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Elizabeth Warren at a rally. Photo: Sean Rayford/Getty Images

Sen. Elizabeth Warren has released her long-awaited plan to pay for "Medicare for All," which she says will put the $11 trillion that would be spent out-of-pocket on health care over 10 years "back in the pockets of American families."

The bottom line: This will be paid for "with targeted spending cuts, new taxes on giant corporations and the richest 1% of Americans, and by cracking down on tax evasion and fraud. Not one penny in middle-class tax increases," the plan states.

The big picture: When combined with aggressive cost control measures and the redirection of current state spending into the "Medicare for All" system, Warren says her plan requires an additional $20.5 trillion of federal spending over 10 years.

  • She argues the same parties that pay for the health care system under current law — the federal government, state governments and employers — will continue to do so under her plan, but individuals would pay "practically zero."

How she'd do it: Warren would create a formula for employer contributions to "Medicare for All" based on their health care spending, but argues it would save them $200 billion over the next 10 years compared to what they're projected to spend.

  • "Instead of these companies sending those payments to private insurance companies, they would send payments to the federal government for Medicare," she says.
  • This would cover almost half of the needed additional revenue.

The rest would be mostly funded by cracking down on tax fraud and evasion, new taxes on the financial sector, large corporations and the top 1% of earners, and reduced defense spending.

  • This includes a 0.1% tax on the sale of bonds, stocks, or derivatives, a new fee on big banks, a new country-by-country minimum tax of 35% on foreign earnings and $3 trillion in new taxes on the top 1%.

What they're saying ...

  • Former Vice President Joe Biden: "The mathematical gymnastics in this plan are all geared towards hiding a simple truth from voters: it's impossible to pay for Medicare for All without middle class tax increases. To accomplish this sleight of hand, her proposal dramatically understates its cost, overstates its savings, inflates the revenue, and pretends that an employer payroll tax increase is something else."
  • Sen. Michael Bennet (D-Colo.): “Voters are sick and tired of politicians promising them things that they know they can’t deliver. Warren's new numbers are simply not believable, and have been contradicted by experts. Regardless of whether it's $21 trillion or $31 trillion, this isn't going to happen, and the American people need health care. 

Go deeper

Scoop: Trump-backed Perdue says he wouldn’t have certified Georgia 2020 results

Perdue at a December 2020 campaign event in Columbus, Ga. Photo: Elijah Nouvelage/Getty Images

Georgia gubernatorial candidate David Perdue wouldn’t have signed the certification of the state’s 2020 election results if he had been governor at the time, the former Senate Republican told Axios.

  • “Not with the information that was available at the time and not with the information that has come out now. They had plenty of time to investigate this. And I wouldn’t have signed it until those things had been investigated and that’s all we were asking for," he said.

Why it matters: There has been no evidence widespread fraud took place in Georgia's elections last year and the November results were counted three times, once by hand.

Beijing Olympics: These countries have announced diplomatic boycotts

Photo: Zhang Qiang/VCG via Getty Images

Several countries, including Canada and Australia, have announced they will join the U.S. in a diplomatic boycott of the 2022 Beijing Winter Olympics to protest human rights abuses committed by China's government.

Driving the news: Leaders have faced pressure from human rights groups and others to boycott the Games, pointing to the ongoing genocide of Uyghurs and other Muslim minorities in China's Xinjiang region and other abuses.

Biden directs federal government to become carbon neutral by 2050

President Biden speaking to reporters outside of the White House on Dec. 8.

President Biden signed an executive order Wednesday that requires the federal government achieve multiple goals related to reducing its carbon emissions, including achieving net-zero emissions by 2050.

Why it matters: Meeting the objectives of the order would require a massive investment by the federal government to buy electric vehicles, upgrade buildings and change how it procures electricity.