Want to alleviate poverty?
Sure you do.
I think we can all agree that it’s a national tragedy that our poverty rate has remained virtually unchanged since LBJ declared an unconditional war on poverty in 1964.
$23 trillion or so later and Governor Gavin “Threesome” Newsom of California is still dealing with its ugly effects.
So what gives?
Well, if human nature still holds true – which it probably does – then punishing an action will produce less and less of that action.
If you punish wealth by taxing it at incrementally higher rates as income increases, logic tells us you will probably get less and less of it.
I for one am not going to fight reality, so let’s say that’s true.
And if it is, then I have a plan of drastically reducing the number of poor in our great nation while simultaneously skyrocketing wealth.
New Logic For TAXATION
I call it the Getting RIT of Poverty Act, or The Regressive Income Tax.
It’ll work something like this:
Here are my proposed top marginal household income tax rates:
Over $1 Million: 10%
Between $250k – $1M: 16%
Between $100-$250k: 25%
Between $75-$100k: 34%
Under $50k: 50%
By targeting the poor with higher marginal income tax rates rather than the rich, we should theoretically force them into the lower tax brackets… increasing productivity… creating more wealth and jobs… and decreasing poverty.
BOOM…You’re welcome America!
Just like that, we’ve solved our poverty problem and likely created millions of new millionaires in the process.
And get this, when more new millionaires and hundred-thousand-dollar-aires that are created, the government is forced to live without – shrinking it more and more each time.
Stay tuned next Friday for when I show you just how costly keeping our children out of the workforce has been to our economy.