General Discussion
In reply to the discussion: A Reverse Income Tax: A Bold Replacement for Social Security, Welfare, Food Stamps, and others [View all]quakerboy
(13,919 posts)Then you don't get a share of the total that gets paid back.
If you chose to be homeless, that's your right. But when it is a choice, not a situation forced on you, it would seem to be a silly one, generally speaking.
What this would do is increase the amount a minimum wage earner takes home, and mellow out the income distribution curve. High earners still earn more. Its just that everyone gets at least a chance to make due.
At minimum wage you would take home $21754 a year (25% of $7.25*40hours a week*52 weeks= $3770, Per capita Us Income 39945*307 million*45%*1/307millionth share=$17975). Keep in mind that this is with your health care paid for, after tax money.
At Mitt Romney's income, I would quite be willing to make $5,442,975 (21.7 million*25%=5,425,000, same share of total=$17975)
In fact, I am fairly certain that the share number is actually higher than what I have represented, for a few reasons. For instance if you include all income, not just income earned from working, the per capita number should rise, and with it the end share number. I am just having no luck finding good numbers for that at the moment.