Covid Recovery spending paid w/Value Added Tax

Economics
1

I’d like U.S. Covid recovery stimulus spending be done on universal health care insurance and universal basic income; this being paid with a national ten percent value-added tax as well as with a higher corporate income tax of twenty-nine percent. I’d like tax reform and universal health insurance with universal basic income be implemented as follows:

  1. Universal health insurance ( U…H.I.) affordably be done with insured cost sharing, ( Universal Medicare with a combined $4,000 Part A and B deductible, a 20 percent Part A and B co-insurance and a 50 percent prescription drug co-insurance ) costing taxpayers ca. $1.9 trillion in the fiscal year 2023.

  2. U.H.I being funded in large part with a 10 percent value-added-tax ( 10%V.A.T.) less VAT tax monthly rebates of $165 for each American citizen age 18 or over, this would net approximately 600 billion dollars of revenue in the year 2023; U…H.I. also being funded in part with an increase in the corporate income tax rate from 21 percent to 29 percent resulting in corporations paying U.S. corporate income taxes of ca. $500 billion, the imposition of financial transaction taxes ( remittance taxes and stock/bond trade taxes) generating ca. $200 billion, the implementation of tariffs resulting in ca. $135 billion of revenue in 2023 and federal estate taxes generating an additional ca. $35 billion in revenue., alcohol, cannabis and tobacco excise taxes generating ca. $80 billion of funding for U.H.I, and the remainder of funding for U. H.I. coming from Medicare payroll taxes of ca. $350 billion.

  3. Social security being fully funded by a doubling of the cap on social security taxes, so that all workers and employers would contribute 6.2 percent of social security taxes on every dollar of their earnings up to $320,000 of each individual wage earner’s income .In 2023, this would mean Americans would pay ca. $1.3 trillion in social security payroll taxes.

  4. U.S. military spending along with all other governmental agencies, save for U.H.I. social security the Department of Transportation and Homeland Security,being funded with a simplified income tax system, just a few income tax brackets beginning in year 2026, zero percent on the initial $12,000 of personal individual annual income, 12 percent on $12,001 to $51,000 of personal individual annual income, 32 percent on individual personal annual earnings in excess of $51,000. Capital gains taxed at same rate as ordinary income. No tax credits, save for a refundable $2,000 child tax credit as well as a $4,000 subsistence living allowance tax credit for each adult American citizen. In 2023, this would result in total personal federal income taxes amounting to an estimated $1.2 trillion.

  5. The implementation of excise taxes on railways, fuel, airports and aviation collectively adding up to $160 billion, which would fund the Department of Transportation and Homeland Security.

  6. Approved federal spending in 2023 at ca. $1.9 trillion for universal health care ( U.H.I. ) $1.3 trillion for Social Security, ( no change from status-quo on S.S. retirement benefits ), ca. 900 billion dollars towards the military and veteran services or veteran benefits, $494 billion on debt interest payments, an estimated $100 billion towards Medicaid, $62 billion spending on the U.S. Department of Agriculture, ( ca. $10 billion ) for the Department of Commerce, ( ca. $13 billion ) for the Center for Disease Control and Prevention, ( ca. $32 billion) for the Department of Energy, ( ca. $9 billion ) for the Environmental Protection Agency, ( $4 billion ). for the Food and Drug Administration, ( ca. $40 billion ) for the Department of Housing and Urban Development, ( ca. $23 billion) for the Department of Interior annual spending, ( ca. $50 billion) for the Department of Homeland Security, (ca. $30 billion) for the Department of Justice, ( ca. $10 billion ) for the Department of Labor, ( ca. $25 billion ) for N.A.S.A., ( ca. $45 billion ) for the State Department, ( ca. $110 billion) for the Department of Transportation, ( ca. $23 billion ) for the Department of Treasury; the above proposed federal spending resulting in total federal annual spending to be ca. $5.18 trillion…

  7. The above approved fiscal year 2023 federal spending being ca. $5.18 trillion and ca. $4.56 trillion of tax revenue would result in a federal deficit of ca. $620 billion for FY 2023; all new federal government spending could be balanced with incoming revenue sources. The only deficit spending could be for paying interest on debt from previous government spending.

What spending would you like done in order to stimulate our economic recovery from the C.O.V.I.D.-19 pandemic? How would you like this spending to be paid for?

1 Like
2

You like! You like! You like! Vote on it and see if you can convince a majority! We don’t need any more entitlements and no to such progressive tax policies.

1 Like
3

I’ve supported Andrew Yang. He was politically defeated early this year. Since then, his idea of universal basic income with universal health insurance may have gained more political support in our C.O.V.I.D ravaged economy. A subsistence living allowance for all Americans might be needed in order for many to survive in this C.O.V.I.D. ravaged economy where there is now lots of Americans without a reliable source of income. Also, employer based health insurance clearly doesn’t work for the millions upon millions of Americans who are now unemployed.

4

Socialism with a progressive tax policy, that is all it is. We have seen this story before and it never ends well! See Venezuela!

Covid is not going to be around forever and Freedom living Americans will not submit to being subjects of the state, we already have authoritarian dictocrats infringing on civil liberties to show us what that looks like!

2 Likes
5

I don’t want any spending. I want the economy to crash and along with it the federal government. State governments need to go down too as they can’t survive without the constant influx of federal cash, stolen from the taxpayers, anyway. This bullshit system is not what the founders created. Let it all come down because it’s been a house of cards since the end of the Civil War anyway. This collapse is long overdue and sorely needed.

6

Of course, Covid isn’t forever; however, please let’s also consider the prospect of the next pandemic as well as the automation of our economy replacing people’s jobs as good reason for universal basic income along with a single payer universal health care system.

1 Like
7

COVID-19 is a real disease caused by a real virus with a high survival rate being used by the elites as a tool to confuse and scare the public and consolidate power.

8

Please let’s consider the likelihood of mass anarchy and chaos being way more costly than the provision of a universal subsistence living allowance along with a single payer universal health insurance system for all American citizens.

1 Like
9

Where is all that money coming from @Maverick? Should we just print an unlimited amount and hand it out forever? Do you understand how inflation works?

The recent cascading 35% waterfall CRASH due to the global Chinese coronavirus pandemic is unprecedented. The 23-day downdraft ranks as the fastest documented decline of this magnitude in history!

A ferocious bear market has emerged from hibernation after an 11-year bull market. The 30 million jobs lost over the past month account for all job gains since 2009. Unemployment numbers will continue to rise.

The current economic recession calamity, hearkens back to the 1982 recession, which held the record for the highest unemployment rate, since the Great Depression…until now.

Time to take off your rose colored glasses.

10

Universal basic income might very well reduce government bureaucracy as well as empower almost all Americans in contrast to the status-quo system of targeted welfare programs.

11

Well maybe stopping the unfettered migration of illegal aliens into the country would alleviate the automation issue. Also your proposal is nothing short of being the same tried methods as before. You simply can’t spend your way out of these problems Nor keep taxing labor with diminishing production.

12

Actually, a value-added-tax in place of income taxes and single payer universal health insurance has never been tried before in America. The Alaska Permanent Fund is basically a form of universal basic income for Alaska residents; economic studies of this show the labor market there has not been adversely impacted.

https://www.nber.org/papers/w24312

The Labor Market Impacts of Universal and Permanent Cash Transfers: Evidence from the Alaska Permanent Fund

Damon Jones, Ioana Marinescu

NBER Working Paper No. 24312
Issued in February 2018, Revised in January 2020
NBER Program(s):Labor Studies, Public Economics

13

The OP has detailed the tax reforms I’d like paying for universal basic income and universal health insurance. U.B.I. would eliminate much of the spending now done by the status-quo system of providing welfare. Total spending as detailed in the OP is actually hardly any more than what the P.O.T.U.S. has proposed.

14

I’m very familiar with that since my wife is from Alaska. Guess what, the money in that fund comes from oil royalties. Now that the price of oil shit the bed, that’s a big problem for Alaska. Plus, they have been in a budget crisis for the last 5 years or so because the price of oil kept getting lower and lower. Again, the money has to come from somewhere and when the money isn’t coming in there is no way it can keep going out, unless the state borrows itself into oblivion which the federal government is doing right now.

15

Just because it’s never been tried in America doesn’t mean it’s the correct solution or that it hasn’t been tried before in other countries. Alaska also is highly subsidised by the oil and gas industry that operates on indigenous territories so it’s hardy a good example to use for the rest of the country. You fail to address the production problem and the private sector vs. nationalising corporations.

16

Value-added taxes are widely implemented by other countries. I reckon there’s plenty of resources other than oil and gas that’d generate consumption tax revenue for funding a subsistence living allowance for every American citizen.

17

China should pay for the mess they created around the world and good ole free market CAPITALISM will bring the economy back up and roaring again in the USA!

I would hope there would be another REVOLUTION if socialism/communism every tried to infringe on American freedom.

18

Wha you did; t get enough of a response so you made a topic with the same garbage???

Better yet, you want universal healthcare why to pay your fair share instead of demanding everyone else pay for your healthcare.

A national sales tax where everyone pays their fair share.

Increase the SS tax via the cap. Will you also increase the amount paid as the max would certainly increase with the cap increased? Or do you want to end the facade and make it into the true entitlement that it is today?

Increase corporate taxes, a laughable suggestion as they would pass it along to the consumer in higher price. Maybe you could double their taxes and they would move off shore and you get nothing. At 29% it would be an incentive to begin that move. But then again w could increase the trade deficit from over 600 billion to a trillion.

The national debt will increase year after year regardless as there is no provision to pay it down not that anyone cares. Not to worry as that debt service will become the largest budget item.

Go ahead use the covid stimulus for UHC. Many small businesses will close then you can pay a UBI as people will certainly be unemployed and likely long term.

I find it appalling that we would think about ending all incentive to actually work and eliminate the incentives for bettering our lives for our families all so the world can cross the border and increase the number and lower the standard of living to the level of Mexico or any other central american nation.

I reckon most small businesses would favor getting rid of the burden of administering and cost of providing health care to their workers. I figure they’d come out ahead on that deal of paying a bit more in corporate taxes in exchange for not having to provide their employees with health insurance.

What you are suggesting here makes small businesses and their employees completely dependent upon the government. How in any way is that a good thing?

When I wanted a job with better health care I improved my skills so I could go get that job and negotiate a higher rate of pay and a more comprehensive benefit package. What you are talking about completely removes the incentive for people to work hard and improve themselves.

Many small businesses do not provide healthcare to their employees. The ACA covers them with medicaid as that is what the democrats, progressives intended.

You got your ACA now live with it and belly up to the bar any pay your fair share instead of demanding everyone else pay for your healthcare.

Businesses do not and have never paid corporate income taxes.
Taxes like labor and material are a cost of doing business and are factoring into the price of goods and services.
Taxes get to high and the prices rise above what their foreign competitors charge they cut expenses. PEOPLE are the largest expense. Can’t cut enough pool, the nest option is off shoring operations. Still to high move off shore. Still to high, close the business and liquidate.

Why is it that people like you demand others pay for your healthcare and demand everyone fall in lockstep with your demands. Your choices are far greater, you can chose Canada or many EU nations for your free healthcare. Quit demanding we trash what’s left of our healthcare system so you can get FREEE.

I find it laughable as the universal healthcare would be provided by the same people that administer the VA healthcare system which is a mess, medicaid which is beyond a mess resulting in doctors who refuse to treat medicaid patients as well as medicare, fraud ridden system where many doctors refuse to service seniors do to low and delayed payouts from the government.
And sadly the cheerleaders for UHC refuse to address the reality that the best and brightest would no longer seek a medical career as to government mandated salaries and the reality that they would be on a salary instead of an incentive based income.

I’d take a stab and say because people like this don’t have an understanding of business and how it works.

It’s a common misperception that business owners are wealthy.

It’s the attitude of “you didn’t build this” so you should pay more to the people who did.

It’s been a while since we’ve seen EVOlution — their last post was 4 months ago.

What small businesses? They are getting wiped out right now because of this silly shit. How does Coronavirus know it should not go into Wal Mart but that it should INFEST small businesses?

If you’re a small business, you are CLOSED, but if you’re a billionaire run mega chain, it’s business as usual (except for whatever bullshit you want to mind whip the people with, like one way aisles)

Corona is the consolidation virus. Communists like to keep it simple. They want one ONE EASILY CONTROLLED FEED TROUGH. Right now, with small businesses, there are too many feed troughs to keep track of, so coronavirus miraculously goes to the small places and makes them toxic waste holes that MUST BE SHUT DOWN, while it happily dances away from Wal Mart like a fairy.

The motives are obvious. With too many doctors now stating that they are falsifying death reports as corona, with too many doctors now saying they are murdering people to get the stats as well, corroborated by phone calls to husbands, videos of masked men announcing provably living people dead from corona right after those living people were carted away by police, and now DEAD NURSES who blew the whistle, the story line is obvious: Corona is a big fat hoax being fronted to destroy small business and hand everything over to centralized communist systems.

They destroyed America’s oil industry on purpose with this. They are destroying America’s small businesses on purpose with this. They are quarantining people while feeding them free money to invoke social change. They are destroying agriculture, with the meat sector now documented to be 45 percent wiped out. We need a rebellion STAT and NEVER FORGET WHO FRONTED THIS and how it happened.

This happened because Fauci and Bill Gates paid for the development of a virus that was supposed to be devastating but ended up being a failure because at least the final tweaks were done in China. They probably did smuggle the original out of Ft. Detrick but I don’t think we got an un-touched American product because if we did, it would have worked.

In conjunction with this, the media played the game and ram rodded a scam down everyone’s throats. And who were the main players in ALL OF IT? Answer: The Tribe. They have wormed their way into ownership of all the big corporations people are now feed troughed into. They own the media that fronted the ruse and ran with it as if it was a complete success and to top it all off, Gates and Fauci are also of the tribe, with the “cure” coming from a tribal company.

They then destroyed agribusiness by refusing to buy from agricultural sources they did not own with this enforced by the fact that they owned all the big feed troughs people are now forced to go to while non-tribal businesses die. If there are any efforts to put things right, people need to know who did this, it’s not going to work if people are stupid enough to think it was Muslims, Chicoms or god knows what else that caused it all.

Reply

Well said.

These people are totally clueless as to the cost of doing business and the reality that there are limits as to hw much can be demanded from the government before the reasons for having a business is eliminated by the costs imposed by government.

1 Like
19

Most seniors are happy with their medicare. I reckon many of them would also like this same level of care applied to all Americans. The universal health care system in Sweden in so good there they could take a herd immunity approach towards Covid without overfilling their health care resources beyond capacity. Unlike here in America, where elective medical procedures had to be cancelled in order to conserve health care resources for treating Covid infected patients.

20

My wife and I day trade stocks and commodity based funds, as a small business owner of just us two people, we’d be more than willing to pay a bit higher taxes in exchange for reliable government funded health care insurance coverage…