r/FluentInFinance • u/The-Lucky-Investor • 13d ago

“Medicare for All” would save the U.S $5.1 Trillion over 10 years Discussion/ Debate

https://www.commondreams.org/news/2018/11/30/easy-pay-something-costs-less-new-study-shows-medicare-all-would-save-us-51-trillion
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u/IbegTWOdiffer 11d ago

The hell you do. I pay way less than I would (did) in Canada. It isn’t even close. I also get more than just healthcare…

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u/GWsublime 11d ago

Alright, pick a tax bracket and let's do the math

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u/IbegTWOdiffer 10d ago

Sure, let's pick the median household income in the US. Married, two kids.

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u/GWsublime 10d ago edited 10d ago

Gotcha so that's 50k per parent CAD. At that amount you're looking at 15% federal and 5.15 in the province of Ontario in income tax, resulting in a total of 10k in tax liability. If the two kids are under the age of 7 and are in daycare that's reduced 3 000 from the provincal childcare credit and an additional federal 16 000 for a total reduction in taxable income of 19 000 which brings you down to 6.2k in tax owed.

It's surprisingly hard to get a fix on the median health insurance cost in the US but it runs between 23968 (16k CAD per parent) and 17,244 (11500 cad per parent)for a family of four. Which means health insurance, alone, forget taxes, is costing more per adult than your Canadian tax bill even before childcare credits and any other deducations.

Sources:

https://www.ehealthinsurance.com/resources/individual-and-family/average-family-health-insurance-cost#:~:text=BY%20Carly%20Plemons%20Published%20on%20June%2004%2C%202024&text=In%202023%2C%20the%20average%20cost,was%20approximately%20%2423%2C968%20per%20year.

https://hsaforamerica.com/blog/how-much-is-health-insurance-for-a-family-of-4/

https://www.census.gov/library/publications/2023/demo/p60-279.html#:~:text=Real%20median%20household%20income%20was,and%20Table%20A%2D1).