A Quote by Paul Samuelson
If we made an income pyramid out of a child's blocks, with each layer portraying $1,000 of income, the peak would be far higher than the Eiffel Tower, but almost all of us would be within a yard of the ground.
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The richer people, when they get another $100,000, or another million, or 10 million, don't tend to spend it as much as the poorer people would if they got another $100 or $1,000 or $5,000. All the empirical evidence suggests that the rich tend to consume a lower proportion of income than middle and lower-income people.
If you had a basic income, it would mean that everybody would have a base on top of which their earned income would be taxed at the standard rate of tax. That would increase the incentive to take low-wage jobs.
Man has been here 32,000 years. That it took a hundred million years to prepare the world for him is proof that that is what it was done for. I suppose it is, I dunno. If The Eiffel Tower were now to represent the world's age, the skin of paint on the pinnacle knob at its summit would represent man's share of that age; and anybody would perceive that the skin was what the tower was built for. I reckon they would, I dunno.
If your employer pays your health insurance, that's not counted as income to you. And any economist would say that's your income, because they'd pay a higher wage if they didn't take it. That's a huge loss to the Treasury.
If women have an income, they will invest a higher proportion of that income in their children than men do. So you do get those societal returns very quickly.
Why do we need to support the food stamp program? Because low-income families experience unemployment at a far higher rate than other income groups. Because cutting nutritional assistance programs is immoral and shortsighted, and protecting families from hunger improves their health and educational outcomes.
The whole trouble with the Republicans is their fear of an increase in income tax, especially on higher incomes. They speak of it almost like a national calamity. I really believe if it come to a vote whether to go to war with England, France and Germany combined, or raise the rate on incomes of over $100,000, they would vote war.
The collective income of all these people - the bottom half - is less than three percent of global household income, and so there is a grotesque maldistribution of income and wealth.
I would rather receive one percent of the income of 100 men, than 100% of the income of one man.
Income is now more concentrated in the hands of the rich. Those well-off households tend to save and invest higher proportions of their earnings than middle-class or low-income families do.
...It looked very different from the Statue of Liberty, but what did that matter? What was the good of having the statue without the liberty, the freedom to go where one chose if one was held back by one's color? No, I preferred the Eiffel Tower, which made no promises." ~ Josephine Baker, once she had seen the Eiffel Tower
In time of this grave national danger, when all excess income should go to win the war, no American citizen ought to have a net income, after he has paid his taxes, of more than $25,000 a year.
I think one of the most important facts of basic income would be that it's not only a redistribution of income, but also of power. So the cleaners and bin men would have a lot more bargaining power.
It makes no difference to a widow with her savings in a 5 percent passbook account whether she pays 100 percent income tax on her interest income during a period of zero inflation or pays no income tax during years of 5 percent inflation. Either way, she is 'taxed' in a manner that leaves her no real income whatsoever. Any money she spends comes right out of capital. She would find outrageous a 100 percent income tax but doesn't seem to notice that 5 percent inflation is the economic equivalent.
If Warren Buffett made his money from ordinary income rather than capital gains, his tax rate would be a lot higher than his secretary's. In fact a very small percentage of people in this country pay a big chunk of the taxes.
My rich dad taught me to focus on passive income and spend my time acquiring the assets that provide passive or long term residual income...passive income from capital gains, dividends, residual income from business, rental income from real estate, and royalties.
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