The Story of Three Families
Compare how these solutions benefit three very different families.
Everyone does better, both rich and poor.
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 the button 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