How will we pay for all this? Some numbers to share for skeptics:
165 million workers in the USA.
- top 1%(entertainers, athletes, tech inventors & so on paid 20 times lowest salaried workers on their company/team, in this case $100/hr as the example)
- paid $2000 an hr x 1460 hrs a yr taxed at total 80% in progressive fashion = $3.8544 Trillion in taxes.
- Next top 10% 16.5 million workers paid 20 times minimum wage $500 taxed at 60% total at 1460 hr work yr =$7.227 Trillion in Taxes
- Next top 20% 33 million workers paid 10 times minimum wage of $250 /hr taxed at total 50% at 1460 hr work year = $6.0225 Trillion in taxes
- Next 19% 31.35 million workers paid $50/hr twice the minimum wage,taxed at total 20% 1460 hr work year= $457.7 Billion in taxes
- Final 50% 82.5 million workers paid minimum wage of $25/hr taxed at 20% 1460 hrs per year = $602.25 Billion in taxes
This equals $18.16385 Trillion in taxes.
- Divide that by 330 million americans and you get $55041 per person.
- Subtract $24K for UBI, Children under 18 get $12K for the other $12K goes to schooling/ daycare.
- $12K for M4A, $9125 for exercising 1 hr a day & paid $25 to do so,
- $7500 for Social Security.
- A 4th are retirees so multiply that by 4 to =$30K a yr in benefits not counting UBI.
That leaves $2417 left over for all 330 million Americans.
- A 5% sales tax across the board on all goods would give an approximate $1.265046 trillion or $3833.47 per 330 million Americans
- so $3833.47 plus $2417 = $6250.47 multiply by 330 million equals $2.0626551 Trillion in additional taxes collected.
- We collected $4.4 trillion in taxes in 2019.
- Medicaid, medicare, Social security, interest payments, & defense spending equalled $3.104 trillion of the budget.
- The defense budget was $676 Billion, cut that by 85% and you still have $100 billion.
- Meaning $4.4 trillion subtract $3. trillion and you get $1.4 trillion.
New budget adds $662.6551billion to it every year.
- Free public transportation would cost $198 billion a year or $600 a year on average per 330 million americans.
- Total GDP of the USA in 2019 was $21 trillion.
- $33 trillion in total wealth generated before any taxation in this model or $12 trillion higher then total 2019 GDP.
- Estimates are that the ultra wealthy have at least 30% of all their wealth hidden. So that would put us at another 4-6 trillion, once we eliminate that from happening.
- The rest can be made up in an economy where income now matches inflation/productivity as well as increased disposable income that will stimulate the economy.
$98 trillion in private wealth is held in the United States.
- The top 10% hold 70% of it. Tax that at 90%, not just income, but wealth too & you have $62 trillion in wealth.
- $10 trillion hidden overseas(conservative estimate) is confiscated & that number becomes $72 trillion.
- All US public debt is $19 trillion. All US private debt is $ 27 trillion. $8 trillion paid in reparations now to 40 million ADOS= $18 trillion left over.
- Use .06% interest and you can add 1.08 trillion to the US budget each year Using 80 billion of it each year for the next 100 years gets you $8 trillion. Add that to the $18 trillion gets you $26 trillion.
- $6 trillion for reparations for the next 3 generations of ADOS yet to be born at $50000 available at age 18 for 120 million of them over next 60 years.
This leaves us with 20 trillion extra for fixing the immediate problems of climate change and global malnutrition/poverty.
It will cost $175 billion for the next 20 years to end poverty worldwide. $265 billion per year to end world hunger. Without even using the $20 trillion extra we have enough in the new budget to do this & still have over a $1 trillion extra in our budget each year. This would make America the humanitarian superpower of the world and go a long way to undo the damage we have inflicted on the planet with our imperialism & environment destroying policies. It would also improve our reputation & keep us safer. People are less inclined to want to hurt you if you are feeding them rather then bombing them or backing coups in their country. Food for thought.
This is how you can pay for everything without even using Modern Monetary Theory (which can still be used to fund additional programs immediately). We have enough wealth to do everything. Full employment, end poverty, free healthcare, medicare for all, quality education all of it. Anyone who tells you we can’t, you can show them this as an example of why we can. Now these numbers aren’t exactly how things will shake out. Some will get $26/hr others $33.50/hr & so on. Still it shows what is possible with the will behind it.
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