A leading economist who vouched for Democratic presidential candidate Elizabeth ...
LOS ANGELES - A leading economist who vouched for Democratic presidential candidate Elizabeth Warren’s healthcare reform plan told Reuters on Thursday he doubts its staggering cost can be fully covered in the way Warren has proposed.
Warren, a U.S. senator from Massachusetts, estimates her healthcare overhaul will cost an additional $20.5 trillion in federal spending over 10 years without the need to raise middle-class taxes, a claim questioned by some of her rivals in the 2020 White House race. The official said the wealth tax will be straightforward to administer because it applies to only 75,000 ultra-wealthy families who typically already keep careful track of their wealth.
Warren initially proposed a tax that would impose a 2% federal tax on every dollar of a person’s net worth over $50 million and an additional 1% tax on every dollar in net worth over $1 billion. She upped the “billionaire’s surcharge” to a total of 6% when she released her plan to pay for Medicare for All.
“I’m skeptical the wealth tax will generate the same amount of revenue after considering all her plans together,” he said.
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