Right now according to the Kaiser Family Foundation, it costs about $22K a year to provide a worker with health insurance.
Of that $22K cost, the worker pays about $6K and the employer pays about $16K.
For a business of 50 employees, that is $800,000 a year that the company is spending on health care. Most businesses of 50 employees or less make an average income of just $53,000 a year. $800,000 spent on health care, $53,000 in profit.
Under Bernie Sanders' M4A proposal, that business of 50 employees would pay exactly $0 in taxes to provide health care for their workers, saving $800,000 a year that can be put toward employee salaries, renovations, or new hires. Bernie's plan sets a 7.5% tax on business income in excess of $100,000. Most small businesses don't even come close to making that amount of profit, and those that do are hedge funds (they get taxed separately under Bernie's proposal).
But what about the employee? Won't they have to pay too? Yes, of course. They pay 4% on income above $29,000. The average HH income in the country is about $70K, so the average amount paid by workers in taxes for single payer would be just $1,600. Remember, workers pay $6,000 for health care right now. For a worker to pay the same amount, they would have to make at least $150,000/yr. Only 10% of US workers make more than $150,000 a year.
Of that $22K cost, the worker pays about $6K and the employer pays about $16K.
For a business of 50 employees, that is $800,000 a year that the company is spending on health care. Most businesses of 50 employees or less make an average income of just $53,000 a year. $800,000 spent on health care, $53,000 in profit.
Under Bernie Sanders' M4A proposal, that business of 50 employees would pay exactly $0 in taxes to provide health care for their workers, saving $800,000 a year that can be put toward employee salaries, renovations, or new hires. Bernie's plan sets a 7.5% tax on business income in excess of $100,000. Most small businesses don't even come close to making that amount of profit, and those that do are hedge funds (they get taxed separately under Bernie's proposal).
But what about the employee? Won't they have to pay too? Yes, of course. They pay 4% on income above $29,000. The average HH income in the country is about $70K, so the average amount paid by workers in taxes for single payer would be just $1,600. Remember, workers pay $6,000 for health care right now. For a worker to pay the same amount, they would have to make at least $150,000/yr. Only 10% of US workers make more than $150,000 a year.