admin Elizabeth Warren Democratic front-runner hopeful for US presidential hopeful has offered details on funding for her healthcare plan, which is expected to cost the federal government $20.5tn (£15.8tn) over 10 years.
She said Medicare for All would not raise taxes for ordinary Americans.
On Friday Ms Warren, who moved clear of her key rival Joe Biden in a poll in the early-voting state of Iowa, said her plan would not spend “any more money overall than we spend now”. But she said the share spent by the federal government would increase to $20.5tn.
Her plan would mandate that employers pay the government the same amount that they currently contribute for private health insurance for their staff.
The current US health system will cost $52tn over the next decade whereas Economists have estimated the cost of Medicare for All at $13.5tn to $34tn in the same timeframe, according to her campaign.
Warren stated “The $11tn in household insurance and out-of-pocket expenses projected under our current system goes right back into the pockets of America’s working people, and we make up the difference with targeted spending cuts, new taxes on giant corporations and the richest 1% of Americans, and by cracking down on tax evasion and fraud. Not one penny in middle-class tax increases.”
Ms Warren said she would:
Raise her previously proposed wealth tax on billionaires from 3% to 6%
Increase corporate taxes
Tax transactions such as stock trades
Raise revenue through immigration reform – by turning undocumented migrants into legal, taxpaying workers
Bernie Sanders Ms Warren’s fellow liberal senator who has proposed it first says, it is a measure to expand the federally run health programme for the elderly and disabled, Medicare, into a single-payer health system.
Under Ms Warren’s plan, the private health insurance that more than half of Americans now receive through their employers would be replaced by free federal medical coverage for everyone.
According to her campaign, the array of often puzzling medical bills currently faced by US patients – such as premiums, deductibles, co-pays and other out-of-pocket expenses – would be abolished.
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