Elizabeth Warren on Friday rolled out a plan to pay for "Medicare for All" that she says will not raise "taxes a penny on middle-class families" - pushing back against the critics who pressured her to be more upfront about the cost of her proposal, and challenging her rivals to prove they have something better to offer. Her plan would also have employers pay higher taxes to the government, which she says would replace what they now pay toward private health insurance.
The rest of the new revenue would come from a combination of military spending cuts, going after tax cheats, and slapping higher taxes on Wall Street, corporations and the richest Americans. The $20.5 trillion figure is equal to roughly one-third of what the government is projected to spend over the next 10 years, the New York Times reported. "That system is Medicare for All".
Warren's direct outreach was a sign of her quiet efforts to woo party insiders and try to quell lingering concerns about her candidacy among the party's establishment as the MA progressive has become a top contender for the Democratic nomination to take on Republican President Donald Trump in the November 2020 election.
She says that Medicare for All's wiping out of private health insurance's premiums, deductibles and co-pays will effectively result in an $11 trillion pay raise for Americans, which will generate $1.4 trillion in new taxes. Long-term care would also be covered.
In New Mexico, Secretary of State Maggie Toulouse Oliver (D) ended her U.S. Senate campaign this week, clearing the way for Rep.
Warren, a former law professor, has become known for a bevy of detailed policy proposals.
She also still faces a major threat from U.S. Senator Bernie Sanders of Vermont, a friend and fellow liberal who despite a heart attack shows no signs of bowing out ahead of the rivals' key showdown in the New Hampshire primary on February 11.
Warren, in the last televised presidential primary debate, never answered moderators' questions of how much her proposal would cost to the American taxpayer.
Biden also is supported by New Hampshire's popular Democratic former Governor John Lynch.
Taken together, these proposed tax changes would raise marginal and effective tax rates on high-earning and high-net-wealth taxpayers, increase the cost of capital, and reduce the competitiveness of the US tax code.
"His state is one of the states in the country that is really struggling the most". Democrats control the House. Democrats are anxious that if Manchin ever retires, the Senate Seat will nearly certainly go to a Republican candidate.
Warren said she would finance the plan largely through money from businesses and the wealthy. Employers would essentially convert the money they now spend on workers' healthcare into Medicare contributions, while billionaires, high-earning investors and corporations would see taxes go up.
He accused her of "hiding a simple truth from voters: it's impossible to pay for Medicare for All without middle-class tax increases". "Senator Warren would place a new tax of almost $9 trillion that will fall on American workers". Bedingfield argues that's a "sleight of hand".
Warren instead insisted that overall health care costs would increase for big corporations and the wealthy while falling for most everyone else. Her chief rival on the party's left, Sen.
FILE - In this October 21, 2019, photo, Democratic presidential candidate Sen. They favor a more incremental approach.