I like Andrew Yang. For me he might be a serious contender to Trump in 2020.
Ben Shapiro interviewed Mr.Yang a few days ago and while I don't agree with 100% of what he said, I do agree with a lot of his ideas. Even the $1,000 a month and pegging it to the technology sector to pay for it. The only change I would like to see in his idea is that the money should be only allocated to certain things, like health insurance, retirement investments, or college expenses. Something like that vs just writing out a check to cash so that people can spend it unwisely on crap that won't benefit them in the long run. The interview is here:
I'd actually favor expanding Medicare health insurance to cover all Americans, as well as providing a Universal Basic Income of $600/month for all legal adult American citizens who are non-recipients of Social Security; this can be affordably accomplished with the implementation of a Value Added Tax system like that implemented in Australia, along with the replacement of current federal government spending on social welfare programs, and funding from modest excise tax hikes or other modest tax hikes. .
Expanding Medicare Part A and Part B health insurance coverage from 40 million American senior citizens to every legal American citizen would presently cost around $1.18 trillion annually. ( ca. $1.8 trillion for universal Medicare coverage - ca. $0.612 trillion for senior citizen Medicare coverage = ca. $1.18 trillion )
Senior citizens accounted for
34 percent of healthcare-related spending in 2010, a report from the U.S. Centers for Medicare and Medicaid Services shows.
Medical spending among the U.S. elderly - Journalist's Resource
Medicare Part A and Part B spending was $612 billion in 2017.
The Facts on Medicare Spending and Financing
The current annual cost of Medicare Part A/Part B) health insurance coverage for everybody would be approximately $1.8 trillion ( $ 612 billion / 0.34 )
A 10 percent Value added tax system like that implemented in Australia would generate tax revenue in the U.S. equal to ca. 4.8 percent of GDP.
5506.0 - Taxation Revenue, Australia, 2016-17
This would be ca. $960 billion annually of current value U.S. Dollars if this system of taxation were implemented in the U.S. ( ca. $20 trillion annual GDP * .048 = $960 billion )
Medicare for all would eliminate the need for federal Medicaid spending, which amounted to ca. $378 billion in 2017.
FY 2018 Budget in Brief - CMS - Medicaid
The ca. $1.18 trillion cost of expanding Medicare for all would be partly offset by the ca. $378 billion of cost savings with the elimination of federal Medicaid spending, the net cost then of expanding Medicare for all then would be ca. $802 billion annually in current dollars. A 10 percent V.A.T. tax system generating $960 billion in current U.S. dollars would more than cover the $802 billion annual cost of Medicare for all expansion by ca. $158 billion current U,S, dollars annually.
Medicare A and B currently is now partly funded by ca. $100 billion annually in premiums, the loss of this funding by making Medicare A and B available without any of its recipients having to pay any premiums could be offset by doubling the Part A annual insured deductible ( ca. 35 million yearly hospital patients * $1,364 annual deductible increase = ca. 47.74 billion/yr. in current value dollars )
Fast Facts on U.S. Hospitals, 2019 | AHA , and increasing the Part B annual deductible from $185 to $620, ( ca. 150 million chronically ill Americans * ( $620 - $185 ) * ( 1.0 --0.2 Medicare B Coinsurance ) = ca. 52.2 billion/yr in current value dollars)
Shifting health care insurance spending costs from employers to single payer universal health care would result currently in the elimination of ca. $842 billion/year of tax deductible business expenses ( 160 million employees * $4,953 annual health insurance premiums/employee. = $842 billion/yr ), which when taxed at the current corporate tax rate of 21 percent, would result in ca. $177 billion/yr. of additional federal corporate income tax revenue.
Average Annual Single Premium per Enrolled Employee For Employer-Based Health Insurance
Shifting the cost of ca. $226 billion of tax deductible health insurance premium contributions from employees to single payer health care, which when taxed at the average marginal personal tax rate of 22 percent would currently result in ca. $50 billion of federal personal income tax revenue.
Average Annual Single Premium per Enrolled Employee For Employer-Based Health Insurance
Poverty could be significantly reduced by way of a guaranteed $600 per month social security income or Universal Basic Income benefit provided to all American citizens over the age of 18. Those who qualify for social security income would receive the greater amount of either their designated social security benefits or the $600 monthly Universal Basic Income benefit.
There are ca. 182 million American citizens between ages 18 thru 64 who don't receive any social security benefits.
Demography of the United States - Wikipedia
Monthly Statistical Snapshot, March 2019
So then the present annual cost of a Universal Basic Income benefit providing its ca. 182 million recipients a $600 monthly benefit would be ca. $1.420 trillion. ( 182 million recipients * $600/month * 12 monthly payments = $1.310 trillion ) If this Universal Basic Income Benefit were non-tax-exempt from federal income taxes, this would currently generate ca. $288 billion/yr. of income tax revenue, based on the average annual U.S. income of $50,000 being taxed at a marginal tax rate of 22 percent. So then, the after tax cost of the $1.31 trillion Universal Basic Income Benefit/Social Security for everybody would be reduced to a net cost of ca. $1.022 trillion in current U.S. dollars.
This Universal Basic Income Benefit could replace ca. $300 billion annually of federal welfare spending presently on food stamps, housing, education,, unemployment compensation subsidized crop insurance, and the jobs corp program.
This ca. $722 billion/yr. remainder cost of the Universal Basic Income benefit/Social Security-for-all could also be funded in part with the ca. $158 billion annual surplus from the value added tax system that'd exceed the net cost of expanding Medicare health insurance coverage to everybody, and the additional ca. $227 billion that'd currently be generated from the elimination of tax deductible health insurance premium payment expenses.
This ca. $337 billion/yr. funding shortfall of the Universal-Basic-Income/Social Security-for-all program, could become mostly funded by an additional 60 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, (These excise tax hikes would currently generate an additional ca. $155 billion/yr of tax revenue)
What are the major federal excise taxes, and how much money do they raise?
..., increasing the limit of annual income from $131k to $200k subject to social security taxes , ( this would currently generate ca. $28 billion/yr. of additional revenue), ( ca. 3.2 million persons in 98 percent income percentile * ( $69k/2 * 0.124 tax rate ) + ( ca. 1.6 million persons in 99 percent income percentile * ($69/k * 0.124 tax rate ) = ca. $28 billion.
Income Percentile Calculator - Find Your Percent With WhatsMyPercent.com
..., the reduction of the exemption on the federal estate tax from $10 million to $5 million, (this would currently generate an additional ca. $5 billion/yr of tax revenue) ,
How many people pay the estate tax?
increasing the top 2 federal income tax rates back to the Obama taxation era rates of 39.6 percent for the top tax bracket and 36 percent for the 2nd highest tax bracket would currently generate ca. $91 billion annually
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CHARTS: See How Much Of GOP Tax Cuts Will Go To The Middle Class
