As the 2020 elections near – the rhetoric over healthcare will certainly be among the hottest election campaign topics.
Bernie Sanders thinks we should follow the Scandinavian model. The Scandinavian model is not socialist—it’s very much capitalistic with some strong social programs.
Do we really want to look like them?
Say adios to our thriving economy. Just remember: the top 20% of Americans pay 87% of all income taxes.
In order to have universal health care, Scandinavians have to pay very high personal taxes.
That’s why the middle class can hardly buy a car. Cars cost twice what we pay here.
If we were to import such a system it would be that every American earning more than 60,000 dollars would be taxed at 60%!
Currently, in the U.S. those who earn $400,000 or more pay at a rate of 47%. Do we want to shift the tax burden to individuals earning 60,000 dollars? Hell no.
In addition, taxpayers in the Scandinavian countries not only pay income taxes; they also pay something comparable to a state or sale tax—25% on average—on what they consume, including groceries.
Whom does this affect most? The poor. The middle class.
Are you listening AOC and Bernie?
Where the Scandinavian countries are to be admired is in their corporate tax rates. The rates in those countries are in the 20% range. The 22% corporate tax rate of the U.S. is now comparable to the best the Nordic countries have to offer.
Bottom line, the Scandinavian countries finance their government—and generous welfare programs—on the back of the individual tax-payers. Do Americans really want to such high taxes for most Americans for Medicare-for-all? Put the burden on the rich, the left says.
Say adios to our thriving economy.
Just remember: the top 20% of Americans pay 87% of all income taxes.