America Needs a Trustless Automatic Taxation System

Trustless automatic collection is the best way to equalize the tax system. The technology to collect taxes on investment income as someone generates it exists right now. Blockchain software constructions called Smart Contracts; or decentralized apps (Dapps), can be built into financial instruments like stocks, bonds, annuities, derivatives, and cryptocurrencies.

The Smart Contracts, or Dapps, can be programmed to pay the Treasury a percentage of the funds generated as taxes. For example, a stock Dapp, would pay a percentage of dividends to the Treasury.

Trustless means that nobody needs to trust that people will pay their taxes. Algorithms automatically collect the taxes before the taxpayer gets the money. Most people do not think about sales or withholding tax because they never see the funds.

Trustless taxes discourage tax evasion because there are few opportunities to evade them. Most people cannot evade trustless taxes because they get no chance to do so. Many taxpayers will never even think about trustless taxes which reduces the incentive for evasion.

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Progressive Basic Income vs Income Inequality

A Progressive Basic Income would create economic activity without expanding bureaucracy or increasing government spending.
The money would go to average Americans not to bureaucrats, politicians, and government contractors. They would spend the money in America’s communities not in Washington or Wall Street.
A $500 a month basic income would give the Amazon worker making $28,446 a year, a $6,000 annual boost income. That would raise his or her pay to $34,446 a year.
A married couple that worked at Amazon would receive $12,000 which will raise their annual income to $68,842. That would put them well over the National Median Income of $59,095.
An Amazon fulfillment couple with a child would receive $18,000 a year, raising their income to $74,842, a year. Married fulfillment workers with two children would receive $24,000 a year raising their income to $80,892 a year.

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Chicago could Test Basic Income

The proposed program is very limited in scope; it would provide 1,000 families a $500 monthly stipend. That would cost around $500,000 a month or $6 million a year. That is not much for a government program, and hardly a “universal basic income (UBI).”

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Can Basic Income save Capitalism from Itself?

The problem in our society is that the benefits of capitalism are not widely distributed. Tens of millions of Americans have little or no stake in our capitalist economy, and no reason to defend capitalism or expand it. Those people may not join the mob that is lynching the rich and looting their mansions, but they will not lift a finger to stop the reign of terror.
Our society is unequal because human nature dictates that those in charge of the system will rig it to capture and hoard as much of the wealth as possible for themselves.

I support basic income because it seems like the best means of eliminating the economic insecurity that is undermining our democracy and threatening capitalism’s survival. There is simply no way that capitalism can survive without an effective mechanism for wealth redistribution. Basic income might be that mechanism.

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A New Agenda for America

The idea behind this agenda is a simple one to create an economy that shares the benefits of capitalism with all Americans. If we do not do the hard work necessary to build such an economy, America will face serious political and social unrest.

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The Basic Income Cryptocurrency is here

This makes Swift Demand one of the most interesting and ambitious blockchain platforms yet seen. Its goal is to build an entirely new type of economy based on a new kind of currency.
A whitepaper describes Swift Demand as “a transactional currency that provides a basic income.” That makes Swift Demand a basic income experiment as well as a blockchain platform.

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Kroger hurt by Income Inequality and attacked by Jesse Jackson

Everybody should pay attention to what’s happening to Kroger because food deserts might be coming to their neighborhood soon.

The real problem is income inequality, people in many working-class neighborhoods; which are disproportionately minority, simply do not have the money to buy a lot of groceries.

The only way Kroger can make money is to operate markets in areas where it can sell expensive items like liquor and organic food. It is also ramping up delivery services which are more likely to serve affluent customers.
The reason for this is that middle and lower-class incomes are falling in the United States. When adjusted for inflation the average lower-class household income in the United States in 2000 was around $26,496 a year, by 2014 it had fallen to $24,074, Pew Research Center Data indicated. Lower-class families have $2,000 less to spend than they did less than 20 years ago.

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American Income Inequality – it’s worse than you think

• Today’s Wealth Gap is equal to that which existed in 1935 and 1940 – the last five years of the Great Depression.

• There are has been no growth in earned income, salary and wage earnings since around 1980 for 60% of the American population.

• Only 40% 0f the population has experienced income growth since 1980, but that income growth has been higher.

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America’s Income Inequality is worse than Russia’s

Income Inequality in the United States is now worse than in Russia. The gap between rich and poor is now greater in America than in the Russian Federation.

The richest 10% of Russians receive 46% of that nation’s income; the wealthiest 10% of Americans receive 47% of the USA’s wealth, The World Inequality Report for 2018 claims. 

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