"The New York Health Act would force every resident into a single, government-run health plan, a sweeping promise that poses a fiscal and medical gamble New York can't afford."
"A 2018 RAND Corporation analysis found that the act would require $210 billion in new taxes in 2031 alone, exceeding the state's total tax revenue."
"Working-class New Yorkers would face a new 6.7% payroll tax, while middle-income individuals would see a 13.4% payroll tax, adding to their existing tax burdens."
"If just 0.5% of the wealthiest New Yorkers moved due to tax hikes, marginal tax rates could soar to nearly 30% for low-income individuals and 88.4% for high earners."
New York lawmakers are advocating for the New York Health Act, which would implement a single-payer health care system. This proposal has been around for over 30 years and is backed by more than 30 state senators. A RAND Corporation analysis indicates that the act would necessitate $210 billion in new taxes by 2031, significantly impacting working-class and middle-income residents. High earners would face the largest tax increases, exacerbating New York's already high tax burden and potentially leading to severe financial consequences for the state.
Read at www.amny.com
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