It’s really damn expensive.
The 2017 poverty line for a single person is about $12k.
[1] The US working age population is about 210 million. [2] So to provide a poverty line income to every adult American would cost $2.5 trillion. This is about 10% of GDP. It would expand the federal budget by about 60%. [3] This implies a tax increase of a corresponding size. The top 3% of Americans pay about $850 billion in taxes annually, about half of all income tax. [4] So if you double their taxes, you only offset about 33% of the cost in […]
Full Post at www.quora.com