These options include:
- Creating a 4 percent income-based premium paid by employees, exempting the first $29,000 in income for a family of four.
In 2018, the typical working family paid an average of $6,015 in premiums to private health insurance companies. Under this option, a typical family of four earning $60,000, would pay a 4 percent income-based premium to fund Medicare for All on income above $29,000 – just $1,240 a year – saving that family $4,775 a year. Families of four making less than $29,000 a year would not pay this premium.
(Revenue raised: About $4 trillion over 10 years.)
- Imposing a 7.5 percent income-based premium paid by employers, exempting the first $1 million in payroll to protect small businesses.
In 2018, employers paid an average of $14,561 in private health insurance premiums for a worker with a family of four. Under this option, employers would pay a 7.5 percent payroll tax to help finance Medicare for All – just $4,500 – a savings of more than $10,000 a year.
(Revenue raised: Over $5.2 trillion over 10 years.)
- Eliminating health tax expenditures, which would no longer be needed under Medicare for All.
(Revenue raised: About $3 trillion over 10 years.)
- Raising the top marginal income tax rate to 52% on income over $10 million.
(Revenue raised: About $700 billion over 10 years.)
- Replacing the cap on the state and local tax deduction with an overall dollar cap of $50,000 for a married couple on all itemized deductions.
(Revenue raised: About $400 billion over 10 years.)
- Taxing capital gains at the same rates as income from wages and cracking down on gaming through derivatives, like-kind exchanges, and the zero tax rate on capital gains passed on through bequests.
(Revenue raised: About $2.5 trillion over 10 years.)
- Enacting the For the 99.8% Act, which returns the estate tax exemption to the 2009 level of $3.5 million, closes egregious loopholes, and increases rates progressively including by adding a top tax rate of 77% on estate values in excess of $1 billion.
(Revenue raised: $336 billion over 10 years.)
- Enacting corporate tax reform including restoring the top federal corporate income tax rate to 35 percent.
(Revenue raised: $3 trillion ,of which $1 trillion would be used to help finance Medicare for All and $2 trillion would be used for the Green New Deal.)
- Using $350 billion of the amount raised from the tax on extreme wealth to help finance Medicare for All.
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