Healthcare Costs (Essay Sample)

Healthcare Cost: 7% Increase in Income Tax Name Academic Institution Class Professor Date Healthcare Cost: 7% Increase in Income Tax Importance of Responding to the Nation as a Whole in the Tax Dilemma Implementing a 7% increase for all income earners has varying impacts on people under different income levels. Such a policy is less burdensome to low-income earners but highly burdensome to those in middle and higher-income groups. The varying burden of paying the income tax contributes to a dilemma of whether to continue with a plan that benefits those in the lower income group or review it to address concerns from middle and higher income groups. In this tax dilemma, it is crucial to respond to the nation as a whole because healthcare is a fundamental aspect of successful societies. All communities and nations depend on the health of their people because of their role in the workspace (Raphael, 2016). As such, it is imperative to develop a fair and equitable funding mechanism that improves access to medical care for all while addressing the disproportionate burden. Discussion of Whether the Overall Investments Made in Healthcare is Equal to Opportunity Costs Provided via the US Consumers The overall investment in the US healthcare sector is partially proportionate to the opportunity costs citizens provide. While investments in Medicare and Medicaid have improved the general healthcare system, the quality of care provided to individuals vary based on their race and socioeconomic status. For instance, African-American, Latin- American, and immigrant individuals face challenges accessing quality healthcare compared to their peers from White-American communities (Velazquez, 2017). Reasons for the variation are many, including systemic racial discrimination in the US general workplace. Who Sacrifices More and Risk Associated with the Sacrifice The risks involved in overall tax income increment depend on situations, but higher-income earners will always pay more (Perret et al. 2023). In this case, Person A sacrifices less while Person B a...