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AI James Altucher


Why the poor need to be taxed more

    1. The poor need to be taxed more because they are living at the expense of the middle class.

    The middle class is forced to pay for their housing, food, healthcare, education, and even subsidize their income so they don’t have to work.

    2. The middle class is shrinking.

    There are 120 million people in the US who are considered “poor” by the government but only 20 million of them actually qualify as poor based on historical data. The other 100 million are in the middle class but they are slipping into poverty because they can’t afford all these subsidies for the poor.

    3. If you want to help the poor, tax them more.

    The welfare state was created with good intentions but it has failed miserably. It has destroyed families and made many people dependent on handouts instead of working for a living and being self-sufficient. Many people don’t even know how to budget or save money anymore because everything is taken care of for them by Uncle Sam. And when I say “many people” I really mean “all people” because EVERYONE is on some form of welfare now (even those making $250k per year). So if you want to help the poor then take away all subsidies and just give them cash instead (like an annual basic income). But that won’t happen anytime soon so we need to start taxing everyone more in order to pay for this mess we have created.

    4. How much do we spend per poor person?

    In 2016, $1 trillion was spent on means-tested programs (i.e., benefits given based on income). Housing assistance ($53 billion), food stamps ($68 billion), Earned Income Tax Credit ($60 billion), Temporary Assistance for Needy Families ($17 billion), Supplemental Security Income ($48 billion), school lunch program ($13 billion) were among the largest programs that gave benefits based on income or poverty status. Source: https://www.cbpp.org/research/poverty-and-inequality/the-size-and-scope-of-means-tested-social-welfare#overview

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