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Part of the "proper execution" would be a progressive tax system to pay for the UBI, resulting in a net loss for the millionaire. Ideally, this tax structure would also prevent any cliffs from moving up tax brackets, keeping the financial incentive to raise your income.
Why would he be screwed? He'd likely suffer a net loss, too. But he'd still be relatively wealthy. And if he loses his job or his business, his income drops, and he's rescued by the UBI safety net just like the rest of us! Just like the millionaire. Or the billionaire, or the quadrillionaire. Great falls from the top have happened before. I don't see how the month to month is relevant. If he can afford it, great. If he can't, or he wants to make more money, he can reduce his cost of living. I would guess he has a lot of room to do so. What's the problem exactly?
How exactly does sneaky bill the millionaire collecting UBI exactly suffer a "net loss" when he doesn't make enough on paper to be taxed to oblivion?
Right, I forgot he was only worth 1 million. I was thinking a million in income.
In that case, all of the income to purchase/make up his networth was already earned and taxed. His dividends will be taxed just like any income.
If he had a million/year income, he would be taxed more FOR the UBI program than he makes FROM the UBI program. Net loss.
Having that in net worth is still impressive and seems like a kink in the system. Bill the sneaky millionaire could even have 5/6 M and still exploit the income related requirements.
Who exactly is EARNING the money that will be taxed in order to pay Americans for existing? Or do we just print more "monopoly money" and enjoy a year or two before Weimar Germany-style hyperinflation?
Remember, we already tax the hardest workers in the working class so heavily between Social Security, Medicare, and federal income tax, that you'll be getting close to 90% and causing any worker with a brain to simply quit.
The machines will be earning all the money, so just tax the machines. There's no way raise adequate funds by taxing people, because people never have access to most of the money. It's just passed from machine to machine.
Having that in net worth is still impressive and seems like a kink in the system. Bill the sneaky millionaire could even have 5/6 M and still exploit the income related requirements.
If he earned it fair and square, with the taxes high enough to fund a UBI, then it's all good. As long as the UBI remains funded, people that earn a profit in the free market are still encouraged. Isn't that the point of the free market? To efficiently allocate goods and services, ideally to those who provide the most value to the consumer?
I have a feeling that once we start moving towards an increasingly job-scarce (and thus income-tax scarce) technological beast of society, the wealth tax becomes inevitable to fund a UBI. This is a tricky one, practically and morally, for sure.
If he earned it fair and square, with the taxes high enough to fund a UBI, then it's all good. As long as the UBI remains funded, people that earn a profit in the free market are still encouraged. Isn't that the point of the free market? To efficiently allocate goods and services, ideally to those who provide the most value to the consumer?
I have a feeling that once we start moving towards an increasingly job-scarce (and thus income-tax scarce) technological beast of society, the wealth tax becomes inevitable to fund a UBI. This is a tricky one, practically and morally, for sure.
Considering it's going to be until the 2050s+ until its put into law I'll probably be one of those sneaky people who earned most of their money pre-UBI income. Basically sounds like free money for me.
Considering it's going to be until the 2050s+ until its put into law I'll probably be one of those sneaky people who earned most of their money pre-UBI income. Basically sounds like free money for me.
Good for you. As long as everybody gets shelter and food, I'm ok with that. Not all UBI supporters hate people having money. Your money will either be spent, hit a future wealth tax, or inflated away.
Or you know, hiding in one of those pesky tax havens... don't have a good solution for that one.
Good for you. As long as everybody gets shelter and food, I'm ok with that. Not all UBI supporters hate people having money. Your money will either be spent, hit a future wealth tax, or inflated away.
Or you know, hiding in one of those pesky tax havens... don't have a good solution for that one.
I'd use my UBI to buy big polluting classic cars to flip off the UBIers.
He said someone who's over 18 and makes less than 100,000
Yes that way it would reduce the number of people who need it making it more affordable and it would mean the millionaires would have to pay less in taxes for it. Millionaires do not need basic income they are already making tons of money a basic income would be nothing to them. So you may ask why would millionaires agree to this if they do not get a basic income? If a lot of people have a basic income that gives them more money to spend on the businesses the millionaires own creating more profit which makes it easier for millionaires to pay taxes to support basic income.
Yes that way it would reduce the number of people who need it making it more affordable and it would mean the millionaires would have to pay less in taxes for it. Millionaires do not need basic income they are already making tons of money a basic income would be nothing to them. So you may ask why would millionaires agree to this if they do not get a basic income? If a lot of people have a basic income that gives them more money to spend on the businesses the millionaires own creating more profit which makes it easier for millionaires to pay taxes to support basic income.
I don't think people know that millionaire means 1 million in net worth.
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