Getting rid of minimum wage is probably unnecessary: when people have a basic income, the "income effect" means that they are less willing to take low wages. T

Getting rid of minimum wage is probably unnecessary: when people have a basic income, the "income effect" means that they are less willing to take low wages. The main problem with your scheme is that in the far future, free trade could mean that countries with only labor and no capital would get a bad deal, and that without restrictions on people taking their wealth to other countries, the rich could theoretically use this to bargain the tax rate down so low that there was no money for a basic income (i.e. a "race to the bottom"). I don't think this will be an issue for a long time though.