Sunday, November 12, 2023

Single mom

The total income earned in the US in 2022 was $26 trillion and the total taxes paid was $4.9 trillion. The top ten percent of wage earners paid 74% or $3.6 trillion in taxes. The child tax credit of $2,000 per child cost the government $60 billion dollars. If that were raised to $4,000 it would cost the government an additional $60 billion. If that cost was passed onto the top ten percent their income tax would increase from $3,600 billion to $3,660 billion. This would mean that a family with two children could earn up to $96,000 per year and pay no income tax. A single mom with two children earning $30,000 per year would qualify for $8,000 in child tax credits and $4,000 in earned income tax credits so her gross income would be $42,000 and she would pay no income tax. She would pay $2,100 in social security tax. There are additional state benefits but childcare would cost $18,000 per year. This is where collecting from dead beat dads comes into play. These two things, raising the child tax credit with a pay or jail policy for dads would allow a single mom to just get by.

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