I keep seeing and hearing the never ending debate about minimum wage, yet nobody ever discusses what seems to me to be an obvious solution: MAXIMUM WAGE. What if the bottom 99.9% paid a flat tax rate of 10%, and only the top 0.1% had to pay an increasing scale above the cap that put them there at very top? That would be an interesting solution! Lets do some quick math, shall we? Average minimum wage in the USA is roughly $7.50 per hour. (some states, more, many less.) If a worker puts in 40 hours a week for 52 weeks (because you know they arent taking any vacations!) that comes to $15,600 per year before taxes. This puts you in the lower 18% of American wages. Now say you have good work ethics and are able to earn $15 an hour, and even take a week off, (unpaid probably, or accumulated sick days anyway...) That means you would earn $30,600 before taxes, bumping you up to the 38% mark. Congrats! You are now lower-middle class! Maybe you have a decent labor job or earn some tips and can average $21 an hour. With the same one week off, you would earn $42,840 before the taxes hit, putting you right at the 50% average. So if 3xs minimum wage makes you middle class, where do you land at 6xs minimum wage? The top 1%? Hahahahaha! No... 6xs minimum wage = $93,600 at 78% 10xs minimum wage = $156,000 at 90% 20xs minimum wage = $312,000 at 97% 30xs minimum wage = $468,000 at 98% 40xs minimum wage = $624,000 at 99% 50xs minimum wage = $780,000 is stil 99%... 100xs minimum wage = $1,560,000 is still only 99.5%!!! So how much is enough? You would need to earn $2,075,000 or more to fall into the maximum wage bracket. Up to that point, your taxes would be the same 10% as every other person, or every other business. (Thats right! No more corporate welfare!) At that point, the income you earned above the cap would be taxed on an increasing sliding scale, leaving the bulk of the tax burden on the 0.02% at the very top. (You know, the multi-billionares. The ones who currently pay the least percentage, and shift the bulk of all government and social service costs to the pockets of the lower classes.) Both individuals and businesses alike would pay 10% up to the 2 million mark, then it would be taxed at 11% for the third million, 12% for the 4th million, and so on up the ladder. This way the smaller businesses would receive the tax break and the mega corporations would pay the lions share, thus making things a bit more fair for 99.9% of us. Before any of you try to say anything about how taxing the rich will hurt the economy, just look at the actual statistics for wealth distribution in America over the last 50 years. The math proves beyond any doubt that trickle down economics is an outright lie, and by taxing the wealthy less, all we have done is widen the gap, driven more people into poverty, and crushed the middle class. So to all of you arguing about minimum wage, now you have a new wrench to throw into the debate machine. I say we collectively demand maximum wage at all public political debates and start spreading this idea instead. It will be fun! Share this, and feel free to refine the idea and improve upon it. Im seeking a solution here, so no fighting. Lets work together to fix our economy!
Posted on: Tue, 04 Mar 2014 04:07:28 +0000
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