The American Freedom UBI and Tax Plan

52 State Flag (proposed); if add Puerto Rico and Washington, D.C.

This is a 1st Draft of a proposed economic plan for the United States of America. It does not solve everything, it just makes life generally better. I have yet to arrive to any objections to this plan, except for the discarded one of those who would be crying over “lost” imaginary profits.

“Universal Basic Income” (UBI) is defined here as:

  • $62,000/year (in 2020 dollars) per person, paid directly by government.
  • National Medicare Coverage at 100%:
  • – no age restrictions,
  • – medical, Rx, dental, vision, hearing, hospitalization,
  • – physical & occupational rehab, long-term & disability care,
  • – addiction rehab, hospice, funeral.

“Work” is defined here as:
32hours/week x 52 weeks = 1664 credited work hours per year,

  • with 8 calendar weeks of vacation+holidays
  • – (non-expiring accumulation, for days not taken within the year)
  • 3 years maternity or paternity leave (government funded)
  • minimum wage = $37/hour ($61,568 for 1664hours/year).

Tax Schedule for Individuals

  • “Tax” is defined as total of Federal+State+County+City taxes,
  • no deductions of any kind,
  • “Total Income” is defined as cumulative from all sources (i.e., includes capital gains),
  • “Taxable Income” is defined as (Total Income – $62,000)
    For:

(1)
Taxable Income = $0.
Tax = $0.

[no one has Total Income < $62,000]

(2)
$0 < Taxable Income < $938,000.
Tax = 17% x (Taxable Income/$62,000)^0.397
i.e. (4 examples):
0% for Total Income at $62,000;
[leaving $62,000 net income]
25% for Total Income at $225,788.57
[$40,947.14 tax, leaving $184,841.43 net income]
35% for Total Income at $444,264.78
[$133,792.67 tax, leaving $310,472.11 net income]
49.984% for Total Income at $1,000,000.
[$468,849.92 tax, leaving $531,150.08 net income]

(3)
$938,000 < Taxable Income < $999,938,000.
Tax = 38.335% x (Taxable Income/$62,000)^0.098
i.e. (2 examples):
50.028% for Total Income at $1,000,000.
[$469,266.76 tax, leaving $530,733.23 net income]
99.069% for Total Income at $1,000,000,000.
[$990,630,091.60 tax, leaving $9,369,908.40 net income]

(4)
Taxable Income > $999,938,000.
Tax = 99.1% x (Taxable Income)
i.e. (2 examples):
[$990,938,558.00 tax for Total Income = $1B; leaving $9,061,442.]
[$9,909,938,558.00 tax for Total Income = $10B; leaving $90,061,442.]

Corporate Taxes = 50% of Total Income, no deductions.

Stock Market Transaction Tax = 30% on every transaction/trade, whether electronic or in-person.

The U.S. military budget is mandated to remain below 1% of GDP (which was $22T in 2020),

  • – so under $220B (2020)

Climate Change Response, Energy Systems Transformation, Environmental-Biodiversity Restoration mandated to remain above 2.5% of GDP,

  • – so over $550B (2020)
  • – no fossil fuel subsidies
  • – no nuclear subsidies (beyond safe maintenance of legacy waste)
  • – steadily reduce Greenhouse Gas emissions annually to arrive a “0” by 2040
  • – plastic packaging banned
  • – all potable water systems bought up to maximum standards nationally.

Agriculture:

  • – regenerative agriculture mandated
  • – chemical pesticides banned

Internet:

  • – nationalized (free access)
  • – including social media

Guns:

  • – each gun must be insured at $1,000/year, to pay for gunshot victim injury and death costs, nationally.

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