Chris Jacobs writes:
The report makes for bracing reading. Funding an increase in spending equal to 10 percent of GDP—the cost of the most robust single-payer option—by an increase in labor taxes alone would require the average tax rate paid on labor income to more than double, from 17.7 percent in 2020 to 38.4 percent in 2030. Conversely, using a progressive income tax that applies to both labor and capital would triple capital gains average rates, from 15. 4 percent in 2020 to 45.4 percent in 2030.
As for the economic effects, this is from the CBO’s previous report:
