Sometimes you forget how many zeros are in a million. In a billion. In a trillion. But don't worry. I am going to tell you how many zeros there are.
A million has 6 zeros: 1,000,000
A billion has 9 zeros: 1,000,000,000
A trillion has 12 zeros: 1,000,000,000,000
T = Trillion B = Billion
2T = 2,000B
3T = 3,000B
3.2T = 3,200B
3.5T = 3,500B
3.9T = 3,900B
4.0T = 4,000B
4.2T = 4,200B
4.23T = 4,230B
4.67T = 4,670B
5.55T = 5,550B
5.73T = 5,730B
6T = 6,000B
12T = 12,000B
12.2T = 12,200B
13T = 13,000B
13.64T = 13,640B
15T = 15,000B
15.06T = 15,060B
15.29T = 15,290B
17T = 17,000B
18.641T = 18,641B
21.008T = 21,008B
24.024T = 24,024B
28.587T = 28,587B
32T = 32,000B
32.198T = 32,198B
34.085T = 34,085B
32T is not equal to 3.2T
32T is not equal to 3,200B
Total Medicare For All Bills:
2003 to 2018 HR 676 Expanded & Improved Medicare For All Act
2017 S 1804 Medicare for All Act of 2017
2019 HR 1384 Medicare for All Act of 2019
2019 S 1129 Medicare for All Act of 2019
2021 HR 1976 Medicare for All Act of 2021
How many Cosponsors do each Medicare For All Bill received?
HR 676 received 124 Cosponsors
S 1804 received 16 Cosponsors
HR 1384 received 118 Cosponsors
S 1129 received 14 Cosponsors
HR 1976 received 117 Cosponsors
.@SenSanders came up with Options To Finance Medicare For All. There are 10 different Tax options. The two main ones are:
1) 7.5% Employer Payroll Tax
And
2) 4% Employee Health Tax Net Income
How does it work? Simple!
7.5% Employer Payroll Tax:
1. Excludes the first $2 Million in Payroll
2. Applies to both Government & Private Employers
3. Substantial Medium/Large sized Companies (Businesses)
4. Huge savings for the States
7.5% Employer Payroll Tax:
5. Example from a W2 Form:
Worker: $128,164
Health benefits paid by State Gov: $28,953 DD
NOTE: DD is the Code. Cost of Employer paid to Health Insurance Premiums
What was the % of Worker's salary going towards Health Insurance?
7.5% Employer Payroll Tax:
($28,953/$128,164) X 100% = 22.59%
6. Now, if it was 7.5% Employer Payroll Tax, it would have been:
$128,164 X 7.5% = $9,612.30
4% Employee Health Tax Net Income:
1. It's so easy to calculate
2. On the 1040 Tax Form, you take your Annual Income minus Standard Deduction & then you multiply by 4%
3. The formula is:
4% Employee Health Tax Net Income:
(Annual Income - Standard Deduction) X 4% = How much you are going to pay for the entire year
4. For example on 1040 Tax Form:
(Annual Income - Standard Deduction) X 4%
($124,800 - $24,800) X 4% = $4,000
Just using these two Tax options to pay for Medicare For All alone:
4% Employee Health Tax Net Income would generate $350B per year
7.5% Employer Payroll Tax would generate $390B per year
Now add these two together:
$350B + $390B = $740B
Remember this amount ➡️ $740B
1. Current System means The Total Cost right now without Medicare For All per year
2. Medicare For All means The Total Cost of Medicare For All fully operated right now per year
3. Annual Total Cost means same answer from # 2
4. Existing Revenue means How much we already have
right now
5. How much is needed to pay means Answer from # 3 minus Existing Revenue
6. Remember that $740B means using both 4% Employee Health Tax Net Income PLUS 7.5% Employer Payroll Tax
7. Now how much is really needed to pay means Answer from # 5 minus $740B
HR 676 National Health Expenditures
Current System: $3.6T
M4A: $2.9T
Annual Total Cost: $2,900B
Existing Revenue: $2,000B
How much is needed? $2,900B - $2,000B = $900B
Remember that $740B?
Now how much is really needed?
$900B - $740B = $160B
HR 676 National Health Expenditures
Current System: $3.6T
M4A: $2,878B
Annual Total Cost: $2,878B
Existing Revenue: $2,006B
How much is needed? $2,878B - $2,006B = $872B
Remember that $740B?
Now how much is really needed?
$872B - $740B = $132B
S 1804 National Health Expenditures
Current System: $3.63T
M4A: $2.93T
Annual Total Cost: $2,930B
Existing Revenue: $1,880B
How much is needed? $2,930B - $1,880 = $1,050B
Remember that $740B?
Now how much is really needed?
$1,050B - $740B = $310B
Total Annual Cost For Medicare For All:
Dr. Friedman came up with $2,878B = $2.878T
PERI came up with $2,930B = $2.93T
Lancet 2020 Study came up with $3,034B = $3.034T
After maintaining Federal & State dollars (Existing Revenue) how much is needed to pay for M4A per year?
Dr. Friedman came up with $872B
PERI came up with $1,050B
Lancet 2020 Study came up with $773B
However, it does not stop here. Recall that @SenSanders came up with Options To Finance Medicare For All. There are 10 different Tax options. The two main ones are:
1) 7.5% Employer Payroll Tax
And
2) 4% Employee Health Tax Net Income
Just using these two Tax options to pay for Medicare For All alone:
4% Employee Health Tax Net Income would generate $350B per year
7.5% Employer Payroll Tax would generate $390B per year
Now add these two together:
$350B + $390B = $740B
Now how much is really needed to pay for Medicare For All per year?
Dr. Friedman:
$872B - $740B = $132B
PERI:
$1,050B - $740B = $310B
Lancet 2020 Study:
$773B - $740B = $33B
Average Total Annual Cost = $2.95T = $2,950B
Average Existing Revenue = $2.05T = $2,050B
How much is needed? $2,950B - $2,050B = $900B
Don't stop here. Recall that @SenSanders came up with Options To Finance Medicare For All. There are 10 different Tax options. The two
main ones are:
1) 7.5% Employer Payroll Tax
And
2) 4% Employee Health Tax Net Income
Just using these two Tax options to pay for Medicare For All alone:
4% Employee Health Tax Net Income would generate $350B per year
7.5% Employer Payroll Tax would generate $390B per year
Now add these two together:
$350B + $390B = $740B
Now how much is really needed (Average) to pay for Medicare For All per year?
$900B - $740B = $160B
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