I'm planning on starting up a third political party in 2025, after Trump's expected Presidential second term. The political party is going to be called the UBIAUCHIP Party, which stands for Universal Basic Income and Universal Catastrophic Health Insurance Provisions.
In the year 2026, universal basic income and universal catastrophic health insurance protection ((U.B.I.A. U.C.H.I.P.) could be affordably done with federal spending of ca. $2.3 trillion towards Universal Basic Income, ( $800 monthly U.B.I for every individual adult American citizen ), many targeted social welfare programs would be eliminated and replaced with U.B.I. ) Universal Medicare with some insured cost sharing, ( Universal Medicare w/combined $5,000 Part A and B deductible and 20 percent Part A and B insured co-insurance, 50 percent prescription drug co-insurance ) could be done at cost of ca. $2.3 trillion paid by taxpayers. If need be, an individual could use some of his/her universal basic income benefit to pay for his insurance deductibles and co-pays, or he/she could use some of his or her universal basic income in order to buy medical supplemental insurance.
In terms of federal taxes, ( U.B.I.A.U.C.H.I.P.) could be mostly funded with a simplified income tax system, just a few income tax brackets beginning in year 2026, zero percent on initial $14k of personal individual annual income, 12 percent on $14,001 to $64k of personal individual annual income, 32 percent on individual personal annual earnings in excess of $64k. Capital gains taxed at same rate as ordinary income. No tax credits, save for refundable $2k child tax credit. In 2026, this would result in total personal federal income taxes amounting to an estimated $2.8 trillion.
U.B.I.A.U.C.H.I.P. could also be funded in part with an increase in the corporate income tax rate from 21 percent to 29 percent. In 2026, this would result in corporations paying U.S. corporate income taxes of ca. $550 billion.
A universal $800 monthly universal basic income along with universal Medicare health insurance coverage totaling ca. $4.6 trillion in 2026, could be mostly funded with ca. $.3.4 trillion from income taxes, ca. $450 billion from medicare payroll taxes, ca. $200 billion from financial transaction taxes ( remittance taxes and stock/bond trade taxes), ca. $200 billion from tariffs, and ca. $50 billion from federal estate taxes.
Social security could be fully funded by a doubling of the cap on social security taxes, so that all workers and employers would contribute 6.2 percent of social security taxes on every dollar of their earnings up to 350k of each individual wage earner's income . In 2026, this would mean Americans would pay ca. $1.85 trillion in payroll taxes.
Beginning in 2026, a 10 percent federal Value Added Tax could be used to fund U.S. military spending along with veteran services and benefits, and some other governmental department agencies. A ten percent Value Added Tax would result in ca. $1.25 trillion of federal taxation on America's total annual personal consumption.
Excise taxes on fuel, tobacco, cannabis, alcohol, air travel, Amtrak, national park and museum admission fees would collectively add up to ca. $250 billion in 2026. Excise taxes could be used to fund spending on the Department of Commerce ( ca. $14 billion ), Environmental Protection Services ( ca. $7 billion ), Food and Drug administration ( ca. $7 billion), Department of home Security ( ca. $58 billion ), Department of Interior annual spending ( ca. $15 billion), Department of Labor ( ca. $10 billion ), and the Department of Transportation ( ca. $121 billion ).
