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RE: The Potential Effects of Universal Basic Income on Student Debt
Great article... Upvoted... How do you envision UBI will be paid for?
Great article... Upvoted... How do you envision UBI will be paid for?
By raising $3.8 trillion dollars in new taxes in an environment where the government is currently spending about that much for all its activities combined. He wants to double the size of the footprint of government on our society and our economy and he fantasizes it will somehow free up resources.
If you actually read my plan, you'd know I'm not talking about $3.8 trillion in new taxes. In fact my plan would reduce tax burdens on 8 out of 10 households.
Replacing tax credits with basic income is not a new tax. Saying so is just as dishonest as saying that I've raised your taxes by $5,000 if I eliminated your $5,000 tax credit for home ownership and replaced it instead with $5,000 in cash.
It's also not raising your taxes if we replace welfare programs with basic income instead, which is also part of my plan.
It's also not raising your taxes if a portion of Social Security is replaced with basic income instead, which is also part of my plan.
I'd appreciate it if you stop commenting on my posts with disinformation based on either your inability to understand what I've already tried to explain to you in the comment sections of my previous posts, or your desire to lie to others in order to manipulate their opinions using false information.
Oh believe me, I read your plan. And no, I won't stop commenting on your articles, because your plan will destroy America's economy and society.
So, quoting you directly from your plan:
"this particular basic income design requires finding about $3.4 trillion in total (not net) revenue."
"I also recommend lifting the cap on Social Security so that everyone pays in no matter how much they earn, which would raise an additional $380 billion."
Now I don't know if you think making people who are not currently paying a certain amount of money into SS start paying into SS more than the current system requires is a new tax, but I do.
"Remaining need: $2.25 trillion
At this point I’d like to introduce some new taxes, none of which involve raising any tax rates on ordinary salaries and wages, and all of which are highly progressive when combined with basic income."
Oh wait, look at that, new taxes to fund the plan you told me elsewhere would cost no more than $500 billion, but your plan seeks $3.7 trillion for some reason.
It is dishonest to claim I want to raise $3.7 trillion in new taxes. That is false and this is what I responded to.
Do I not wish us to raise any new taxes? No. I do. But not $3.7 trillion. I suggest a 10% VAT tax (not a direct income tax but an indirect tax on consumption) and and a 5% LVT (again not a direct tax but an indirect tax).
However both of those despite raising an estimate of $750 billion each, are the gross tax increases, not the net. If your taxes get raised $6,000, and in return you get $12,000, your taxes just went down $6k, not up $6k. That's the net tax. For 80% of all households, UBI will be a negative tax.
So when I say $500 billion cost in new taxes, that is net new taxes as in the result of subtracting what people get in UBI from the new gross taxes they pay to make UBI possible.
Now you are proposing a VAT tax, too? OMG you really are trying to kill the US economy. Your plan is dangerous and oppressive. You want to put our corrupt government in charge of another $3 trillion dollars from the economy and make them the payroll department for all adult Americans. This idea is terrible.
By the way, just because you wish to redistribute money from some people and give it to others doesn't reduce, or eliminate the tax increases. You say that most Americans will see a tax reduction because they will be getting other people's money, but those reductions are exactly countered by tax increases for the people who's money is being taken to give to the rest. The taxes are increased whether you think the people paying them deserve to have their wealth stolen or not. This assault on the wealthy is a death blow to our economy, because the only way the poor can hope to aspire to wealth is to allow the wealthy to be wealthy. When being wealthy becomes a crime, becomes a scarlet letter that results in your being robbed then wealth creation will slow down, and perhaps stop altogether. Its human nature. You are killing the goose that lays the golden eggs.
As for the VAT tax, its just a tax on people, on consumers. Every dollar the VAT tax generates for your program was first taken from a person buying a product or service. Its a ponzi scheme to convince people they are sticking to the man, making those evil companies pay their share. Its bullshit, all the money comes from the consumers, the buyers, its not sticking it to anyone but the people who allowed themselves to be fooled by your bad math and envious rhetoric.
I urge anyone who is reading your articles to seek out other sources of information.
every government throughout history has taxed its citizens into oblivion... UBI will just be the prolongation of the vicious circle.
But then, I am done with monetarism/barter/trade/reward/etc
Thanks! Here's how I'd go about it in the US:
https://medium.com/economicsecproj/how-to-reform-welfare-and-taxes-to-provide-every-american-citizen-with-a-basic-income-bc67d3f4c2b8
wow, that is a pretty good plan, i'll have to save that, quite progressive. yes I think a land-value tax would be a way to address unearned income, I've become advocate to reform taxation to address that through the work of Michael Hudson. Seigniorage reform sounds great too, dealing with the messed up Fed system. And let's not forget a reduction in military spending too! If only we could snap our fingers (-:
there will never be any reduction in military spending... the US poured 12-15 billion in AI weaponry last november. Last year pentagon admitted that it could not track 6.5 trillion in war budget.
UBI sounds all nice on paper but the theory does not deal with the Reality of the Matrix
Nations and their leaders are the result of the quality of the consciousness of their citizens. The most immediate improvement will be to downsize the amount of fear that is being blanketed over the population that is being provided or manufactured by the deep state in the US. That will also include erasing never from the vocabulary. It can be done because it is necessary. It requires more people turning on their light which effects everyone else. One person can illumine all of those around her, the effect of one person is greater than numbers would indicate.
exactly what I say in my 2 latest blogs by the way but it is social engineered, and as we speak many want to be in a state of servitude by design, so we have a monster issue to detangle.... but being chipped to get UBI will be mandatory. More than ever, the clock is ticking and the choice is upon humanity.
my blog (a sample)
The Merging Of Science And Spirituality Series: Let's Talk Of Our Millennia Old and Generational PTSD
The Merging Of Science And Spirituality Series: Corporations Are Holographic Projections