"The real problem is cost inflation driven by regulation, administrative complexity, limited competition and distorted incentives. The U.S. already spends more per capita on health care than any other nation. Money is consumed by bureaucracy, price controls that discourage supply and policies that separate consumers from costs. More tax revenue does not fix these structural flaws. Taxing high earners does little to expand physician supply, reduce malpractice costs, accelerate innovation or increase hospital capacity."
"Supposing no exodus, the tax rate bump would be a rather small step back to historical tax rates for high-income folks. The 70s saw income tax rates for the rich of 60-70% and a capital gains tax of around 35%. Currently, it's reported that billionaires have an effective tax rate lower than the middle class, at the same time using public infrastructure while enriching themselves at our expense."
High taxes on the wealthy are a simplistic, ideologically driven response that fails to address structural health-care problems. Cost inflation is driven by regulation, administrative complexity, limited competition, and distorted incentives. The U.S. spends more per capita on health care than any other nation; money is consumed by bureaucracy, price controls that discourage supply, and policies that separate consumers from costs. Additional tax revenue without system reform will entrench inefficiencies rather than fix them. Taxing high earners will not expand physician supply, reduce malpractice costs, accelerate innovation, or increase hospital capacity. A continuing wealth tax could restore historical tax rates or prompt billionaire flight that reduces reliance on concentrated power.
Read at The Mercury News
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