PLEASE HELP US SPREAD THE WORD
/RaiseTheHealthCareTax
The Hospital Payroll Tax is ridiculously low. Medical costs take up nearly 20% of the ENTIRE national economy. Less than $300 billion in taxes is collected but the federal government spends nearly $2 Trillion dollars annually on health care. The current Medicare/Medicaid/Veterans health care "systems" are bankrupting the country.
We propose making the Health Care Payroll Tax more progressive.
This progressive payroll tax is designed to financially encourage employers to pay their employees $75K-$99,999 to help rebuild the American middle class.
*The tax rates are marginal rates. For example, an employer would pay 15% on the first $25K in wages paid to an employee, 12.5% on the second $25K, 10% on the third $25K and 7.5% on the earnings from $75-$100K.
Replace the 1.45% Hospital tax (Medicare) with the following PROGRESSIVE tax:
0-$24,999
0% employee, 15% employer
$25K - $49,999
2.5% employee, 12.5% employer
50K - $74,999
5% employee - 10% employer
$75K - $99,999
7.5% employee - 7.5% employer
$100K - $249,999
10% employee - 10% employer
$250,000 - $499,999
12.5% employee - 12.5% employer
$500K+
15% employee - 15% employer
To encourage self employed entrepreneurs, independent sole proprietors will only pay the employee portion on their own wages. They will be obligated to pay the employer portion on all other employees.
Even though it is referred to as a "payroll tax", all income (including capital gains) will be subject to the health care tax.
This PROGRESSIVE tax will encourage employers to pay employees more in order to lower the employers’ health care burden and also discourage employers from paying exorbitant wages to executives. Large corporations may want to focus on the “sweet spot” by paying the majority of their employees $75K- $99,999K.
Basing the funding of such an enormous entitlement program on just one type of taxation seems less secure than diversifying the tax base with a variety of revenue streams.
0-$24,999
0% employee, 15% employer
$25K - $49,999
2.5% employee, 12.5% employer
50K - $74,999
5% employee - 10% employer
$75K - $99,999
7.5% employee - 7.5% employer
$100K - $249,999
10% employee - 10% employer
$250,000 - $499,999
12.5% employee - 12.5% employer
$500K+
15% employee - 15% employer
To encourage self employed entrepreneurs, independent sole proprietors will only pay the employee portion on their own wages. They will be obligated to pay the employer portion on all other employees.
Even though it is referred to as a "payroll tax", all income (including capital gains) will be subject to the health care tax.
This PROGRESSIVE tax will encourage employers to pay employees more in order to lower the employers’ health care burden and also discourage employers from paying exorbitant wages to executives. Large corporations may want to focus on the “sweet spot” by paying the majority of their employees $75K- $99,999K.
Basing the funding of such an enormous entitlement program on just one type of taxation seems less secure than diversifying the tax base with a variety of revenue streams.
