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> A 100% wealth tax on all billionaires isn’t enough to fund UBI for one year. This doesn't sound right to me, though of course it depends a lot on what level
by jefftk 7y ago
> A 100% wealth tax on all billionaires isn’t enough to fund UBI for one year.
This doesn't sound right to me, though of course it depends a lot on what level you set the UBI at. In a US context we typically give numbers around 1/3 of median per-capita income (~$10k, out of $32k), and globally that would be ~$1k (out of $3k median per-capita income).
To give $1k to everyone in the world you'd need $7.7T, and billionaires have ~$9T, so it looks like this would work out.
(I don't think a 100% wealth tax on billionaires is a good idea, just surprised by your claim and looking into it)
- kortilla 7y agoI’m talking about the US. Billionaires in the US hold about 3T. https://www.stockingblue.com/article/311/net-worth-of-billionaires-in-us-states-in-2018/ https://www.stockingblue.com/article/311/net-worth-of-billio... There are 250 million adults in the US. https://en.wikipedia.org/wiki/Demography_of_the_United_States https://en.wikipedia.org/wiki/Demography_of_the_United_State... That’s $12,000 per adult for a single year. That’s not enough to reach even a minimum wage full time income, let alone a livable wage. UBI is supposed to be something you can live off of. The $10k number you are citing is a joke compromise defeating most of the point of UBI.
- jefftk 7y ago> The $10k number you are citing is a joke compromise defeating most of the point of UBI. $10k is about what I've seen for most UBI proposals. For example, Yang is proposing $1000/month: https://www.yang2020.com/what-is-freedom-dividend-faq/ https://www.yang2020.com/what-is-freedom-dividend-faq/ When you think of a reasonable UBI amount, what are you thinking? Do you have examples of proposals that use figures in that range?
- kortilla 7y agoUBI is supposed to supplant the need for a job. The $1000/mo proposed by Yang is poverty and it’s still in excess the of $10k cap. Are you starting to see why the numbers are so vastly off?