There’s new math in the people’s land. It is a proposal in the House of Representatives called The BOOST Act. BOOST is an acronym for Building Our Opportunities to Survive and Thrive. It proposes to give individuals $3000 per year, and married couples $6000 per year. I’m not sure why there is a distinction between individuals and married couples since the amounts are exactly the same per individual, unless it simply means a couple “filing jointly”. This BOOST thing is a form of Universal Basic Income, but it is nothing like Yang’s proposal which gives money to everyone except the people who need it most. This BOOST program is in four tiers. The poorest two tiers are almost the same in the distributed amounts. So the bottom forty per cent get the most of the distribution; the middle 20 per cent get some, but less; and the billionaires get none. How is that for Equality For A Change. And it is unconditional, it is in addition to any other tax credits or social programs; in other words, it does not discriminate.
To simplify, the BOOST Act would give each person approximately $250.00 a month (if it is distributed monthly, we don’t know that right now). This is less than some other proposals, but it is unconditional and it is not wasted on the upper income people, nor the already wealthy.
They1 say it will cost the U.S. around $380 billion. That is a drop out of the bucket in government terms. During the financial crisis of 2008, the government gave Four Trillion Dollars to the banks and during the savings and loan crisis of the 1980’s the government spent more than Four Trillion Dollars for that too. Look at it this way, for $10.00 out of each billion in a little more than one-third of a trillion dollars, forty per cent of the population can have $250.00 per month. I see this as a small payback for decades of corruption and having some part of our lives stolen.
And it looks like this program could be modified and increased over time. It’s a start. 2
To read a long article with links and a history of earned income credits see Democrats Want to be Economic Populists. Why Are They Clinging to a Flawed Reagan-Era Tax Credit?. ↩