I want people's honest thoughts on a potential 25% income tax to pay for "Medicare For All". I'm not talking about the likelihood of this occurring. I'm talking, do you think this is reasonable, and more appropriately, do you think the average American can actually afford this.
This has nothing to do with being for or against healthcare etc.
My personal scenario is I would likely have to sell my house to not go bankrupt if my taxes increased by 25%. My and my wives current expenditures related to healthcare including employee and employer contributions are approximately $10,000 per year. Assuming our income goes up by the employer contributions and adding a 25% tax and reducing the standard deduction would result in additional taxes of over 25k per year.
Reduce the $10k less in current insurance expenses and we are out $15000 every single year.
This is quite substantially more than we would currently be out if we maxed out our insurance every single year...and somehow I would now need to determine how to save an additional $1,250 per month.
They are trying to say they absolutely will not tax the middle class, but I see today one of the proposals is an across the board income tax rate increase of 25%. Our income is absolutely within middle class, and this will decimate us.
Money can't buy happiness. Just video games, which make me happy.
