RE: The Potential Effects of Universal Basic Income on Student Debt
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