At first I scoffed at your question as typical nay-saying, but the rough math puts the price tag at $6T ($30k/y * 210mm adults). Where would we come up with the money to do this? Well, just getting rid of all government services both Federally and State would only generate $4T (can't get rid of defence, so this is a non-starter)
How about getting rid of all taxes and just taxing transactions--like VAT, but more, so anytime money changes hands? 2019 was $21T, if you put a transaction tax of 30% in place, you would cover the cost of UBI.
I am normally against flat taxes because they hurt poor people, but if you're giving them UBI would this the negative impact of a non-progressive tax? You'd simplify so much but getting rid of most accountants and the IRS, drop in the bucket but nice to see. They would certainly kick and scream. You'd also collapse real estate prices because cities would lose their need, but would kickstart rural economies like woah. This would help alleviate the rural/urban friction we're currently seeing.
I'm just arm chairing, I have zero background in economics.
> (can't get rid of defence, so this is a non-starter)
Why is eliminating all government services an acceptable hypothetical but not cutting any of the imperial occupation budget? I call it as such rather than the Orwellian “defense” because this is what that money is actually used for.
Especially when our defense department (which historically loved to entertain the wildest possible “what if”s in the name of keeping us secure) has literally dropped the ball w/ COVID in a monumental way. For decades they been worried about everything from communism, to searching your shoes at the airport, all because they can’t dare let anything happen to us. But they happily let a virus completely shut down are entirely economy and kill an order of magnitude more people than 911, without so much as a shoulder shrug.
The more I think about it the more the UBI system starts to makes sense. Essentially I think taxing the ultra rich could redistribute wealth to the rest of society which would give them more buying power to stimulate the economy. Those that don't want to work can live on a minimum UBI monthly check but they wouldn't be living great which gives them incentive to look for a job so that they can raise their living standards. Even a McDonald's job could taken by someone looking to earn extra cash for whatever goal they have, probably wages would have to rise a bit so encourage people to go work there instead of just living on UBI but that's in general a good thing.
How about getting rid of all taxes and just taxing transactions--like VAT, but more, so anytime money changes hands? 2019 was $21T, if you put a transaction tax of 30% in place, you would cover the cost of UBI.
I am normally against flat taxes because they hurt poor people, but if you're giving them UBI would this the negative impact of a non-progressive tax? You'd simplify so much but getting rid of most accountants and the IRS, drop in the bucket but nice to see. They would certainly kick and scream. You'd also collapse real estate prices because cities would lose their need, but would kickstart rural economies like woah. This would help alleviate the rural/urban friction we're currently seeing.
I'm just arm chairing, I have zero background in economics.