurance being funded in small part by alcohol, cannabis and tobacco excise taxes generating ca. $70 billion of funding towards U.S. Universal Health insurance in year 2024. Medicare payroll taxes would fund ca. $330 billions towards Medicare-for-all in the year 2024.

3. Social security spending of $1.3 trillion in 2024 would be funded in large part by the status-quo system of payroll taxes, this would generate $1.1 trillion during 2024. This $200 billion annual shortfall of funding to social security by payroll taxes would be covered by the withdrawal of excess funds in the social security trust fund.

4. U.S. military and veteran support spending of a $950 billion in 2024 could then be funded with nearly half the revenue from the following simplified income tax system, just a few income tax brackets beginning in year 2024, zero percent on the initial $20,000 of personal individual annual income, 18 percent on $20,001 to $60,000 of personal individual annual income, 29.8 percent on individual personal annual earnings in excess of $60,000., and a 3 percent surcharge tax on an wealthy individual's earned income per year in excess of $5,000,000. Capital gains taxed at same rate as ordinary income. No tax credits, save for a refundable $2,000 child tax credit as well as a $3,000 refundable tax credit for each adult American legal resident. In 2024, this would result in total personal federal income taxes amounting to an estimated $1.9 trillion source of annual federal revenue..

5.. The imposition of financial transaction taxes ( remittance taxes and stock/bond trade taxes) generating ca. $200 billion, the implementation of tariffs resulting in ca. $100 billion of revenue in 2024 and federal estate taxes generating an additional ca. $35 billion in revenue would mostly fund spending for the following federal agencies:: ( est. $63 billion ) spending on the Department of Agriculture, ( est. $46 billion) to the State Department, ( est. $42 billion ) towards Housing and Urban Development, ( est. $33 billion ), by the Department of Energy, ( est. $30 billion ) to the Department of Justice, ( est. $26 billion) for N.A.S.A., ( est. 24 billion ) into the Department of Treasury, (est. $23 billion ) towards the Department of Interior, ( est. $14 billion ) by the Center for Disease Control and Prevention, ( est. $10 billion ) for the Department of Commerce, ( est. $10 billion ) by the Department of Labor, ( est. $9 billion ) for the Environmental Protection Agency, and ( est. $5 billion ) for the Food and Drug Administration.

6. The implementation of excise taxes on railways, fuel, airports and aviation collectively adding up to $160 billion, would fund the Department of Transportation and Homeland Security.

7. Approved federal spending in 2024 at an estimated $2.35 trillion for universal health care ( U.H.I. ) $1.3 trillion for Social Security, ( no change from status-quo on S.S. retirement benefits ), an estimated 950 billion dollars towards the military and veteran services or veteran benefits, $510 billion on debt interest payments, ( est. $63 billion ) spending on the Department of Agriculture, ( est. $46 billion) to the State Department, ( est. $42 billion ) towards Housing and Urban Development, ( est. $33 billion ), by the Department of Energy, ( est. $30 billion ) to the Department of Justice, ( est. $26 billion) for N.A.S.A., ( est. $24 billion ) into the Department of Treasury, (est. $23 billion ) towards the Department of Interior, ( est. $14 billion ) by the Center for Disease Control and Prevention, ( est. $10 billion ) for the Department of Commerce, ( est. $10 billion ) by the Department of Labor, ( est. $9 billion ) for the Environmental Protection Agency, and ( est. $5 billion ) for the Food and Drug Administration. ( est. $50 billion) for the Department of Homeland Security, ( est. $110 billion) for the Department of Transportation; the above proposed federal spending resulting in total federal annual spending to be ca. $5.425 trillion..

8. The above approved fiscal year 2024 federal spending being at $5.605 trillion and $4.645 trillion of tax revenue would result in a federal deficit of ca. just only $960 billion for Fiscal Year 2024!

Nah, I think that money would be better spent on billion dollar aircraft carriers and pointless military ventures across the planet.

 

[SomeRandom]

Nah, I think that money would be better spent on billion dollar aircraft carriers and pointless military ventures across the planet.

Ahh, a true American

 

[Suave]

Not necessarily price caps. If government or, more likely, a government-mandated national organisation, with a professional procurement division, buys the drugs and services by competitive tender, you will get lower prices without any need for a price cap. What the providers do now is divide and rule, exploiting a system in which it is in nobody's real interest to negotiate a hard bargain. It's a "broken market", in fact. Or that's how it looks to this outsider, at least.

Our U.S. health care system is fragmented, redundant, and wasteful to say the least.

 

[PureX]

Not necessarily price caps. If government or, more likely, a government-mandated national organisation, with a professional procurement division, buys the drugs and services by competitive tender, you will get lower prices without any need for a price cap. What the providers do now is divide and rule, exploiting a system in which it is in nobody's real interest to negotiate a hard bargain. It's a "broken market", in fact. Or that's how it looks to this outsider, at least.

That doesn't work, and all the other countries that have national health care know it. Which is why virtually all of them have had to set price caps. The reason is this: health care is not a free market. The products and services being sold HAVE TO BE BOUGHT and everyone selling them knows it. So none of them are going to willingly cut their prices to sell more product for less money. None of them wants to sell more product for less money. They ALL want to sell less product for more money. That is their goal. Because generating more product costs them money. They don't want to generate and sell more product. They want to generate and sell less product for as high a price as the buyer can bear. And when they know the buyer has to buy, they can do that. In a captive market, generating less product drives the price up, which is exactly what they want. And health care is a captive market. So the only solution to that is for the government to control the pricing, thereby forcing the producers to produce more, to increase their income.