There is an Alternative to Taxing Income
Instead of Taxing Income, Taxing Payments Makes a Lot More sense.
Our government's budget is $4 trillion (the tiny red sphere).
Today we tax the $16 trillion in income that we collectively earn (the small blue sphere). That's a big chunk of our income!
What most people don't know is there are $5,000 trillion - that's $5 quadrillion! - in payments that occur each year (the large green sphere)!
If we were to tax payments instead of income, the tax rate would be less than 1% and we'd have a balanced budget!
Want to know know how a Payments Tax works? Click here.
Want to know where all these payments come from? Click here.
Are you asking yourself, who loses from this new tax? Click here.
Replacing Income Taxes With a Payments Tax Permits
New Social Programs Without High Taxes
Who wouldn't want a Basic Income on top of their earned income? Who wouldn't want free healthcare, free college, or a guaranteed retirement? The problem is how to pay for such programs! Today, someone earning $100,000 already pays $31,000 in federal taxes. Their taxes would skyrocket to $76,000 to support such programs, which is why they are impossible under our current system.
With a Payments Tax, the Total Tax Bill For Someone Earning $100,000 Would Be Just $180,
Making the Programs Below Affordable!
There's been a lot of talk about providing everyone with a Basic Income, but as long as we tax income it's an impossibility. With a Payments Tax a Basic Income of $24,000 per year for every adult citizen, regardless of financial status, could be a reality.
A Payments Tax would permit everyone in the U.S. to receive basic healthcare for free. Under the AMA program, you control your own destiny, not an insurance company or the government. You use your benefit to pay for the healthcare you want.
Today's student loan program is leaving millions of students with crippling debt. The easy credit of student loans has made the price of college skyrocket. The Challenge Program is the best way to bring the cost of college under control. A Payment Tax could provide free tuition for every college student.
Social Security is sliding into bankruptcy. If we stay with the current system, we'll either have to cuts benefits or increase FICA taxes soon. A Payments Tax could fund higher benefits than the current Social Security system does, and at a lower cost to you than our current FICA tax system.