Big tech piles up large amounts of cash as it is and they have no idea what to do with it (other than shovel it back to shareholders). They have far beyond the margins they need to keep expanding, even with a 50% income tax. So the first thing it would do is cut into shareholder returns (less cash), their multiples would contract as investors would find them less appealing. Half of America is invested in big tech (in one form or another), and those are by far the most active voters. If they see their portfolios tank due to a huge hike in corporate income taxes, they'll promptly punish the politician/s that are responsible for it. Big tech would keep growing at 50%, so what's the alternative? 70%-80%? It's unlikely to ever have the support required to get it passed, it just plain sounds very egregious as a policy. At very high levels it comes across as: we like to punish success; and that's how it would be run against politically by the other side (Republicans).
Instead you have Americans refusing to go to the doctor because they're afraid of the bill.
> https://www.thebalance.com/u-s-federal-budget-breakdown-3305...
Total Revenue is $4T, Total Spending is $6T, and
> Social Security will be the biggest expense, budgeted at $1.196 trillion. It's followed by Medicare at $766 billion and Medicaid at $571 billion.
That is $1.35T spent on healthcare just for old people (over 65) and poor people. And it is not even the whole amount, since most 65+ people still have to buy insurance. Even if you cut out the 5% profit margins of managed care organizations, or even 15% assuming their function is wholly unnecessary, it still seems unlikely universal health can be offered without increasing tax revenues.
In 2019, total healthcare spend for all of US was $3.9T.
Aged, blind, disabled, and poor, plus less poor children and pregnant women.
The original claim by smus was that the US could pay for all healthcare, presumably without increasing taxes. I find that hard to agree with. Even if we assume we can cut 25% overhead from the $4T total, the US would still need to come up with $1.5T+ to meet $3T total healthcare spending.
I do not see it happening without increasing taxes. Which may not make any effective difference other than to redudant employees of managed care organizations (MCOs) who get laid off, because presumably the premiums currently getting paid to the MCOs simply get collected as taxes.
The federal share is not the whole public cost; Medicaid is a state/federal cost sharing program.
We already spend more per Capita than countries with socialized medicine, so it stands to reason we should be able to socialize our medicine with a reasonable increase in expenditure on health care.
That extra money doesn't need to come from raising taxes. It can come from our incredibly bloated "defense" budget