What Does the BOOST Act Do?
The bill creates a $3,000 annual tax credit available to every American, age 18 and over.
Unlike other tax credits, the credit is not dependent on income.
Everyone starts with the same amount and with no strings attached.
Most importantly, the bill allows people to receive the credit in monthly payments of $250 sent directly to them.
The credit starts to phase out gradually for individuals with income over $30,000 ($60,000 for couples).
A Higher Benefit
The BOOST Act's $250 a month is a good start, but we need a much larger benefit to help lift people out of poverty and give working and middle class families the economic safety net they deserve. We are asking that the benefit in the next version of the legislation be several times higher.
A Funding Mechanism
In order for the bill to have a chance of passing, the credit must be paid for. There are several different ways to fund it. Options include a Value Added Tax (VAT), raising income taxes on the richest Americans, a wealth tax, and a financial institutions tax. We believe that for the bill to gain supporters and have a chance of passage, it needs to include a specific provision to finance it.
A Senate Companion
The BOOST Act is very similar to a tax credit introduced by Senator Kamala Harris, S. 4, the LIFT the Middle Class Act. However, Senator Harris' bill is tied to income. It is not a universal basic income. Those who can't work, who can't find work, or who lose their job are denied some or all of Senator Harris' credit. We want to work with Senator Harris and other Senate allies to see a true basic income bill introduced in the Senate.
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"We call on Congress to pass legislation that will provide a Universal Basic Income (UBI) for every American. Americans want and deserve a society that provides an economic safety net for everyone."
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