PHOTO: Aaron P. Bernstein / Getty
Article by Bryan Howard
October 19, 2018
California Democrat Senator Kamala Harris, a 2020 President hopeful, proposed a fully Communist endorsed idea of Universal Basic Income (UBI) at a national level. Harris calls her new plan The Livable Income for Families Today (LIFT) Act, which is a massive wealth redistribution plan.
The LIFT act is targeted for American families making less than $100,000 and individuals making less than $50,000 a year. Americans that fall within this range would be entitled to receive either $500 per month or get it all at the end of the year for $6,000, and individuals would be entitled to $250 per month or get it all at end of the year for $3,000 a month.
Harris claims this policy would also be eligible for College students who are receiving Pell grants, and they would be given $3,000 per year as well.
Kamala Harris never mentions how many Americans would fall within this policies range and how much it would cost to tax payers to afford it. This is why we are going to break down the numbers so everyone can see how awful this idea is, and how it will bankrupt our country.
It has been estimated roughly 70% of the U.S. population earns less than $50,000 a year per individual.It is also estimated 217.8 million people in the U.S. are 18 and older, and assuming Harris will only be allowing adults to be eligible we will use these numbers.
When the numbers are calculated 70% of the adult population is 152.6 million people earn under $50,000 a year. If we are expected to write a check of $3,000 to each one of these people each year it would cost the tax payer $457.38 BILLION to afford this policy.
The 2018 U.S. budget is at $4.17 Trillion with a tax revenue of $3.34 Trillion. This would mean with her policy alone we will have to raise taxes on everyone at least 30% to afford her new policy. That means people who make $50,000 a year will be taxed 55% of their paychecks in order to pay for Kamala Harris policy. Currently if you make $50,000 you pay an already high 25% of your check in taxes.