Can someone explain to me how basic income could work? I'm really interested, not trying to start a battle. The biggest question: Where does the money come from? Massive taxes on the wealthy? You can't just pull a salary for everyone out of thin air. In the case of this town in Canada, the project was probably funded by taxes from other parts of the country, and could not have worked universally.
It's not as expensive as you think, if you run the numbers. Most of the money comes from dismantling welfare, social security, food stamps, et cetera. Tax rates on the middle class are increased enough to cancel out the basic income benefit, so that washes out. As long as the poor isn't the majority of your population, it's not a large tax increase on the rich.
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Can someone explain to me how basic income could work? I'm really interested, not trying to start a battle. The biggest question: Where does the money come from? Massive taxes on the wealthy? You can't just pull a salary for everyone out of thin air. In the case of this town in Canada, the project was probably funded by taxes from other parts of the country, and could not have worked universally.
It's not as expensive as you think, if you run the numbers. Most of the money comes from dismantling welfare, social security, food stamps, et cetera. Tax rates on the middle class are increased enough to cancel out the basic income benefit, so that washes out. As long as the poor isn't the majority of your population, it's not a large tax increase on the rich.