How do we get the funds for a National Healthcare System? We have an untapped source.
Our taxpayer works a year, pays his taxes on his earnings and has the right to spend those funds. But what if he does not spend his earnings? Instead an estate is created, funds are accumulated. The funds require additional federal government services.
At the present time our government has only taxed such estates upon transfer, at death of the taxpayer. There are many who believe that this is double taxation. This is not correct. A person who earns money and spends it has no further tax to pay. But, one who builds and estate is using federal government services to protect that estate.
Our National Wealth is in excess of 58 Trillion. A tax of 2% should bring in enough to cover our needs. In fact, it would probably be closer to 1% because we are already collecting Medicare funds. The reduction in record keeping, a one payor system and getting our overweight people to take care of themselves would greatly reduce the percentage. Our income tax expense would be reduced because we would eliminate much of Medicaid. Businesses would no longer have to supply coverage for its employees. People would pay an estate tax, but they would have a smaller medical expense (Medicare pays 80%, so they would still have a 20% liability remaining).
But, please remember that you are getting health coverage, so that you should think of this as an insurance premium, rather than a tax, at least for the fist $ 5,000 if one has to pay that much.
Respectfully submitted,
Ben Podgor
Atlanta GA
Revised: June 27, 2011
Our National Wealth had dropped, but I am happy to report it is back to a higher figure when I first wrote this article, which is quite some time ago.
Ben Podgor
Atlanta, GA
Those who already have Medicare, because they are 65 years old, or older will not be getting any additional benefit if this system is adopted. It would appear proper to give them an allowance against any tax they might be required to pay. It appears that Medicare paid approximately $ ----- per patient, in the prior year. I would suggest that they should get a credit of such amount against any tax they might be required to pay. However, they should not be entitled to refund, if their tax were less than that amount.
1. Status of the Social Security and Medicare Programs. A summary of the annual reports.
http://www.ssa.gov/OACT/TRsum/trsummary.html
2. Balance Sheet of Households and Nonprofit Organizations
http://federalreserve.gov/releases/z1
B.100 Balance Sheet Of Households and Nonprofit Organizations (1)
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Please Note:
Songs that previously appeared on this page have been removed because they are now on sale:
under the heading "Economics In Songs" (4 songs, a couple are available individually):
Action, Budget Cutting Puts the Economy In Reverse, I Learned How to Invest, National Healthcare Through Medicare
is being sold by Barnes & Noble as eBooks
You Helped Me Grow is on sale at Barnes & Noble.
The Novellette: "Ode to the Revenue Code, A Novellette" is on sale at both Barnes and Noble and at Amazon.
Other Pages you can visit::
a blog for National Healthcare through Medicare; add your comments.
another version that points out there is no increase in income tax
Ode to the Revenue Code
Ode to the Revenue Code, without chords
Links to Free sheet music and information about instruments
Middle East Solution
We Can Have National Healthcare by using our national wealth.
Chevalier de Merite agricole Award I received. Be sure to scroll down below the diploma type document
You can hear the song, Ode to the Revenue Code
A blog I wrote May 2nd, 20ll to promote a book I just put on sale.