Don't give the super wealthy any ideas.
this post was submitted on 29 Nov 2024
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but what about -~- LOOPHOLE WHACKAMOLE -~- its not technically free for billionaires since they have to pay so much to lawyers
Negative Income tax could operate like UBI. The hero of neoliberalism Milton Freedman supported a scheme to transfer wealth like this.
What are the upside of that vs plain minimum wage?
It reduces the onus on businesses and places it on the government (and this indirectly, taxpayers).
Better for small businesses to hire and thrive.
"But I don't want my taxes to go up!"
Maybe you just need more tax brackets. Where I live, for some reason, a specialized doctor making $250,000/yr is in the same tax bracket as some C-suit making $900,000.
I definitely need more tax brackets where I live.
Never understood the idea of tax brackets. Why isn't it just continuous? Computers are calculating the tax now anyway, not like it would be infeasible.
I mean to a degree it is continuous. To simplify things the first $10 you make isn't taxed. $11 to $15 is taxed at rate A, $16 to $20 is taxed at rate B, etc. This is what is meant by the progressive tax system. Obviously these numbers are much higher in reality.
People who can't understand this are the ones bragging that they turned down a raise because it would "change their tax bracket". With one exception at very low income, called the benefits cliff, the more money you are paid the more money you take home after taxes.
Does this make tax brackets less confusing? I want to help you and anyone else reading to understand.
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Sounds like a nightmare to try to explain to someone. Technically it should work, but practically it might be difficult.
Why? To me it'd be much more intuitive. I find brackets quite confusing
How would an infinitely adjusting tax percentage be intuitive? Brackets are simple. You pay x% on your income in some bracket and y% on your income in a different bracket. You only need simple multiplication and addition to figure out what you would owe.
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Brackets are lobbied for. You cant lobby a straight line.
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Please edit the title of your You Should Know post to begin with "YSK". It's Rule 1 of the community. Thank you.
Thank you
What a bad set of graphs! The first one is just wrong.
Good thing it's a wiki!
In what way?
The tax is never negative. Instead, it plots a progressive tax rate, and calls it "negative".
The second graph is just confusing and detracts from the explanation instead of adding to it.
That graph plots gross pay (x-axis) against take-home cash (y-axis). The far left of the graph (in green) shows people making under 20k taking home more than their "earned" pay. At the extreme bottom is somebody making 1,000/year taking home 10,000. The progressive income tax starts at 20,000.
Not labeling the axises does make it hard to read.
Oh, that's right. Yes, the graph is only bad and not wrong.
As an example: this exists in Flanders (dutch speaking part of Belgium): https://www.brusselstimes.com/316484/job-bonus-for-730000-people-in-flanders-how-to-make-sure-you-get-yours
The US doesn't technically have a negative tax, but the EITC accomplishes the same basic thing. Whether it's efficient enough, or needs expansion is another story.