Redistribution of Wealth 20/20 formula. This would be good for starters, formula should drop gracefully over two decades to 5/5 formula. Any individual who receives in one calendar year, money or profit in ANY form, more than twenty times federal minimum wage times 2080, shall pay 100% tax on excess. Any individual whose net worth is more than twenty times annual maximum wage shall pay 100% tax on excess. This would include cash, stocks, bonds, personal and business property etc. Annual income taxes would still apply with lower income people paying lower tax rates. No person would pay any federal taxes other than Social Security on first $12,000, minimum amount needed to survive. Social Security would be paid on all income with no upper limit. Each US citizen would be allowed to earn and retain: $7.25 Federal minimum wage x 2080 40 hours x 52 weeks x 20 Max factor, annual income ____________ $301,600 Maximum annual wage + ALL other income. x 20 Max factor, total net worth _____________ $6,032,000 Max net worth using 20/20 formula. Doubling minimum wage would double total net worth.
Posted on: Wed, 02 Oct 2013 06:16:37 +0000
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