Well, I'm like Hillary on this one. Why won't Bernie explain exactly how he's going to pay for it? The reason is, and Hillary knows it, is that the computations have already been don on Bernie's plan and it will raise taxes on everyone that currently pay taxes.
Will the increase in your taxes be more than your insurance premiums?
Yes....Number one issue. The money we pay for insurance premiums is deducted before taxes. In other words, employer provided insurance coverage is essentially income that is not taxed.
It is highly unlikely employers will at the onset of a single payer system begin paying their employees the equivalent of the expense absorbed by the company's share of the premium. Therefore every worker would
lose that pay. In effect, that is a tax. Second, every person would see their taxes increased. And the source of single payer funding will have to be more regressive than progressive in nature. for example, it is not likely the lowest earners will see much of an increase in their income or payroll taxes. However, there will be new taxes and fees unrelated to income such as fuel taxes, a national sales tax, taxes on alcohol, firearms, pharma companies( passed along to consumers) health and exercise equipment, obesity and behavior.
Our freedoms will be greatly eroded as government seeks to control costs be regulating behavior in a manner that would cause the Framers to roll over in their graves.
As a victim of Commie Care, let me explain how it works when you lose your employers plan:
First of all there is no way for an employer to transfer funds to an employee for an individual plan. The only way to do that is with a pay increase. Along with a pay increase comes all the other increases that most don't realize. The employer has to match the larger medicare contribution by the employee, the larger SS contribution by the employee, workman's compensation insurance increases along with unemployment insurance. In my case, my employer contributes a generous amount to our retirement plan which of course increases.
My employer was paying $425.00 a month for my coverage. After he deducted all the additional expenses it took to give me that pay increase, I ended up with about $200.00. Then (as you stated) that additional $200.00 is taxed as payroll.
In short, that money my employer used to use to provide us coverage was eaten up in taxation because Commie Care didn't provide for a dollar to dollar transfer of that money to an individual plan.
To add insult to injury, when I went to my tax preparer, I found out that Commie Care got rid of my medical expense deduction. You now need a minimum of $10,000 of medical expenses before you can deduct anything.