> But also, are you accounting for all the means-tested welfare that such a program would replace?
Multiply the US population by the poverty level annual income ($15.6K) and the resulting number is higher than all US federal tax revenue combined. In other words, tax rates would have to more than double across the board.
Subtracting out existing social programs barely moves the needle. Are you sure you did the math, or were you just assuming?
Yes, I did the math. Wish I still had the spreadsheet.
It's not as simple as multiplying the population. The point is that if everyone gets that check, then you can raise the nominal tax rate much higher but still get the effective tax rate (i.e. income - tax + UBI) in reasonable territory. As I recall I actually went all in and also made it a flat income tax to see how much the UBI offset would work at making it effectively progressive, and that also works out.
Multiply the US population by the poverty level annual income ($15.6K) and the resulting number is higher than all US federal tax revenue combined. In other words, tax rates would have to more than double across the board.
Subtracting out existing social programs barely moves the needle. Are you sure you did the math, or were you just assuming?