ELIMINATING INCOME TAXES
Collectively, we earn $20 trillion per year.
There are over $7 quadrillion in payments each year.
Look How Low Taxes Would Go if We Taxed Payments Instead of Income
The budgets of the federal, state, and local governments total $7 trillion.
÷ $20 trillion
Taxing income requires a tax rate of 35% to balance the budget.
UBI, free healthcare, free college and a $2.6 trillion surplus would total $14.5 trillion.
÷ 7,244 trillion
By taxing payments we could reduce the tax rate to 0.2% and enjoy more benefits.
Reduced Taxes Plus More Benefits
We're Taxing the Wrong Thing!
The material economy is the flow of goods and services. The monetary economy is the trading of financial assets, which is 350-times the size of the material economy.
The large blue sphere represents the total payments in the monetary economy.
We are taxing the red sphere when we should be taxing the blue sphere!
The tiny red sphere represents the total payments in the material economy.
What Taxing Payments Would Mean to You
If you're single and earning $30k, your taxes would drop from $6k to just $60 .
A Bar Chart Comparing Our Income to the Total Payments in the Economy
The volume of payments in our economy - $7,244
Versus our income -