An Unemployed Couple
Today an unemployed couple receives benefits from Welfare. Depending on the state they live in, they may receive around $10,000 in annual benefits, plus Medicaid.
Under the proposed solutions, the same couple would receive $48,000 annually in Basic Income, plus Free Healthcare. We'd no longer need welfare.
A Couple Earning $30,000 Per Year
Today a couple earning $30,000 per year nets about $25,000 after paying $1,000 in taxes and $4,000 in healthcare costs.
The same couple would receive $84,000 under the proposed system, which would be comprised of $30,000 from their salaries, $6,000 in Earned Income Credits, and $48,000 in Basic Income.
A Family Earning $250,000 Per Year
Today a family earning $250,000 with a $500,000 mortgage pays about $58,000 in income and payroll taxes, $32,000 in mortgage payments, and $14,000 in healthcare costs, leaving them with net disposable income of about $145,000.
The same family would net $280,000 (after paying for housing) under the proposed system, which would be comprised of $250,000 from their salaries, paying only $17,000 in mortgage payments, having no healthcare costs, and earning $48,000 in Basic Income.
How Do the Above Programs Add Up?
Click below for a summary of what our new budget would be with the above programs. We could not afford these programs today when taxing income. They are only possible with a Payments Tax.
Copyright 2017 Scott Smith