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Our economy is comprised of over $6,125 trillion in the flow of money as shown in this table.
By tapping such a huge flow, the taxes you pay could be slashed by 100-fold and yet we could generate more revenue than we do today.
The Fed publishes this information in the BIS Red Book. Click United States in the link below, and look for Tables CTA1 and CTA2.
2 - The Power of a Flow Tax
If we taxed flow of money at 0.5%, we could eliminate every single tax we pay today, and yet generate $30.625 trillion in revenue.
3 - The Cost of New Benefits
Here's the cost of funding $24,000/yr in basic income, earned income credits, child care, free healthcare, and free college.
4 - We'd Have a Balanced Budget
The benefits above would cost $12.226 trillion, but they'd replace $3.4 trillion in spending. The new budget for the federal and all state and local governments would thus total $18.826 trillion.
A 0.5% flow tax would generate $30 trillion, so we'd have an $11.799 trillion surplus, as shown in the table.
5 - You Would Have Much Lower Taxes
Your new tax rate would be just 0.5%.
You'd no longer have to pay any federal, state, or local income taxes, Social Security taxes, capital gains taxes, sales taxes, or property taxes. And yet you'd receive basic income, free healthcare, and free college.
The math works. This can be done. To learn why this is possible, visit our page on taxation.
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