A better economy means using a better system. With more than $13 trillion moving electronically every day through our economy, the U.S. government could apply a small tax on each transaction to create a Universal Basic Income for citizens, pay off the national debt, and put an end to our current income tax.
The problem with the current U.S. tax system is that it primarily taxes one source: income. The income of everyone in America represents only a third of 1 percent of all payments in the economy. Corporate payments are even less.
Social Safety Net
Creating a social safety net is about rewriting our broken welfare and social security systems. Instead of overpaying for these out of date systems, we could simply tax 2 cents on $10 of every transaction, and create a universal basic income with retirement benefits for every citizen.
Healthcare in the U.S. averages about $10,000 per person, which is three times more than what other developed nations pay. Under a new financial operating system, the federal government would deposit a monthly cash benefit in a medical savings account for individuals who would choose to spend it on insurance or directly to less costly provider groups.
By adding a small tax on the flow of money- at two-tenths of one percent (0.2%), our country would generate enough revenue to let students attend college for free within limits, paying up to $10,000 per year to cover college tuition. By incentivising students to select efficiently priced institutions, there is less student debt, and college costs decrease for everyone.
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Voices In Our Economy
Healthcare in America is well known for having outrageously high prices. Compared to our European counterparts, American healthcare can often run two-to-three times the cost for any given procedure. While some of this cost comes from markups on pharmaceuticals and...read more
Although in recent years, UBI has gained traction primarily with left-wing progressives and billionaire libertarians, the historic base of support for UBI has come from a more moderate place. This article from Bloomberg addresses the historic context for UBI and how...read more
By falsely claiming he had withheld $1 million in taxes, a Tampa man was able to fraudulently recieve a check for $980 million from the IRS. This article from CNBC explains that by grossly over reporting on his taxes, Ramon Christopher Blanchett was able to receive...read more
What We Do
Our mission is to guide solutions for the modern economy. The foundation seeks to educate, inform and engage Americans about the economy and alternatives to the income tax. The foundation promotes citizen forums, policy initiatives and national conversations on the economy to educate people about the need to modernize our taxation system.
How We Do It
We give people the information they need about financial challenges and the economy to make effective choices and informed decisions. Through the Econ News Wire, national forums with expert panelists and books and articles, the foundation seeks to guide people to a better understanding of the economy. Specific topics of interest include taxation, banking reform, universal basic income, free college and free basic health care.
What a Payments Tax Would Do For You
Here’s a plan that supports consumers, American workers, senior citizens and the poor. Both Republicans and Democrats finally have a plan that works for all people.
Use our Calculator Wizard tool to see how your budget would be impacted under the plan.