In February, House Democrats introduced a “Medicare for All” bill, which features more than 100 co-sponsors, despite the fact the plan’s supporters have absolutely no concrete plans to fund their massive expansion of government-sponsored health care coverage.
Just days before Democrats released their bill, Campus Reform’sLawrence Jones asked Californians how they propose funding Medicare for All. Unsurprisingly, a common refrain was that billionaires should be on the hook. One person even quipped that taking $1 million from every billionaire in the nation would work.
The suggestion that taxing the wealthy can pay for a massive single-payer health care scheme is commonly made, but it’s nothing less than a pipe dream. In fact, raising taxes on the highest-income earners to pay for universal health care coverage wouldn’t even put a dent in the total bill for Medicare for All.