UBI (Universal Basic Income)

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amber 6/19/2019 12:57:31 PM
amber 6/19/2019 12:44:18 PM
What did you self make, port
portslob 6/19/2019 12:59:12 PM
I didn't invent anything but I've worked hard my whole life and am quite comfortable now.
portslob 6/19/2019 12:59:43 PM
So where do you think the money will come from for UBI?
portslob 6/19/2019 1:00:05 PM
So where do you think the money will come from for UBI?
amber 6/19/2019 1:00:48 PM
I'm not saying this is a good idea, but we have a lot of people in the world technology is going to displace. It's overly simplistic to remove a person's way of life, the only one they've ever known, in their 40s or 50s, and say now you have to either move or learn a new trade from scratch because it is no longer economically viable for you to continue to exist where you are.
easyhateoven 6/19/2019 1:02:43 PM
don't worry. trump will win in 2020 and none of this will happen... yet
amber 6/19/2019 1:05:40 PM
It would be easier than you might think. Andrew proposes funding UBI by consolidating some welfare programs and implementing a Value-Added Tax (VAT) of 10%. Current welfare and social program beneficiaries would be given a choice between their current benefits or $1,000 cash unconditionally – most would prefer cash with no restriction.

A Value-Added Tax (VAT) is a tax on the production of goods or services a business produces. It is a fair tax and it makes it much harder for large corporations, who are experts at hiding profits and income, to avoid paying their fair share. A VAT is nothing new. 160 out of 193 countries in the world already have a Value-Added Tax or something similar, including all of Europe which has an average VAT of 20 percent.

The means to pay for a Universal Basic Income will come from 4 sources:

1. Current spending. We currently spend between $500 and $600 billion a year on welfare programs, food stamps, disability and the like. This reduces the cost of Universal Basic Income because people already receiving benefits would have a choice but would be ineligible to receive the full $1,000 in addition to current benefits.

Additionally, we currently spend over one trillion dollars on health care, incarceration, homelessness services and the like. We would save $100 – 200+ billion as people would take better care of themselves and avoid the emergency room, jail, and the street and would generally be more functional. Universal Basic Income would pay for itself by helping people avoid our institutions, which is when our costs shoot up. Some studies have shown that $1 to a poor parent will result in as much as $7 in cost-savings and economic growth.

2. A VAT. Our economy is now incredibly vast at $19 trillion, up $4 trillion in the last 10 years alone. A VAT at half the European level would generate $800 billion in new revenue. A VAT will become more and more important as technology improves because you cannot collect income tax from robots or software.

3. New revenue. Putting money into the hands of American consumers would grow the economy. The Roosevelt Institute projected that the economy would grow by approximately $2.5 trillion and create 4.6 million new jobs. This would generate approximately $800 – 900 billion in new revenue from economic growth and activity.

4. Taxes on top earners and pollution. By removing the Social Security cap, implementing a financial transactions tax, and ending the favorable tax treatment for capital gains/carried interest, we can decrease financial speculation while also funding the Freedom Dividend. We can add to that a carbon fee that will be partially dedicated to funding the Freedom Dividend, making up the remaining balance required to cover the cost of this program.
dog_boner 6/19/2019 1:06:44 PM
Making money isnt wrong. Using money to leverage power over people is. Unchecked capitalism is a disease.
portslob 6/19/2019 1:22:30 PM
My issue with VAT taxes is the same as with other corporate taxes.. you make them pay X and they will simply cut out Y.
Wages would go stagnant, people will get laid off..
You have to incentivize somehow..
It's just business.
portslob 6/19/2019 1:24:44 PM
And there would obviously be a cap.. everyone, no matter what their net worth or salary is will get this money? How? It's not possible without taxing workers even more.
amber 6/19/2019 1:25:34 PM
Perhaps not necessarily. A lot of these businesses are sitting on funds and the only invest something like 15% a year in r&d.
AnalButt 6/19/2019 1:29:04 PM
Remember being 10 and going over to your friend's house and they had that awesome Veinetta ice cream cake that was just thin layers of ice cream in a lasagna-type mold?
portslob 6/19/2019 1:29:20 PM
How are you going to enforce companies to spend? How would it be monitored? Only maybe 10% of all businesses in the US are publicly traded on the stock market where transparency is required by SEC law.
These companies will just go private. Government and business don't mix.
amber 6/19/2019 1:37:44 PM
fck if I know. I just wanted to start a thread. Mission accomplished.
portslob 6/19/2019 1:53:31 PM
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