In less than 10 years Medicare will cost taxpayers more than $2trillion dollars. Social Security will also cost American taxpayers over $2.1 trillion in 10 years. Those two programs alone would be two thirds of our government's current budget.
If Congress raised payroll taxes to cover Medicare Part A, the hospital portion of Medicare's 75 unfunded obligations, a wage earner making only $44,000 per year would see a $700 per year increase in their income tax liability.
Currently, 65 million Americans are on Medicare at a cost of $12,100 per year, per beneficiary. There are 57.5 million people currently n Social Security with an average monthly benefit of $1,747 per month.
If Congress raised the payroll tax so it could cover the 75 year unfunded liability for Social Security, an American earning $44,000 per year would have to pay an additional $1,600 in taxes per year. What would $2,300 of additional taxes do to the standard of living for the American people?
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