Maximum Income

In reading suggestions supporting a basic guaranteed income, I'm reminding of something I heard many years ago about maximum incomes. It works like this (dollar amounts example only). There would be a basic guaranteed income of $25,000 and a maximum allowable income of $75,000. Income is defined as every cent that hits your wallet--wages, interest on savings, dividends from investments, profits derived from private business, gifts, sales, etc. A person could draw in as much money as they want, but anything over $75,000 would be taxed at 100%.

Showing 6 reactions

  • commented 2016-01-18 06:15:34 -0800
    If you know anything about economics, then you know that this is a really bad idea.
  • tagged this with not important 2016-01-18 06:15:33 -0800
  • commented 2016-01-01 18:51:09 -0800
    Money is like water: it finds a way. As a practical matter, people need to see that policy is balanced, and works for the greater good. A hard cap at any amount will be a tough sell, and is arguably unjust. However, a steeply graduated marginal tax rate is absolutely necessary. We should take the advice of progressive economists about the details.
  • tagged this with somewhat important 2016-01-01 18:51:08 -0800
  • tagged this with somewhat important 2015-12-25 10:56:39 -0800
  • published this page in 2016_strategy2 2015-12-25 07:21:53 -0800