Trump’s America –Episode # 176 – Time For Negative Income Tax

By Arthur Piccolo

News Americas, NEW YORK, NY, Fri. June 26, 2020: Covid-19 needs to keep producing good results …..

By EXPOSING so many basic flaws in America, beginning with the fact made clear again that IT PAYS TO BE RICH. Sub-title: It Does Not Pay Not to Be!

YES, we need a vaccine, but so much more right NOW!

“Hamilton: The Movie,” screens on July 3rd, but here in Trump’s America, we something even much more important right now from Hamilton himself …

ALEXANDER HAMILTON FOR THE 21ST CENTURY!

Call this The Alexander Hamilton Project. I will explain later the NEVER before articulated real and full meaning of Hamilton’s famous quote ….

“A national debt if it is not excessive will be to us a national blessing.”

It is time for a NEGTIVE income tax in America, OR if you prefer, label it: ENDING WELFARE in America OR call it Black Lives Matter too!

Here is how it will work. Does this sound too simple? Well it is not. In fact, its simplicity is its strength. Every American 18 and above making less than $75,000 a year from any and all legal sources will get a check for the difference from U.S. Treasury as long as you are employed and can prove it.

If you are not employed, no problem; you can choose a job from a national database of both public and private positions for which you qualify. For those that pay less than $75,000 annually, the US. Government will give you a check for the difference in 12 monthly payments, just like all others will receive …

One parent in any household raising at least one child under 14 will qualify as employed for the purposes of the Negative Income Tax program. Those severely handicapped and judged not able to work will also qualify.

Qualifying work will include “self-employment,” based on documented year-round activity doing so. Seasonal workers will be considered “fully employed” and the need for unemployment insurance will be eliminated.

Any individual 65 or older will fully qualify for the Negative Income Tax, as long as they are employed; or if not, they are able and willing to participate in a qualifying list of community service programs and projects.

No income tax will be collected on any income below $75,000 a year, whatever the legal source. Federal tax collection will begin at $75,000 a year of income. The so-called completely regressive payroll tax will be completely eliminated.

Most, if not all income tax deductions and special credits, will be eliminated and the U.S. tax form for all Americans will be just one page long and filed electronically. The NEW artificial intelligence automated tax system will respond with any further information that might be required of a filer.

All income over $75,000 will be taxed the same, no matter the source, and the tax rate will climb steeply for those making over $1 Million a year, and much more for those making $10 Million, then $100 Million, etc. etc.

There will be a 5% annual wealth tax for those worth $100 Million or more.

DOES THIS SOUND TOO GOOD TO BE TRUE ? WRONG!!!

This is a powerful solution to America moving forward in the post COVID-19 era, and even more, remaking and reimagining the United States for the 21st century.

So, let me get right to the BIG question ….

WHO IS GOING TO PAY FOR ALL THIS?????

First of all you are right. We could have a 100% income tax for every American millionaire and every large profitable company and that would not come close to funding a guaranteed $75,000 income for every adult American.

Let me ask you a question…

How did we fund the Civil War, the World Wars, the Great Depression, and so many other very, very expensive expenditures throughout American history and how are we now paying for the $6 TRILLION Covid-19 costs??????

OUR government “printed” money, lots of money to do so in every such case, and it worked. It did not go to some bank or other organization and BORROW all this $$$$$ and have to pay it back or go BANKRUPCT!!

OUR national government, “we the people” if you prefer, does NOT have to pay back all the money the U.S. government spends each and every year because all we would be doing is paying it back to ourselves – to OUR Treasury !

The biggest SCAM in all of American history is that OUR national government goes out and BORROWS all the funds it spends that is greater than the funds it receives from taxes and other revenue sources.

What is true about sovereign NATIONAL governments, and ONLY sovereign national governments, is that they can CREATE money as much as they want in its national currency, simply by deciding to do so. States, cities, companies, and individuals cannot and never can do so – ONLY national governments

Next question please …..

So then why doesn’t the U.S. government print an infinite supply?

Because that would be a DISASTER and destroy our economy.

Dollars would become worthless because they would have no value. Inflation would become astronomical because U.S. currency has no value, since there is an endless supply of it chasing anything that can be bought.

So now you know the REAL way to decide if our national government is creating and spending too much money. INFLATION increases to very high levels and the VALUE of the dollar decreases drastically.

Did that happen when the government’s printing presses worked overtime printing money during or after the Civil War, the World Wars, the Great Depression or RIGHT now for Covid-19? NO, NO, NO!

WHY NOT????????????????????????????????????????

BECAUSE our government was creating enormous amounts of NEW money for very good and very useful purposes – to PRESERVE the world’s greatest nation as it was or make it even better and OUR government got us there by printing lots of money over the last almost 250 years since.

On September 11, 1789 the Great Alexander Hamilton became the First U.S. Secretary of the Treasury and the Savior of the United States.

BASED on one RADICAL idea only he knew was TRUE, even as our new government was so, so weak, mired in so much debt and dissention and so frail with APPARENTLY almost no resources at all….

Alexander Hamilton sitting at his desk at his new first Treasury Office on Wall Street in Lower Manhattan in September 1789 knew the TRUTH …

He could sell, he would sell the promise the potential of America as U.S. BONDS. And spoke the phrase that is as true today and will be tomorrow …

“A national debt if it is not excessive will be to us a national blessing.”

It is time for a Negative Income Tax to make America much greater still!

(This series dedicated in honor of the late Liu Xiaobo & Jamal Khashoggi)

EDITOR’S NOTE: About The Writer: Arthur Piccolo is a professional writer and commentator and often writes about Latin America for New Americas.