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Originally Posted by GGG
Agree with most of what you posted except “paid for by taxing the rich”
It needs to be paid for by taxing every remaining worker.
Any worker making median income or higher essentially needs to be paying back their UBI and more with the median income in Canada being around 35k or so. So you need essentially everyone making more than that to get little benefit from the UBI system.
So in a 2k UBI you would need a 50% tax on all earned dollars or so I think to make it work. It just doesn’t work if you start wanting for 25% of people to pay for 100% of the UBI.
The thing with UBI is it has to be an AND with income as that is part of two of the main benefits. The first being reduced administration cost. The second being you always have the money and don’t have to apply so people don’t fall through the cracks. Otherwise is it’s just increasing Welfare from 7.5k per year to 24k
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Agree completely. I meant the comment that the rich will pay theirs back in tax only as a reason not to means test it, not that it could conceivably be paid for by only the rich. For UBI everyone needs to pay, and pay a lot.
With progressive taxation there will be a breakeven somewhere, and everyone above that income level will be worse off with UBI. How high that level is depends on what type of taxes are used to fund it, but it won't be a 6 figure number or anywhere near that likely.