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Tags: california | singlepayer | health | taxes

California Single-Payer Healthcare Proposal Could Double State's Taxes

California Single-Payer Healthcare Proposal Could Double State's Taxes

(Helistockter | Dreamstime.com)

By    |   Monday, 17 January 2022 08:50 PM

A California proposal for single-payer health care, unveiled earlier this year, would double the state's already high taxes.

According to analysis from the Tax Foundation, the proposed constitutional amendment would increase taxes by "$12,250 per household."

In total, there are three main revenue raisers to the proposal which include, additionally higher taxes on those whose income exceeds $149,509, a payroll tax on wage earners "with the top rate kicking in for employees with more than $49,990 in annual income," and a "gross receipts tax of 2.3 percent, excluding the first $2 million of business income."

If passed, the bill would attempt to raise an additional $163 billion in revenue.

As the Tax Foundation's Jared Walczak points out, "the top marginal rate on wage income would soar to 18.05 percent—nationally, the median top marginal rate is 5.3 percent."

While supporters of the measure say the proposal would offset costs in the long run, a further tax burden could lead to a second mass exodus in California.

"Practically doubling state taxes — even if the burden is partially offset through state-provided health coverage — could send taxpayers racing for the exits," Walczak writes.

© 2022 Newsmax. All rights reserved.


Newsfront
A California proposal for single-payer health care, unveiled earlier this year, would double the state's already high taxes.According to analysis from the Tax Foundation, the proposed constitutional amendment would increase taxes by "$12,250 per household."
california, singlepayer, health, taxes
191
2022-50-17
Monday, 17 January 2022 08:50 PM
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