A new report sheds light on Sanders’ grand proposals and the potential massive shortfall of his healthcare plan.
Bernie Sanders’ ambitious healthcare and tax plan might be too good to be true—nearly $20 trillion too good, according to a new report.
The Vermont senator’s proposals, largely stemming from his plan to implement a single-payer healthcare system, would increase the national debt by $18 trillion over a decade, according to analysis from the Tax Policy Center.
See just how the presidential candidates will affect your business.
Sanders’ campaign has previously released figures estimating that his healthcare plan would cost $13.8 trillion over a decade, but the Tax Policy Center’s report approximates his plan would cost $29 trillion.
And altogether, Sanders’ proposals would cost $33 trillion over 10 years. As Politico reported, that includes:
- $2.9 trillion on long-term care services for the elderly
- $800 billion for free college tuition at public universities
- $270 billion on paid medical leave
- $188 billion to expand Social Security benefits
Sanders plans to offset the costs of his proposals by raising taxes, mainly on the wealthiest Americans. But his tax increases would only raise $15.3 trillion in revenue over the next 10 years, according to the report. Under Sanders’ tax plan, the highest tax bracket would reach 70 percent, and capital gains taxes would jump to 64 percent, according to Politico.
Sanders’ campaign officials have derided the Tax Policy Center’s report as inaccurate.
“This study significantly underestimates the savings in administration, paperwork, and prescription drug prices that every major country on earth has successfully achieved by adopting a universal healthcare program,” Warren Gunnels, policy director for Sanders’ campaign, wrote in a statement.
The Tax Policy Center’s report also says that 95 percent of Americans would see a net benefit from the proposals, with an average gain of almost $4,300 in 2017. Earners in the bottom 20 percent would see more than $10,000 in benefits while only paying $209 more in taxes, the report found. Earners in the top 5 percent would see a net decline of nearly 17 percent in their incomes.
*Note: This news coverage does not equate to an endorsement of any candidate by NFIB.
