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Photo: ATU Images/Getty Images

Financing full-blown, single-payer Medicare for All — which is estimated to cost roughly $30 trillion over a decade — would require aggressive changes in taxes, spending or borrowing, according to an analysis by the Committee for a Responsible Federal Budget.

Between the lines: "Tax increases on high earners, corporations, and the financial sector by themselves could not cover much more than one-third of the cost of Medicare for All," the report concludes — meaning that the middle class would be forced to shoulder some of the burden.

Yes, but: As with everything, this would create winners and losers. Plenty of people would end up paying less in taxes than they currently pay for private health care.

  • The costs of "Medicare for All" are also scalable, based on how generous the coverage is and how much providers are paid.

Some of the ways to pay for "Medicare for All," per CRFB, include:

  • A new 32% payroll tax on wages
  • An additional 25% income tax
  • A 42% value-added tax on consumption
  • A "public premium" averaging $7,500 per capita – or $12,000 per person who wouldn't otherwise be on public insurance
  • More than doubling all individual and corporate income tax rates
  • Reducing non-health federal spending by 80%
  • More than doubling the national debt

The bottom line: These policies would have massive economic impacts, reverberating far beyond health care.

Go deeper: How your health care would change under "Medicare for All"

Go deeper

Updated 55 mins ago - Sports

Japan's Naomi Osaka lights Olympic cauldron, kicking off Tokyo Games

Naomi Osaka lights the Olympic cauldron. Photo: Clive Rose/Getty Images

After a year-long delay, the Olympics finally got underway Friday as tennis star Naomi Osaka, who is competing for Japan, lit the cauldron, formally kicking off the Tokyo Games.

The big picture: Friday's opening ceremony looked, like many things over the last year, different than normal — multicolored seats replaced cheering fans, masks were a central part of the athletes' uniforms and a subdued, somber tone marked the occasion.

2 hours ago - World

China sanctions Wilbur Ross, 5 other Americans over Hong Kong warnings

Photo: Al Drago/Bloomberg via Getty Images

The Chinese government imposed sanctions on Monday against six Americans, including former Commerce Secretary Wilbur Ross, in response to an advisory from the Biden administration warning businesses of the increased risks of operating in Hong Kong.

Why it matters: It's the latest example of China responding furiously to U.S. attempts to shed light on human rights abuses in places like Hong Kong, Xinjiang and Tibet, which Chinese officials routinely condemn as "interference" in domestic affairs.

3 hours ago - Sports

Cleveland Indians change name to "Guardians"

The Cleveland Indians baseball team announced Friday that it will change its name to the "Guardians," following years of activism and protests against a moniker considered offensive by many Native Americans.

Why it matters: It's the first time the team will change its name since 1915, a move that comes in the wake of the nationwide racial reckoning that began with the murder of George Floyd.