NCCommish
Footballguy
So I have been toying with this idea. Talk of the minimum wage and how much people should make have come up in other threads so I thought I'd throw this out there and see what people think.
So BIG is a program where everyone in the country gets paid a certain amount by the government every year. Currently we do something similar in the way everyone qualifies for a certain amount of write offs. But that's after the fact and isn't really stimulative. This way it's cash in hand paid monthly. I set the amount at 15,600 a year. I used that because it is in between the automatic write off and Mitts loophole cap of 17k. This income is untaxed no matter how much or how little you make. But there are no other loopholes. You are taxed on every dollar above this and all income is treated equally except in certain cases. Well really 2 cases. I would keep SS income tax free as well. And I would keep inheritances of 1 million per individual or 2 million a couple untaxed. Above that taxed as income but given 5 years to make total payment with no penalties accruing unless you exceed that time span.
Now what I think this would do is help alleviate some measure of poverty. Reduce expenditures on things like food stamps. Broaden the tax base. Drive demand which would help the economy get back on track which would help us with our debt issue. Also given the closing of all loopholes and broadened base we could drop the rates across the board and still have plenty of revenue from personal income.
So too commie or what?
So BIG is a program where everyone in the country gets paid a certain amount by the government every year. Currently we do something similar in the way everyone qualifies for a certain amount of write offs. But that's after the fact and isn't really stimulative. This way it's cash in hand paid monthly. I set the amount at 15,600 a year. I used that because it is in between the automatic write off and Mitts loophole cap of 17k. This income is untaxed no matter how much or how little you make. But there are no other loopholes. You are taxed on every dollar above this and all income is treated equally except in certain cases. Well really 2 cases. I would keep SS income tax free as well. And I would keep inheritances of 1 million per individual or 2 million a couple untaxed. Above that taxed as income but given 5 years to make total payment with no penalties accruing unless you exceed that time span.
Now what I think this would do is help alleviate some measure of poverty. Reduce expenditures on things like food stamps. Broaden the tax base. Drive demand which would help the economy get back on track which would help us with our debt issue. Also given the closing of all loopholes and broadened base we could drop the rates across the board and still have plenty of revenue from personal income.
So too commie or what?