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Way to dodge. You said increasing tax on the upper brackets causes the sky to fall down. History teaches us doesn't, does it fix everything of course not, but high top rate tax = better wealth distribution then low taxes. Guess what? You could even drop the middle tax % and maintain the same $ spend.
Wow did I say "the sky to fall down"... oh the drama LOL
WHAT if America were to scrap all its anti-poverty programmes—welfare, food stamps, unemployment benefits, the works—and replace them with an unconditional basic income.
People who support the proposal it should think twice. Everybody from a homeless person to a middle-class teacher to a hedge-fund billionaire would receive the same cheque from the government. While the extra thousands would make the most difference to those on the bottom of the pile, the cash would be in lieu of all existing welfare benefits.
There are other risks, too. Some poor families receiving a lump sum from the government will make wise financial decisions. Others won't. What do you think would happen then?
We shouldn't give cash to anyone, basic income or otherwise. Too many people use that cash for booze and drugs. Instead of basic income, provide a free place to live, with basic amenities, and free education, job training, etc.
A wealth tax hurting old people on SS is a fallacy. Simply make it apply to wealth above a million dollars, or 5 million, or however much the old people on SS have. Get rid of income tax, to maximize incentive to earn more.
WHAT if America were to scrap all its anti-poverty programmes—welfare, food stamps, unemployment benefits, the works—and replace them with an unconditional basic income.
People who support the proposal it should think twice. Everybody from a homeless person to a middle-class teacher to a hedge-fund billionaire would receive the same cheque from the government. While the extra thousands would make the most difference to those on the bottom of the pile, the cash would be in lieu of all existing welfare benefits.
There are other risks, too. Some poor families receiving a lump sum from the government will make wise financial decisions. Others won't. What do you think would happen then?
I think we can agree that there should not be multiple safety nets. Given that, I think lump sum is a bad idea. Basic income replaces social security also. And yes, every citizen gets it. No means testing and no fraud. I am not sure how to dispense it to ensure people are feeding their kids and making sure they have a safe place to live. I have delivered food from the food bank to families and was discouraged to see someone walking over to the house as I was leaving carrying a box filled with cartons of cigarettes and bottles of liquor, obviously intending to do some trading. Very sad. That's a hard social problem that requires more than a fix to the economy. But that is the minority.
I think we can agree that there should not be multiple safety nets. Given that, I think lump sum is a bad idea. Basic income replaces social security also. And yes, every citizen gets it. No means testing and no fraud. I am not sure how to dispense it to ensure people are feeding their kids and making sure they have a safe place to live. I have delivered food from the food bank to families and was discouraged to see someone walking over to the house as I was leaving carrying a box filled with cartons of cigarettes and bottles of liquor, obviously intending to do some trading. Very sad. That's a hard social problem that requires more than a fix to the economy. But that is the minority.
The poor already get a basic income although it's more controlled, i.e. food stamps, rent subsidy, healthcare subsidy than just handing them money once a month. The elderly who work enough to qualify get social security. But now you want all the people in between to get "basic income".
Hell... lets all do it, after all, ... all our needs will be taken care of by government, from cradle to grave, government will pay for it. hmmm, I wonder, where will the government get all this money? I wonder who will work at the local state store, the McD's, grow food, fix our bo-bo's, nurse us back to health? After all, no one needs to work.
I am not sure how to dispense it to ensure people are feeding their kids and making sure they have a safe place to live.
Many are people are poor because a bottle of booze or drugs are more important than food. Try stopping an alcoholic from buying that bottle of booze, try stopping that drug addict from getting a fix. Hey how about a police state to make sure the money's going where it was meant? Yea, that's it.. a police state.
Even with some controls you can't even control the trading now.
A wealth tax hurting old people on SS is a fallacy. Simply make it apply to wealth above a million dollars, or 5 million, or however much the old people on SS have. Get rid of income tax, to maximize incentive to earn more.
A wealth tax also maximizes incentive to spend more, as a consumer (for better or worse).
A wealth tax also maximizes incentive to spend more, as a consumer (for better or worse).
I thought Obama said raising taxes on income would get the rich? LOL .. Are you finally figuring out that Obama lied to get your support to take more money and funnel to the government.
Why doesn't the government just learn to balance a budget and do with the trillions they already get. We have to but they want to keep taking and taking and taking. Enough already.
As for people who support the taking, news flash, you won't get any of it. And are you so naive to believe that the rich with all their money, connections, abilities will support it? Guaranteed, they will get around it and as usual, it will be the middle class who pays because by the time they build wealth, the tax will knock them down again.
The poor already get a basic income although it's more controlled, i.e. food stamps, rent subsidy, healthcare subsidy than just handing them money once a month. The elderly who work enough to qualify get social security. But now you want all the people in between to get "basic income".
Hell... lets all do it, after all, ... all our needs will be taken care of by government, from cradle to grave, government will pay for it. hmmm, I wonder, where will the government get all this money? I wonder who will work at the local state store, the McD's, grow food, fix our bo-bo's, nurse us back to health? After all, no one needs to work.
<sarcasm>
Basic income would be instead of, not in addition to, other programs. Most would still choose to work. Basic income will put a roof over your head, clothes on your back and food in your belly. You want more than that then you work. People still would want to have nice houses, cars and vacations. Many people enjoy what they do. You think teachers do it for the money? If too many people choose not to work out would fail. News flash - people can choose not to work now and we take care of them. Pride is still a thing for most of us.
Remember when Obama proposed rolling back 529 plans, there it was buried on page 9 of the leaked document. Obama's plan will roll back expanded tax cuts for 529 education savings plans that were enacted in 2001 for new contributions…” Note that this is right before they also announce the repeal of Coverdell Education Savings Accounts (Coverdell ESAs), another similar move against the same middle class savings targets.
The 529 plan allowed the middle class to save money for their kids education and the kids could withdrawal it to pay for college tax free. Obama's plan was to tax the withdrawal and it would taxed as regular income.
The proposed Obama tax hike on 529 plans to hit up the middle class for more money. Already, it’s difficult for middle class families to find discretionary after tax income for college savings plans. Besides paying the bills and staying out of high interest debt, there are better uses of savings for most families–notably retirement and a down payment for a home. Raising taxes on 529 plans would probably deal a death blow to their widespread use, a kind of anti-savings tipping point. These savings would also be considered in a "wealth tax". obamas-new-state-of-the-union-tax-hike-on-middle-class-529-college-savers/2/
And you thought it was just the rich he was targeting for more money.
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