Need or Justification: | ||||
1. | Society needs to promote jobs, yet we suppress jobs with payroll taxs. | |||
2. | Society should discourage adding carbon dioxide to the atmosphere, yet we use public policy to make it attractive to burn carbon-containing fuels. | |||
3. | Government should reverse these two policies; which would then promote jobs by reducing payroll tax, and discourage consumption of carbon-containing fuel with a tax. | |||
4. | Society would need to insulate the lowest paid workers from a carbon tax Increasing the minimum wage would offer that protection. | |||
5. | Doing all three, gradually, in concert, is the idea behind the “Green Energy Exchange”. |
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Support for reducing the payroll tax: | ||||
1. | Today’s policy of the federal government collecting payroll tax from those in poverty and then provide benefits to those very same workers with that tax money because they are impoverished is illogical and inefficient. | |||
2. | Today’s policy of collecting payroll tax creates an informal economy that does not pay that tax. | |||
3. | The Social Security tax is 6.2%, plus Medicare tax of 1.45%, plus employers pay another 6.2%, which makes nearly a 14% tax on the first dollar of earning. | |||
4. | A portion of Social Security benefits would need to come from the carbon tax. | |||
5. | The increased paycheck, for a worker earning more than the minimum $18,000, will help purchase approximately four gallons of increased-priced gasoline per week. |