4-26-2011 MNN Video Part 3.wmv

Robert Reich’s Reverse Income Tax Plan From his 2010 book, "Aftershock" (Pages 129-132) PROBLEMS REICH ATTACKS: Wealth inequality, unemployment, low incomes, climate damage, and energy insecurity. PROFESSOR REICH'S SOLUTION: Professor Reich proposes that full time workers who earn $20000 dollars or less per year get a government wage supplement of $15000 dollars. This wage supplement decreases proportionately to $0 when earnings reach $50000. (The wage supplement = $25000 — Income / 2). Income taxes will only start at incomes above $50000 that will also include capital gains. Tax rates are only increased on around the top 5% who earn over $160000 a year. All Reich's figures are in 2009 dollars. Federal Income Tax Brackets for 2010 -- Single Filers 10% $0 - $8350 15% $8351 - $33950 25% $33951 - $82250 28% $82251 -$171550 33% $171551 - $372950 35% $372951 + From: InvestingAnswers.com Reich's Proposed Tax Rates From: Aftershock Pages 129 - 132 0% $50000 10% $50000 - $90000 20% $90000 - $160000 40% $160000 - $260000 50% $260000 - $400000 55% $400000 + Reich claims his income tax rates would gain more than our current tax system by $600 billion dollars. In addition, Reich gets another $210 billion dollars the first year from a $35 tax on each metric ton of carbon dioxide. The carbon tax will be collected at the mines or ports of entry of the coal, oil or gas. This carbon tax will increase gasoline prices by 30 cents a gallon and electricity by 1.8 cents per kilowatt-hour ...

Channel: YouTube Video Length: 2m 22s Date Found: Thu, Apr 28 2011 7:46 AM Category: Home Video Date Produced: Wed, Apr 27 2011 3:54 PM View Count: 0