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Home / US / Warren is under fire for "Medicare-for-all," claiming that only billionaires could finance it

Warren is under fire for "Medicare-for-all," claiming that only billionaires could finance it



Democratic presidential candidate Elizabeth Warren is increasingly skeptical, including from her own party, regarding her "Medicare-for-all" plan, which claims not only that the middle class is not hit by a tax hike But it even suggests that billionaires alone can fund it.

As Fox News first reported, Warren outlined a plan on Friday that will cost $ 52 trillion over the next ten years, including $ 20 trillion in new spending – mostly covered by a set of corporate taxes , the rich and employers in general. While Warren, D-Mass., Insisted that the middle class be spared, he went a step further in Dubuque, Iowa, over the weekend when reporters urged him ALWAYS NO REQUIRED MEDIUM TAX WALKING

"It's just taxes for billionaires raised, "said Warren. "And you know, the billionaires can afford it, and I do not call them middle class."

Asked once again if anyone with net worth under $ 1

billion would feel a tax increase, she said, "That's right – I do not pay a cent anymore."

"Understood that. This is for Nobody but Billionaires raise taxes, "she said. Finished.

Joe Biden's campaign stated that Warren's statement was "just not true."

"Their plan would create a new $ 9 trillion employer tax that would come out of the pocket of the workers, a new financial transaction tax that would affect the investments made by middle class Americans, and a new capital gains tax that would affect far more people than it said this evening, "Deputy Campaign Director and Communications Director Kate Bedingfield said in a statement.

The Warren Campaign The Cost of Detailed Medicare-for-All-Plan Insured events can be covered by a combination of existing federal and state spending on Medicare and other health services, as well as taxes on employers, financial transactions, the ultra-large and large companies and some savings elsewhere

This includes, in particular, an increase in payroll tax on employers nearly 9 trillion US dollars Dollars – something that economists generally claim is that it can hit workers in the form of wage cuts. Biden's campaign argued that this would certainly hit the middle class.

Warren's proposal, to which she referred in Iowa, indeed calls for an explicit tax hike for billionaires and an extension of a previously announced wealth tax in order to hit her harder.

Plan also calls for the increase in capital gains taxes for the "Top 1%".

The New York Times also noted that this would go beyond billionaires and reports: "In 2017, the top 1 percent of tax returns had an income of approximately $ 515,000, according to the Internal Revenue Service – a total of around $ 1.4 million Tax returns. "

A Warren campaign spokeswoman later resigned her weekend statement, telling the Times that the Massachusetts senator explicitly referred to her proposal for taxing assets when she said taxes would rise only for billionaires – under Recognizing that taxes would rise for the top 1 percent under the plan.

But the campaign pushes beyond the debate over the billionaire to skepticism.

A recent study by the bipartisan Responsible Federal Budget Committee said it was "impossible" to finance such a plan with taxes on the richest Americans.

And the editorial board of the Wall Street Journal challenged others out of calculations, notably their claim that the plan would mean additional spending of $ 20 trillion, while other estimates for Medicare-for-all cost about $ 10 trillion Have raised dollars.

her wand and says the bill will really be $ 20.5 trillion. It makes the rest disappear by postulating magic savings through things like "comprehensive payment reform," the Journal wrote.

The Biden campaign also accused "Senator Warren has cut the cost of their plan by well over $ 10 trillion while he overestimated the revenue that would be generated by the sources identified by it. The final result? Even more tax hikes for the middle class will be inevitable.

Bernard Sanders, Chief Senate of Medicare-for-All, I-Vt A plan that is expected to cost $ 32 trillion more in 10 years, Sanders told ABC News over the weekend that his proposal was "a long way off more advanced than that of Warren and her plan could have "very negative effects" on the economy and job creation.

WARREN DEFENDED MEDICARE-FOR-ALL MATH, AS FUNDING PLAN FACES BIPARTISAN FIRE

" The function of health care is to provide all people with health care, not to make $ 100 billion in profits for insurance companies and pharmaceutical companies, and Elizabeth Warren and I agree, "Sanders told ABC News: "We disagree on how you finance it, and I think the approach I have is related to protecting the financial well-being of middle-E families to be much more progressive.

Sanders has acknowledged that his Medicare-for-all plan would bring tax hikes to the middle class, but he argues it would lower the cost of healthcare for most Americans.

Biden himself suggested Warren's numbers in a Friday interview with PBS. "She's making up for it," he said.

Tim Murtaugh, communication director of the Trump campaign, criticized Warren's plan on Friday as a "total disaster."

"There are 52 trillion reasons why this plan is a total disaster," said Murtaugh Fox News. "Good luck to the Fact Checkers, who now have to eliminate the mess."


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