The Economist's Tale

 

A Book on How to Transform Our Nation's Economy

What if you could stop paying federal income taxes? Not one cent, ever again? What if that was the same for every citizen of America, whether they earned thirty thousand dollars or ten million dollars? That would be a life changer. And what if, despite none of us paying income taxes, the government could balance the budget, while providing everyone a basic income, free healthcare, and free college? How might that change America's outlook?

 

Freedom From Income Taxes

Taxing income is the way we collect revenue today to pay for government spending. Under our current system we are unable to balance our budget, falling short by 1/2 trillion dollars each year. The shortfall is borrowed, adding to our skyrocketing national debt.

Our Skyrocketing National Debt From 1960-2016

Our Skyrocketing National Debt From 1960-2016

What if, Instead of Taxing Income, a Dime Was Collected For Every $100 Anyone Received?

Taxes on $100,000 Would Drop From $31,000 to $100!

We tax the $16 trillion in income we earn, the small blue sphere in the diagram. We don't tax the whopping $5,000 trillion in payments that occur each yearthe large green sphere. Our government's budget is $4 trillion, the tiny red sphere.

Man astonished.jpeg

If instead of taxing income, we taxed payments at the minuscule rate of 1/10th of 1%, we'd have a trillion dollar surplus!