DesideriScuri -> RE: Minimum wage in america (12/17/2013 6:36:30 AM)
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ORIGINAL: DomKen quote:
ORIGINAL: DesideriScuri FR, What would happen if the Federal Government, through the IRS decided that $75k was the minimum annual salary necessary? No taxes would be levied - at all - on your first $75k of income; no FICA, no SSI, nothing. Anything after that, though, would be taxed. And, if you didn't make $75k, you'd have "refunds" to take you up to that amount. Would this be an idyllic country, or would there be breakdowns in the social structure? Nixon tried a reverse income tax, what you are proposing but at a lower income level, it worked pretty well in the 4 pilot programs. http://en.wikipedia.org/wiki/Negative_income_tax#Implementation Basically working families, and you had to work to get the money, took 2 weeks vacation each year since they didn't need to work every day to reach the poverty level. Even today we have the Earned Income Tax Credit which serves to the same basic purpose. That's not what I proposed.
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