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#taxrate

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➴➴➴Æ🜔Ɲ.Ƈꭚ⍴𝔥єɼ👩🏻‍💻

One of the things not often talked about when talking about a #UBI, is that it allows you to make a #FlatTax a #Progressive #Tax.

This is a good thing, because a lot of the trash we have favoring #corporations / #investors, etc is actually because we can't really tax all #income the same while having a progressive tax.

So, check is out:

Suppose there's a 40% #TaxRate, and a $20k UBI.

The Effective Tax on an individual then becomes what's shown in the picture.

This is _more_ progressive than our current tax system.

A table showing that a person below the poverty line has an enormous negative tax burden, and for the rich they hit the tax rate pretty fast, with the middle class paying a reasonable effective tax rate. E.g. At $1000 earning you pay -1960% tax rate, at $100,000 you pay a 20% tax rate, and at $10 million you pay a 39.8% tax rate.
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Joseph Lim :mastodon:

"economist G Zucman wrote, “In the 1960s, e 400 richest #Americans paid more than half of their income in #taxes. Higher #tax rates for e #wealthy kept #inequality in check & helped fund e creation of social safety nets like Medicare, Medicaid & food stamps.” But as Zucman adds, “In 2018, #America’s top #billionaires paid just 23% of their income in taxes. For the first time in e history of USA, billionaires had a lower #effective #taxrate than #workingclass Americans.”"
prospect.org/justice/2024-05-2

The American Prospect · A Five-Year Prison Sentence for a Public HeroLeniency is needed for a good kind of civil disobedience.
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