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Spain to roll out Universal Basic Income

Sunstone

De Diablo Del Fora
Premium Member
I'm curious how Spain will pay for it? Bill Gates wants to tax robots. Will Spain go that route? Can it?
 

Lyndon

"Peace is the answer" quote: GOD, 2014
Premium Member
If we quit subsidizing mega corporations, we could easily afford it in the USA. I should point out there are savings as well, it could eliminate food stamps, welfare, possibly even unemployment and all the bureaucracies associated with those programmes.
 

Lyndon

"Peace is the answer" quote: GOD, 2014
Premium Member
would you be against anything that helps poor people get by???
 

Shadow Wolf

Certified People sTabber
Spain becomes perhaps the first country to roll out Universal Basic Income, and not just for the crisis, but to become permanent, it is in the final stages, although they haven't said what the amount might be yet, this is important news to be followed closely, is anyone here in Spain??

Spain To Roll Out Permanent Universal Basic Income ‘Soon’
IMO, it's a bandaid solution for when amputation is required. Automation has replaced jobs, is replacing jobs, and will replace even more. UBI, while seemingly a good quick fix, must not loose sight of why it's becoming necessary, and that is because we are inching towarda a post-jobs world, which means we must fundamentally reconsider how we approach income.
 

Shadow Wolf

Certified People sTabber
Spain becomes perhaps the first country to roll out Universal Basic Income, and not just for the crisis, but to become permanent, it is in the final stages, although they haven't said what the amount might be yet, this is important news to be followed closely, is anyone here in Spain??

Spain To Roll Out Permanent Universal Basic Income ‘Soon’
IMO, it's a bandaid solution for when amputation is required. Automation has replaced jobs, is replacing jobs, and will replace even more. UBI, while seemingly a good quick fix, must not loose sight of why it's becoming necessary, and that is because we are inching towarda a post-jobs world, which means we must fundamentally reconsider how we approach income.
 

Salvador

RF's Swedenborgian
If we quit subsidizing mega corporations, we could easily afford it in the USA. I should point out there are savings as well, it could eliminate food stamps, welfare, possibly even unemployment and all the bureaucracies associated with those programmes.

I'd favor U.B.I. in order to provide everybody with a guaranteed subsistence living allowance needed in a highly automated technologically advanced society where many people's jobs will likely be replaced by automation technology or A.I. .

I'd like tax reform and universal health care with universal basic income for our society be implemented as follows:

1. Universal health insurance ( U..H.I.) affordably be done with insured cost sharing, ( Universal Medicare with a combined $4,000 Part A and B deductible, a 20 percent Part A and B co-insurance and a 50 percent prescription drug co-insurance ) costing taxpayers ca. $1.9 trillion in the fiscal year 2023.

2. U.H.I being funded in large part with a 10 percent value-added-tax ( 10%V.A.T.) less VAT tax monthly rebates of $165 for each American citizen age 18 or over, this would net approximately 600 billion dollars of revenue in the year 2023; U..H.I. also being funded in part with an increase in the corporate income tax rate from 21 percent to 29 percent resulting in corporations paying U.S. corporate income taxes of ca. $500 billion, the imposition of financial transaction taxes ( remittance taxes and stock/bond trade taxes) generating ca. $200 billion, the implementation of tariffs resulting in ca. $135 billion of revenue in 2023 and federal estate taxes generating an additional ca. $35 billion in revenue., alcohol, cannabis and tobacco excise taxes generating ca. $80 billion of funding for U.H.I, and the remainder of funding for U. H.I. coming from Medicare payroll taxes of ca. $350 billion.

3. Social security being fully funded by a doubling of the cap on social security taxes, so that all workers and employers would contribute 6.2 percent of social security taxes on every dollar of their earnings up to $320,000 of each individual wage earner's income .In 2023, this would mean Americans would pay ca. $1.3 trillion in social security payroll taxes.

4. U.S. military spending along with all other governmental agencies, save for U.H.I. social security the Department of Transportation and Homeland Security,being funded with a simplified income tax system, just a few income tax brackets beginning in year 2026, zero percent on the initial $12,000 of personal individual annual income, 12 percent on $12,001 to $51,000 of personal individual annual income, 32 percent on individual personal annual earnings in excess of $51,000. Capital gains taxed at same rate as ordinary income. No tax credits, save for a refundable $2,000 child tax credit as well as a $4,000 subsistence living allowance tax credit for each adult American citizen. In 2023, this would result in total personal federal income taxes amounting to an estimated $1.2 trillion.

5. The implementation of excise taxes on railways, fuel, airports and aviation collectively adding up to $160 billion, which would fund the Department of Transportation and Homeland Security.

6. Approved federal spending in 2023 at ca. $1.9 trillion for universal health care ( U.H.I. ) $1.3 trillion for Social Security, ( no change from status-quo on S.S. retirement benefits ), ca. 900 billion dollars towards the military and veteran services or veteran benefits, $494 billion on debt interest payments, an estimated $100 billion towards Medicaid, $62 billion spending on the U.S. Department of Agriculture, ( ca. $10 billion ) for the Department of Commerce, ( ca. $13 billion ) for the Center for Disease Control and Prevention, ( ca. $32 billion) for the Department of Energy, ( ca. $9 billion ) for the Environmental Protection Agency, ( $4 billion ). for the Food and Drug Administration, ( ca. $40 billion ) for the Department of Housing and Urban Development, ( ca. $23 billion) for the Department of Interior annual spending, ( ca. $50 billion) for the Department of Homeland Security, (ca. $30 billion) for the Department of Justice, ( ca. $10 billion ) for the Department of Labor, ( ca. $25 billion ) for N.A.S.A., ( ca. $45 billion ) for the State Department, ( ca. $110 billion) for the Department of Transportation, ( ca. $23 billion ) for the Department of Treasury; the above proposed federal spending resulting in total federal annual spending to be ca. $5.18 trillion..

7. The above approved fiscal year 2023 federal spending being ca. $5.18 trillion and ca. $4.56 trillion of tax revenue would result in a federal deficit of ca. $620 billion for FY 2023.
 

MNoBody

Well-Known Member
income is technically defined as being profits received through investments. [as in the stock market, that kind of investment instrument...securities markets]
how is fruits of labor of the hands, profits from investments?
 

Secret Chief

nirvana is samsara
Eventually it will be global. That or major civil unrest because of so many types of work disappearing. Finding the wherewithall is no problem once the political will is there. Only a year or two ago the then British PM said nurses couldn't have a pay rise because "there is no magic money tree" (Theresa May said this on TV to a health worker). And now, because of covid, guess what, there's a whole Amazonian rain forest of giant money trees.
 

Milton Platt

Well-Known Member
Spain becomes perhaps the first country to roll out Universal Basic Income, and not just for the crisis, but to become permanent, it is in the final stages, although they haven't said what the amount might be yet, this is important news to be followed closely, is anyone here in Spain??

Spain To Roll Out Permanent Universal Basic Income ‘Soon’

I am cautiously optimistic. sometimes things can have unforeseen consequences. Although the concept is appealing, the long term results remain to be seen. And as always the devil is in the details......
 

Salvador

RF's Swedenborgian
Will Spain also roll out universal work for everyone? Income should be what you get when you work. Not a reward for not working.

Alaska's permanent fund is basically a form of universal income that has insignificantly affected the Alaskan labor market. Alaskans overall work just as much now with their permanent fund dividends as they did before receiving this form of universal income.

Reference: The labor market impacts of universal and permanent cash transfers; evidence from the Alaska permanent fund. Jones, Damon, Marinescu, Iona , National Bureau of Ecomomic Research ( 2020, January )

https://www.nber.org/papers/w24312.pdf
 

BSM1

What? Me worry?
income is technically defined as being profits received through investments. [as in the stock market, that kind of investment instrument...securities markets]
how is fruits of labor of the hands, profits from investments?


Where did you study Economics?
 

BSM1

What? Me worry?
Alaska's permanent fund is basically a form of universal income that has insignificantly affected the Alaskan labor market. Alaskans overall work just as much now with their permanent fund dividends as they did before receiving this form of universal income.

Reference: The labor market impacts of universal and permanent cash transfers; evidence from the Alaska permanent fund. Jones, Damon, Marinescu, Iona , National Bureau of Ecomomic Research ( 2020, January )

https://www.nber.org/papers/w24312.pdf

Slightly misleading. Alaska's program is based on the oil taken out of the ground, if I'm not mistaken. A part of the profits are shared with the legal citizens of Alaska because the oil was deemed owned by the citizens.
 

Salvador

RF's Swedenborgian
Slightly misleading. Alaska's program is based on the oil taken out of the ground, if I'm not mistaken. A part of the profits are shared with the legal citizens of Alaska because the oil was deemed owned by the citizens.

Perhaps we can agree U.B.I. could justifiably be well-funded by a value-added-tax on the personal and corporate consumption of our Earth's precious resources shared and deemed mutually owned by the common citizenry of our society. I reckon there's an environmental as well as an economic cost imposed by anybody who consumes most forms of energy or matter: this consumption of resources justifiably should be taxed, the proceeds of which should be redistributed as compensation to everybody whose health and well-being is adversely affected by the personal and corporate consumption of our Earth's precious resources.
 
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Tambourine

Well-Known Member
Let's just hope it doesn't get gutted or derailed by conservatives like every other experimental UBI policy so far...
 

BSM1

What? Me worry?
Perhaps we can agree U.B.I. could justifiably be well-funded by a value-added-tax on the personal and corporate consumption of our Earth's precious resources shared and deemed mutually owned by the common citizenry of our society. I reckon there's an environmental as well as an economic cost imposed by anybody who consumes most forms of energy or matter: this consumption of resources justifiably should be taxed, the proceeds of which should be redistributed as compensation to everybody whose health and well-being is adversely affected by the personal and corporate consumption of our Earth's precious resources.

Very erudite, and totally senseless, IMHO.
 
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