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 no medical expense.
Respectfully submitted,
Ben Podgor
Atlanta GA
Revised: Feb. 22, 2009
Our National Wealth had dropped quite a bit. It was reduced by more than 5 trillion. This however is a valuation problem. The assets are there. It's just a question of what value we want to place on them.
Ben Podgor
Atlanta, GA
Reviewed: Feb 21, 2010
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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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.