this post was submitted on 05 Oct 2023
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Nobody making under 250k would be paying into it and unrealized gains would be included in figuring all personal income. The ultra rich are paid mostly in services like corporate jets, meals, stocks and options. Salary is pretty minimal compared to all the other perquisites that come with SVP/Director on up to the c-suite level jobs in the top 1000 US companies.
If I made 350k all in and UBI takes 35k, I still take home 315k.
Heck, that portion of income that goes to UBI doesn't even have to count toward regular income taxes. It can be all pre-tax dollars.
The thing is, the economy works best when everyone can participate fully. Locking huge swaths of it into personal fortunes nobody could hope to ever spend in a lifetime is wasteful and puts a huge drag on the overall economy. Sure, they can pop for houses and planes and yachts but that doesn't really come close to the kind of economic power generated by millions of working poor buying their daily essentials.
Link your end with the start. The top earners don't have the income to finance it.
My point is not that UBI should be a tax on the rich but that regular citizens can finance it right now if they want it.
You hope that UBI comes for free. It won't. The majority has to pay it with higher taxes, voluntarily or not. So if they want it then don't wait for politicians but implement it right now.