Salvador
RF's Swedenborgian
I'd favor a $400 monthly universal income benefit ( U.B.I. ) for all legal adult ( over age 18 ) U.S. citizens and universal Medicare Part A for every American citizen ( with $2,500 annual deductible per person ) inpatient hospital medical insurance coverage, which would replace targeted welfare benefits to particularly needy welfare recipients.
The amount of Universal Medicare Part A coverage would be the approximately $1 trillion a year that'd cover the total hospital medical care expenses in the United States.
Reference: Fast Facts on U.S. Hospitals, 2019 | AHA
Medicare payroll taxes currently would cover about $300 billion of this expense.
Reference: What is the Medicare trust fund, and how is it financed?
I believe about 30 percent of Medicaid spending is for hospitalization; the replacement of this Medicaid spending would cover about $165 billion of my proposed Medicare Part A for all.
**The $2,500 deductible and co-pays applied to each of the 34 million persons administered to hospitals on average each year would reduce coverage expenses by $85 billion annually.**...
**Edited to include this costs savings to taxpayers that'd been left out of original post**
Reference: Total Number of Medicare Beneficiaries
**So now we'd have a $450 billion shortfall that'd I propose be paid for by the following modest tax hikes** ... **Edited amount of shortfall from $520 billion to $450 billion** :
Increasing the top marginal federal income tax rate from 37% to 43% along with increasing the second highest top marginal federal income tax rate from 35% to 38%, an increase of the corporate tax rate from 21% to 25%, an additional 50 cent/gallon fuel excise tax, an additional 50 cent tobacco excise tax on each pack of cigarettes, a 50 percent increase of excise taxes on adult beverage alcohol content, a doubling of federal excise taxes on air travelers and national park visitors, and the reduction of the exemption on the federal estate tax from $10 million to $5 million.
I'll add to my UBI benefit proposal, that'd allow any legal U.S. resident to buy into Medicare Part B ( with a $5,000 annual deductible ) coverage at a $100/mo minimum monthly premium plus 10 percent of his/her most recent reported annual **adjusted taxable income** ... ** edited from taxable adjusted gross income**, with a maximum monthly premium paid at $400/month. Medicare Part B premiums paid by a parent for Medicare Part B health insurance coverage of his/her child would most likely cost $100/month.
My proposed Medicare Part B ( with $5,000 annual deductible per person ) buy-in option would not be mandatory; it'd be optional for those who couldn't find affordable health insurance for his/her child or for himself/herself through his/her employer or on the private market.
The price tax now for my now proposed $400 per month universal basic income ( U.B.I ) benefit program is approximately $1.1 trillion annually: $400 billion of this could be paid for by the total elimination of federal spending on medicaid., $127 billion elimination of spending on food stamps and agricultural subsidies. $112 billion on the elimination of federalized spending on education, $41 billion elimination of urban housing and development spending, elimination of $33 billion of federal spending on unemployment compensation, $60 billion reduction of social security disability payments, $100 billion reduction on Senior medicare spending with increased Medicare part B deductible, $3 billion elimination of renewable energy tax credits, $13 billion reduction in foreign aid spending, $65 billion elimination of military spending by way of ending the overseas contingency operations fund, and a modest 4 percent national sales tax on new vehicles.
Reference: A Plan to Cut Federal Government Spending
Reference: US Federal Spending Analysis - Charts Tables History
The amount of Universal Medicare Part A coverage would be the approximately $1 trillion a year that'd cover the total hospital medical care expenses in the United States.
Reference: Fast Facts on U.S. Hospitals, 2019 | AHA
Medicare payroll taxes currently would cover about $300 billion of this expense.
Reference: What is the Medicare trust fund, and how is it financed?
I believe about 30 percent of Medicaid spending is for hospitalization; the replacement of this Medicaid spending would cover about $165 billion of my proposed Medicare Part A for all.
**The $2,500 deductible and co-pays applied to each of the 34 million persons administered to hospitals on average each year would reduce coverage expenses by $85 billion annually.**...
**Edited to include this costs savings to taxpayers that'd been left out of original post**
Reference: Total Number of Medicare Beneficiaries
**So now we'd have a $450 billion shortfall that'd I propose be paid for by the following modest tax hikes** ... **Edited amount of shortfall from $520 billion to $450 billion** :
Increasing the top marginal federal income tax rate from 37% to 43% along with increasing the second highest top marginal federal income tax rate from 35% to 38%, an increase of the corporate tax rate from 21% to 25%, an additional 50 cent/gallon fuel excise tax, an additional 50 cent tobacco excise tax on each pack of cigarettes, a 50 percent increase of excise taxes on adult beverage alcohol content, a doubling of federal excise taxes on air travelers and national park visitors, and the reduction of the exemption on the federal estate tax from $10 million to $5 million.
I'll add to my UBI benefit proposal, that'd allow any legal U.S. resident to buy into Medicare Part B ( with a $5,000 annual deductible ) coverage at a $100/mo minimum monthly premium plus 10 percent of his/her most recent reported annual **adjusted taxable income** ... ** edited from taxable adjusted gross income**, with a maximum monthly premium paid at $400/month. Medicare Part B premiums paid by a parent for Medicare Part B health insurance coverage of his/her child would most likely cost $100/month.
My proposed Medicare Part B ( with $5,000 annual deductible per person ) buy-in option would not be mandatory; it'd be optional for those who couldn't find affordable health insurance for his/her child or for himself/herself through his/her employer or on the private market.
The price tax now for my now proposed $400 per month universal basic income ( U.B.I ) benefit program is approximately $1.1 trillion annually: $400 billion of this could be paid for by the total elimination of federal spending on medicaid., $127 billion elimination of spending on food stamps and agricultural subsidies. $112 billion on the elimination of federalized spending on education, $41 billion elimination of urban housing and development spending, elimination of $33 billion of federal spending on unemployment compensation, $60 billion reduction of social security disability payments, $100 billion reduction on Senior medicare spending with increased Medicare part B deductible, $3 billion elimination of renewable energy tax credits, $13 billion reduction in foreign aid spending, $65 billion elimination of military spending by way of ending the overseas contingency operations fund, and a modest 4 percent national sales tax on new vehicles.
Reference: A Plan to Cut Federal Government Spending
Reference: US Federal Spending Analysis - Charts Tables History
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