Warren's health plan: $20 trillion, no middle class tax hike

Sen. Bernie Sanders former Vice President Joe Biden Sen. Elizabeth Warren

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But Warren fired back on Friday, saying her expert-reviewed plan wouldn't raise middle class taxes by a cent; in fact, the plan called for no new income taxes at all.

The group asked its supporters to donate $7, or $1 for each time they said MSNBC host Chris Matthews "badgered" Ms. Warren "incorrectly" about her plan after a recent presidential debate.

Biden's campaign questioned Warren's calculations, calling them "double talk" and asserting that middle class taxes would rise despite her vow.

Warren maintains that a single-payer, Medicare for all system could cover everyone in the US and provide expanded benefits, including long-term care, for roughly what the country is now slated to spend on healthcare - about $52 trillion over the course of a decade. Taxed at current rates, that would raise more revenue for the government. The move, she said, would "further close the gap between what middle-class families pay as a percentage of their wealth and what the top one-tenth of 1% pay". This is not just redirecting money from the defense budget to health care, but require the government bring in $20.5 trillion in new spending money.

The Warren campaign's detailed Medicare-for-all proposal, however, insists that the costs can be covered by a combination of existing federal and state spending on Medicare and other health care; myriad taxes on employers, financial transactions, the ultra-wealthy and large corporations; plus some savings elsewhere.

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-Taxes on the Wealthy: Increasing Warren's proposed billionaires' surtax to 4% of net worth. Wealth tax on the richest 160,000 households. "But it doesn't cost $30 trillion". Their bill would be tallied based on their average spending on employee health insurance over the last few years.

She plans to generate one other $2.three trillion by rising funding to the Inner Income Service to raised implement current tax legal guidelines. However, they would pay taxes on whatever extra take-home pay they would receive in this new system.

If Warren is underestimating the cost by that much, her predictions about needed tax revenue would come up well short.

Biden's standing in New Hampshire, which votes second in the nomination race, has also dropped, polls show, from 34.5% in mid-July to 21% now, four points behind leader Elizabeth Warren.

Impose a tax on the purchase of most stocks, bonds, and other debt obligations of 0.1 percent of its value and on the purchase of derivatives of 0.1 percent of all payments made under the terms of the derivative contract.

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A systemic risk fee on financial institutions with $50 billion in total assets.

"Look, nobody thinks it's twenty trillion dollars".

Warren's plan represents what would be the most dramatic transfer of money into the government's hands in the nation's history.

Vilsack, a former USA secretary of agriculture, says "One sliver of society isn't going to pay for the rest of us". Improvements in tax enforcement, immigration reform that would result in more individuals paying taxes and an $800 billion cut to a Pentagon "war fund" that has been the subject of bipartisan criticism would make up the remainder, according to the economists. The plan would be a historic political lift. While she does not specifically reference him, Warren is telling Democrats that she unequivocally supports the party, the sources said. Among those who vetted Warren's revenue projections were Simon Johnson, the former chief economist at the International Monetary Fund.

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