We need a 0% tax rate for the first $40,000 in income.
(for individuals, $80,000 for households)
This is necessary (as we start yet another economic downturn) and achievable (given our nation's culture of opposing taxes).
I also think we need a #BasicIncome, a higher minimum wage, and a #JobsGuarantee, but don't think they're as immediately achievable.
The current tax rate on these income brackets is 10-12%, so this could mean like $400+ more per month for individuals and $800+ for households.
It wouldn't be that much net because many people are getting EITC or the standard deduction, but these should become possible negative tax liabilities i.e. the government pays you if your tax owed is negative.
Anyway, I think this could have support of both the Democratic and Republican bases.
But I don't think either of their parties would go for it. No matter how much the American narrative is anti-taxes it is more anti-poor/working people and more pro-balanced budgets.
But I don't think either of their parties would go for it. No matter how much the American narrative is anti-taxes it is more anti-poor/working people and more pro-balanced budgets.
If Biden proposed a 0% tax rate on income less than $40,000, he'd win in a landslide.
But I also think this is the kind of economic populism Trump might propose to retain power.
Which is very scary because I think it might work.
Too many Americans are willing to degrade democracy and cause racist violence if it means more money for them personally.
Which is very scary because I think it might work.
Too many Americans are willing to degrade democracy and cause racist violence if it means more money for them personally.
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