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What if the FAANG companies were paying taxes like ordinary businesses do, wouldn't this be enough to fund free medical services for every US resident?

creato 5y ago
It's not even remotely close. FAANG total revenue is $275 billion [1]. National health expenditures are $3.8 trillion [2]. You'd have to tax FAANG on revenue at a rate of over 1000% for this to be true. 1. https://corporatefinanceinstitute.com/resources/knowledge/trading-investing/faang-stocks/ https://corporatefinanceinstitute.com/resources/knowledge/tr... 2. https://www.cms.gov/Research-Statistics-Data-and-Systems/Statistics-Trends-and-Reports/NationalHealthExpendData/NHE-Fact-Sheet https://www.cms.gov/Research-Statistics-Data-and-Systems/Sta...
- grumple 5y ago
  Your first source does not cite revenue. For reference, just Amazon's total revenue for 2020 was 386 billion [1]. Apple's was 274 billion [2]. I think your point still stands. FAANG alone obviously won't get us there, but taxing corporations generally would help (since other nations are able to afford state funded healthcare on a level of taxation only slightly higher than the US, despite having less income). 1. https://ir.aboutamazon.com/news-release/news-release-details/2021/Amazon.com-Announces-Fourth-Quarter-Results/default.aspx https://ir.aboutamazon.com/news-release/news-release-details... 2. https://www.apple.com/newsroom/pdfs/FY20_Q4_Consolidated_Financial_Statements.pdf https://www.apple.com/newsroom/pdfs/FY20_Q4_Consolidated_Fin...
legitster 5y ago
Most businesses don't pay corporate income tax. Income is passed through to the owners/partners and it shows up on their person income. C-Corps (where corporate income is separate and taxable) account for only 5% of businesses in the US. Also, the Medicare for All proposal (which seems to have gotten the furthest) would require ~ $4-5 trillion dollars a year. Completely taking Amazon for all it's worth would fund it for 1/3 of a year.

creato 5y ago

It's not even remotely close. FAANG total revenue is $275 billion [1]. National health expenditures are $3.8 trillion [2]. You'd have to tax FAANG on revenue at a rate of over 1000% for this to be true. 1. https://corporatefinanceinstitute.com/resources/knowledge/trading-investing/faang-stocks/ https://corporatefinanceinstitute.com/resources/knowledge/tr... 2. https://www.cms.gov/Research-Statistics-Data-and-Systems/Statistics-Trends-and-Reports/NationalHealthExpendData/NHE-Fact-Sheet https://www.cms.gov/Research-Statistics-Data-and-Systems/Sta...

grumple 5y ago
Your first source does not cite revenue. For reference, just Amazon's total revenue for 2020 was 386 billion [1]. Apple's was 274 billion [2]. I think your point still stands. FAANG alone obviously won't get us there, but taxing corporations generally would help (since other nations are able to afford state funded healthcare on a level of taxation only slightly higher than the US, despite having less income). 1. https://ir.aboutamazon.com/news-release/news-release-details/2021/Amazon.com-Announces-Fourth-Quarter-Results/default.aspx https://ir.aboutamazon.com/news-release/news-release-details... 2. https://www.apple.com/newsroom/pdfs/FY20_Q4_Consolidated_Financial_Statements.pdf https://www.apple.com/newsroom/pdfs/FY20_Q4_Consolidated_Fin...

legitster 5y ago

Most businesses don't pay corporate income tax. Income is passed through to the owners/partners and it shows up on their person income. C-Corps (where corporate income is separate and taxable) account for only 5% of businesses in the US. Also, the Medicare for All proposal (which seems to have gotten the furthest) would require ~ $4-5 trillion dollars a year. Completely taking Amazon for all it's worth would fund it for 1/3 of a year.