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It could never work financially.
Medicare payroll taxes are now 1.25% on both the employee and employer side and the Medicare pool of eligible is a fraction of the working population making these contributions.
There would have to be an additional, significant payroll tax to put everyone on a Medicare-like system, it could be upwards of 10% (that's a WAG) and would destroy the economy.
To fund the Medicare expansion, just siphon off a Quarter Trillions Dollars of the revenue generated by ObamaCare's 20 Tax hikes. (ref: Full List of Obamacare Tax Hikes | Congressman Jeff Duncan). No need to increase Medicare payroll taxes at all.
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