Skip to main content

Posts

Showing posts from 2017

A random thought on a tax system...

Could taxes be simplified? Goal The individual tax code should be something simple to understand and fair. Proposal Start with a universal basic income. For point of discussion, a starting point is $15K/year to each US citizen who has reached 21 years of age or attained a high school diploma. The rate can step up again at 65 years of age. In exchange for granting this, several forms of government assistance can be eliminated (though I'd be willing to accept arguments against removing those). That would include social security, federal housing assistance, federal college financing, food stamps, along with eliminating the agencies responsible for managing those programs.
In particular, this income should be universal - not means tested, and not specifically forced to any particular spending requirements. It should be paid via direct deposit to a bank, partnering with banks to make services available to currently un-banked populations. Banks participating in the feature should not b…