The idea of a guaranteed Universal Basic Income provided by the goernment (read “taxpayers”) surfaces periodically. Amounts of $1,000 to $1,500 a month or more get bandied about. How would that work in a world where income depends on production to balance the equation?
You and I are the only residents of a Potemkin village where the annual cost of living is $18,000. I do not have a source of income. You, however, have created a way to produce and sell something, netting $36,000 after expenses. I need $18,000 to live. Consequently, a 50 percent tax on your total income […]
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