Warren calls for nearly $9 trillion tax on employers to fund 'Medicare for all'

Elizabeth Warren released a long-awaited "Medicare for all" funding plan after coming under pressure by Democratic rivals about how to fund such a system without middle-class tax increases.

The plan, released Friday, would raise $20 trillion in taxes on employers, financial firms, giant corporations, and the top 1% of earners, including by cracking down on tax evasion. The estimate from the Warren campaign, that the federal government will need to spend $20 trillion more to get "Medicare for all," is $14 trillion lower than many outside analysts have predicted, but Warren says she can get there through savings over time.

“We don’t need to raise taxes on the middle class by one penny to finance Medicare for All,” Warren, a senator from Massachusetts, said in a Medium post.

The plan estimates employers will send $8.8 trillion over 10 years to the federal government as an "Employer Medicare Contribution." It also includes cuts to military spending and savings through immigration reform, both of which will be difficult to get through Congress.