The Foundation for Economic Education has a post up explaining how the rich could pay for that list of Progressive freebies: $47 billion on free college tuition; $1 trillion for new infrastructure; $1.4 trillion to write off student loan debt; at least $7 trillion on a Green New Deal; $32 trillion on “Medicare for All.” We can simply adopt tax schemes similar to those used in countries such as France, Denmark, Sweden, and Finland.
If Rep. Ocasio-Cortez and Sen. Warren want the federal government to collect European shares of national income, they will have to adopt European tax systems. That means higher income taxes on the middle class, higher payroll taxes, and higher consumption taxes. According to the Congressional Budget Office, raising $32 trillion in tax revenue would require adding 36 percentage points to the marginal tax rate of every federal income taxpayer in the United States. Not just the rich—everyone. The single woman earning $82,500 and the couple earning $165,000 would see their rates soar from 24 percent to 60 percent.
To borrow from P. J. O’Rourke, the good news is that the rich will pay for everything. The bad news is that you’re rich.
Finland collects about 43 percent of GDP in taxes, and that isn’t enough. Fuzzy Slippers reports at Legal Insurrection that Finland’s government has collapsed because of the cost of universal health care: #Bernie2020 hardest hit.
Finland has long been touted by American socialists as the socialist Nirvana, where everything is free and everyone is happy, happy, happy. Sadly, fiscal reality hit Finland’s government as it collapsed Friday due to the rising costs of its universal health care.
The warning signs were on the wall last spring when Finland … ended its experiment with “universal basic income.”
Bernie Sanders (I-VT), who has been hanging his socialist mantle on the “success” of Finland’s socialist structure, may be the hardest hit.
There ain’t no such thing as a free lunch.