Re:We're officially launching UBI
by closeparen on Saturday November 18, 2017 @03:54AM
(#15728315)
>all the job income is extra
If a realistic working person's income tax liability is going to be a substantial portion of or greater than the UBI allocation, UBI is really just unemployment insurance and the disincentive to work remains.
We already have a "basic income" for working people: (personal exemption + standard deduction) * (marginal tax rate). Working people are still net taxpayers. Making them not net taxpayers is just sharply increasing the progressiveness of the progressive taxation scheme, i.e. standard liberal/Democratic politics since forever.
I'd support reframing the standard deduction, personal exemption, child tax credit, etc. as refundable credits, but this is only "income" at the bottom of the distribution.
If a realistic working person's income tax liability is going to be a substantial portion of or greater than the UBI allocation, UBI is really just unemployment insurance and the disincentive to work remains.
We already have a "basic income" for working people: (personal exemption + standard deduction) * (marginal tax rate). Working people are still net taxpayers. Making them not net taxpayers is just sharply increasing the progressiveness of the progressive taxation scheme, i.e. standard liberal/Democratic politics since forever.
I'd support reframing the standard deduction, personal exemption, child tax credit, etc. as refundable credits, but this is only "income" at the bottom of the distribution.