Elizabeth Warren’s $52 trillion “Medicare for All” health care plan would push tax rates above 100% for some
(Natural News) According to presidential hopeful Elizabeth Warren, Americans don’t really need to worry about who’s going to pay for her $52 trillion “Medicare for All” health care proposal because it will only affect a small handful of very rich people. But there’s a bit more to the story than that.
The truth is that Warren’s plan would spike the federal tax rate on some billionaires and multimillionaires by more than 100 percent, which would completely disincentivize them from investing – or even just working, for that matter.
In other words, if you make too much money as a wealthy investor, Warren plans to take more than all of your dividends to pay for other people’s “health care” coverage.
What Warren is proposing at the federal level, combined with the tax schemes that are already in place in some “progressive” states like Massachusetts, it becomes clear that how Warren plans to pay for “Medicare for All” has the very strong potential to halt the economy before collapsing it.
As explained by FOX Business, the top income tax rate would increase from 37 percent to 39.6 percent under Warren’s plan. This would be joined by a new 14.8 percent tax on Social Security, and a six percent tax on individuals worth more than $1 billion.
Warren’s plan would also require investors to pay capital gains taxes at the same rate as their other incomes, really hitting them hard in such a way as to discourage investment.