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b_b  ·  3544 days ago  ·  link  ·    ·  parent  ·  post: $11,000 for Every Household: Could Guaranteed Income Work for America?

    ...hoping doesn't help the poor much.

No, it doesn't, but it at least puts the people's hearts in the right place, which is better than the alternative, I suppose.

Here's an actual way to help the poor straight away: Do away with the payroll tax. It currently sits at 12.4% and it's regressive, which even flat tax advocates should be against. I don't think most people are even aware that 12% of their wages are being skimmed before they pay a dime of income tax. IMO, the payroll tax should be obliterated tomorrow, and an offsetting increase in income tax should shore up the rest. The poorest people are paying almost the same tax rate as is levied on capital gains. Some 3/4 people pay more in payroll tax than in federal income tax. There's no 47% when it comes to the payroll; it's just a dead weight on people's income. To me, this is unjustifiable.