Novus America wrote:Totally Not OEP wrote:
While we're at it, pass Warren's proposed Wealth Tax and Real Corporate Profits tax to fund the creation of a Negative Income Tax set at 150% of the poverty line with a 33% phase out rate.
Definitely a NIT based on the poverty line. I am somewhat partial to the Fair Tax proposal but not as the only tax. Border adjustment is good, the key is we have to be careful with any tax to prevent capital flight and loss of competitiveness.
We definitely need an outsourcing tax, and tax corporations exactly on the profits they make selling stuff here, not more shifting the profits to Ireland.
AEI did some research on NIT in 2015 and found that one based on the poverty line with a 50% phase out would cost about $260 Billion a year. Under my proposal, the phase out would be less, at 33%, and the baseline would be 150% of poverty (around $18,750). It's a more generous proposal, gets people over the poverty line instead of just at it and probably isn't much more expensive.
BAT was proposed by the GOP in 2017 during the early stages of the Tax Cut process and functions like a VAT on items imported but not exported. Something like 140 countries use it already.