What Two Trillion Could Do Outside Of Tax Breaks For The Rich

Today, let's envision how reallocating $2 trillion—currently earmarked for tax breaks benefiting the wealthiest—could instead revolutionize our nation's healthcare and tax systems, aligning them more closely with those of other developed countries.



Imagine a United States where quality healthcare is a universal right, not a privilege. Implementing a Medicare for All system has been estimated to save approximately $450 billion annually in national health expenditures, according to a 2020 study published in The Lancet.  Over a decade, these savings could amount to $4.5 trillion, more than double our $2 trillion reallocation. This shift would also save over 68,500 lives each year, ensuring that medical decisions are made based on need, not financial capability.



Now, let's turn to taxation. The Competitive Tax Plan, proposed by tax law expert Michael J. Graetz, suggests introducing a 10–15% value-added tax (VAT) while reducing personal and corporate income taxes. This approach could generate sufficient revenue to exempt families earning less than $100,000 annually from paying income taxes or filing tax returns.  Such a system would simplify taxation for millions, reduce administrative burdens, and ensure that the wealthiest contribute their fair share.



Many industrialized nations have successfully implemented universal healthcare and more equitable tax systems. For instance, countries like Canada and those in Europe offer universal healthcare at a lower per-capita cost than the U.S., achieving better health outcomes. They also utilize VAT systems to distribute the tax burden more fairly across their populations. By studying these models, we can adapt their best practices to fit America's unique context.

Conclusion

Reallocating $2 trillion from tax breaks for the rich to initiatives like universal healthcare and tax reform isn't just a fiscal reimagining; it's a moral imperative. Such changes would ensure that all Americans have access to essential services and a fair tax system, fostering a healthier, more equitable society. It's time to prioritize the well-being of the many over the wealth of the few.

Thank you for joining us on this journey of possibilities. Until next time, stay informed and engaged.