Imagine a system of Medicare that provides very affordable healthcare to children. With Senator Elizabeth Warren’s new childcare program proving to be a strong case, there has to be a potential way to implement this new program. Her plan allows for affordable childcare, regulated by the government and funded partially by the wealthy. Senator Warren wishes to implement this plan, with two favorable factors working towards her advantage. One of these factors is the number of subsidies provided to families. Subsidies are a form of financial assistance to low-income families for goods like food and books. However, this comes with an expensive price tag of about $700 billion with the wealth tax spanning over a decade.
Senator Warren also wishes to implement a wealth tax, to hopefully counterbalance the large amount of money that would be spent. The wealth tax consists of a 2% tax on a family wealth above $50 million dollars and a 3% tax on family wealth over one billion dollars. The wealth tax, however, has been said to have brought on some controversy.
Through this plan, Senator Warren has targeted a potential expansion of federal funding used for early learning programs. Based on Moody’s Analytics, studies have shown that the program could incorporate many more children into it– in fact, 6.8 million children could soon turn into 12 million. Ultimately, this decreases the number of children without child-care to about 10%.
Furthermore, the teachers have a big role to play in the plan. Through Warren’s new plan, more money will be used to find talented teachers. As a result, the pay for these teachers would increase. Although, parents and guardians are the ones who play the biggest role of them all as they pay taxes. The millions of dollars that go into the funding of this program will save and better the lives of young children in the U.S. and even in your community. While the wealthy tax seems cruel to the wealthy, it is driving the United States for success. Providing cheaper Medicare will provide a better life for the future generation.