Word: tobin
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Dates: during 1970-1979
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...CREDIT income tax, as Tobin presented it, would serve two functions. It would provide a guaranteed minimum income. And it would constitute a major reform of the tax system...
...scheme would replace the present tax exemptions for dependents with "tax credits"--Tobin discussed using credits of $750--and would replace the present graduated tax scale with a uniform rate of 33 1/3 per cent (rising, possibly, at higher incomes...
Weil found the Tobin plan appealing, even though it was "represented in the article as being something that's a bit advanced," he said. As he saw it, "there are only two approaches to welfare possible--the one we have now or one where you take the policing out, an automatic system where people are guaranteed a decent income, a plan that encourages them to get a job instead of discouraging them...
Because of the Tobin plan's low tax rate, taxpayers would continue to receive net benefits until their income was far above the poverty level--in fact, more money would go to the non-poor than to the poor. Thus, the "cost," the redistribution involved in the plan, would be quite high...
...proposal Weil eventually put together presented "Fair Share" and a $1000 per person Tobin scheme as two plans which McGovern might adopt if he became President, but committed him to neither...