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Current social security spending gives us $9k per household. Cutting military spending in half (utopian, but so is UBI): $3200 per hh. Raising income tax to a s
by sim_card_map 7y ago
Current social security spending gives us $9k per household.
Cutting military spending in half (utopian, but so is UBI): $3200 per hh.
Raising income tax to a simple flat 50% rate gives us extra 0.7 trillion or $7k per hh.
Single payer would give us about $1k per hh plus free healthcare for everyone. No more insurance payments.
That is already about $21k per year per household.
- gridlockd 7y ago> Raising income tax to a simple flat 50% rate gives us extra 0.7 trillion or $7k per hh. If income tax was raised to 50% flat and you keep all the social security and single payer spending, your paycheck would net maybe 25% of your salary. Who works full time for 25 cents on the dollar when they can just retire? So then people won't work full time, your tax revenue, your single payer money, your pension money, it all goes down. It can't pay for your UBI. Even worse, all this spending you are talking about redistributing isn't even paid for today. It's funded by debt. With the boomers retiring, there are huge amounts of unfunded liabilities. It may not be obvious to you, but what you are proposing is that we can just all sit back, work less, print money and everyone will be better off. It's a fantasy. To be clear, I support a UBI, but one has to be very careful about the actual amount.
- sokoloff 7y ago> one has to be very careful about the actual amount. And limits/process on how/if it can be raised. Otherwise, it's likely to devolve into people literally voting themselves an ever-increasing share of money from the treasury...