Jun 14, 2013

Basic income: Not robbing Paul to pay Peter

The above is a news report about Switzerland's drive for an unconditional basic income.
The below shows a few typical reactions:
"So where exactly do they think the money will come from? A money tree? A golden goose? Or the taxes raised from companies who employ people and the taxes paid by those employees too? You want a minimum income: get out there and earn it."
 "Socialism with cowbells! You expect people to go to work to earn money to have it paid to people who don't work? Dream on!"

Many people, when they hear of an unconditional basic income, think that it has to come from tax. People who work are going to be taxed to pay people who don't work.

This need not be so.

A basic income can be funded purely from common wealth. Many countries have huge common wealth. The revenue from the commonly owned wealth is enough to fund a good livable level of basic income. For example, in Singapore, the common wealth can generate more than a yearly distribution of $10,000 for every citizen.

A basic income is returning confiscated citizen dividend back to the people.
It is not robbing Paul to pay Peter.

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