Key Points
- Capitalist solution to social issues
- Base payment per month with cost of living multipliers based on congressional district
- Provides economic relief and stability
- Your tax dollars coming directly back to you - providing tangible value
- Incentivizes entrepreneurship
- Allows you to decide how to cover your basic needs
Details
A basic income is a government guarantee that each citizen receives a minimum income. It was popularly coined as a Freedom Dividend by Andrew Yang during his 2020 presidential campaign, it is also known as guaranteed minimum income or universal basic income (UBI). What I advocate for is not considered universal, as I propose an income cap so ultra-wealthy are not included in the payment.
The intention behind the payment is to provide enough to cover the basic cost of living and provide financial security. I am in support of a plan that has a base income level with multipliers based on cost of living in your community. Everyone has different needs and every community has different levels of cost. It is important that we account for that, not give a straight pay check to everyone regardless if they live in New York City or Berlin, WI.
We need to keep it simple, but not too simple. Utilize the U.S. Bureau of Labor & Statistics and the U.S. Bureau of the Census to gather data every 10 years to set the cost of living multiplier for each congressional district. Basic Income would be included in the dozens of federal programs that use census data to determine how much funding to direct to local communities.
Why Is It Needed?
We have hit the breaking point on multiple massive issues, including climate change, healthcare, and automation in the workforce. A Basic Income plan is the only solution that adequately addresses all issues in one solution. With so much instability and uncertainty, people need money in their hands more than ever. We need security guaranteeing our basic needs and also allowing us to focus on larger priorities instead of how we will put food on the table during a crisis. It's time that some tax payer money comes back to the people, we have been far too long paying in large sums in taxes with little benefit received back.
This isn't a new idea. Martin Luther King Jr. proposed the solution in 1967 to abolish poverty. Thomas Paine discussed UBI ideas in the late 1700s. It is inevitable in our lifetime that we will see a Basic Income plan from the federal government. With our many systems becoming exposed, there is no better time than now to make this happen. We must continue to be proactive, not reactive.
How Do We Pay For It?
- VAT Tax
- Carbon Tax
- Capital Gains/Carried Interest Tax
- Financial Transaction Tax
- Standard tax revenue increase from pushed up incomes
- Cannabis Tax
We pay for it via many new types of taxes that do not generally have a direct impact to the day to day lives of the average individual. Keep in mind, these taxes come directly back into the hands of citizens, unlike many traditional taxes that we never see a return on.