In an article in last month’s Huffington Post, Facebook co-founder Chris Hughes argues in favor of a $1000 annual tax credit for all Americans.
While Hughes is not presently advocating a universal basic income, due to worries about its political feasibility, he does express support for the idea and sees his proposed universal tax credit as a potential preliminary step towards a full-fledged UBI.
I’m supportive of the idea of a basic income over the long term and believe that one day something of this size will likely be necessary to cope with the impact of automation and globalized trade on the United States. But the reality today is that kind of intervention would be unaffordable and impractical: a benefit of $12,000 per adult would cost just shy of $3 trillion annually, about 75% of the entire current federal budget. Beginning with a modest, but universal tax credit would help millions of Americans and build a framework for future investment. The effects of these cash transfers could be further studied and provide the basis for a potentially permanent establishment of a basic income.
Chris Hughes, 17 May 2016, “The Case for Cash for All,” Huffpost Politics.
By modifying the estate tax provisions and taking proceeds in the form of a percentage of ownership in each form of asset, business, farm, securities, bonds etc,, plus a wealth tax of e.g. 1% per (quarter) (year), putting all proceeds in a fund that would then compound just like the wealth of the top 5%does now, you could build up an earmarked fund to insure that all people (starting first with those with income below a living level) got income as the fund grew, With the fund, after an initial funding by govt.?) people would be employed who could develop machinery, medical machinery etc. such as the one recently developed to replace anesthesiologists, and robots, nano or larger, to do all repetitive or dangerous task. These would be licensed out to entrepreneurs, who I believe have and will always exist, with the proceeds being put in an earmarked fund for further developments. More extensive treatment of the idea above, and of many political and economic changes that can and should be made, are suggested by fictional “Gods”
See “Greek Gods Return: Wealth Disparity Solution”, now available at Smashwords books for all of 3.99, or nothing with the Coupon Code of YX35J , good to end of June, in the Apollo Speech to Congress.
Besides the fund, there are many recommendations on how voters can take their representatives back from special interests. Some of the ideas apparently go back to Theodore Roosevelt but were never implemented. Other ideas are, I think maybe, my unique ideas. In this world, a lot of us think alike so who knows.