Democratic presidential candidate Pete Buttigieg, mayor of South Bend, Ind., plans to pay for his public option healthcare plan largely by reversing Trump-era corporate tax cuts, Bloomberg News reports.
His campaign was quick to offer a funding strategy after an Oct. 15 debate. At the debate, Mr. Buttigieg was highly critical of rival Sen. Elizabeth Warren, D-Mass., for not articulating how she would pay for "Medicare for All," the single-payer plan she is campaigning on. Ms. Warren announced Oct. 20 she will produce a funding strategy in the coming weeks.
The South Bend mayor's "Medicare for All Who Want It" plan is estimated to cost $1.5 trillion, according to Bloomberg, $1.4 trillion of which Mr. Buttigieg plans to fund by restoring the corporate tax rate to 35 percent. The rate was cut to 21 percent under the 2017 tax law. The rest of the funding will come from negotiating Medicare drug prices and charging penalties to drug companies that mark up prices faster than inflation, according to the report.
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