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The UBI and related chat Thread

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16 minutes ago, Webbo said:

Looking at this;

The%20Income%20Tax%20System%20is%20Progr

https://taxfoundation.org/how-much-do-people-pay-taxes/

 

Taxes in the US are much lower than here.

Yeah, it was back in the 50s they were high. During the war they were higher, something crazy like 90%

In the 50s and 60s they were at around 50, but then i'm not sure if that was a necessity of the wars in SE Asia, i guess likely

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8 minutes ago, Colourmy said:

Sorry FIF. I hadn't realised you were talking about a time some way off into the future. I can't really comment on a suitable way of giving everyone a basic income because I will be long gone by the time it happens, so won't concern myself with it.

Can understand the sentiment (evolutionary instinct being what it is) but surely someone has to care about the long term?

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  • 3 weeks later...
  • 3 weeks later...
11 hours ago, ozleicester said:

Interesting topic, i believe a UBI is not just likely it is inevitable.

 

My only concern with it, is how we manage inflation?

 

Please elaborate.

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46 minutes ago, FIF said:

Please elaborate.

well, my concern is that,

 

If this is new money into peoples hands.. they obviously spend it, creates increase in demand...greedy landlords increase rents... greedy corporates increase prices etc.. and thereby inflation.. effectively, we end up back where we started.

 

Then  the UBI becomes valueless and back to where we are now...

 

I think that what i mean :)

 

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2 minutes ago, ozleicester said:

well, my concern is that,

 

If this is new money into peoples hands.. they obviously spend it, creates increase in demand...greedy landlords increase rents... greedy corporates increase prices etc.. and thereby inflation.. effectively, we end up back where we started.

 

Then  the UBI becomes valueless and back to where we are now...

 

I think that what i mean :)

 

I understand what you're saying but I don't see it necessarily having any effect on inflation. In my opinion those without jobs or with low paid jobs get the greatest benefit from UBI and normally they spend their money on the essentials but even if it isn't spent on essentials these people usually spend their money in the local community and in local businesses which can only be a good thing. Since it would also be replacing a number of "govt. benefits" it's not really additional money so shouldn't change the life of landlords or corporations nor cause inflation. If anything it should be a way to reduce government administration costs and allow a more efficient and beneficial reallocation of wealth.

 

Of course if somehow UBI caused inflation I imagine it would be linked to inflation and therefore not a problem.

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Guest MattP
15 minutes ago, Innovindil said:

The pilot's full results will not be released until late 2019.

 

Genuinely interested to see the results. Doesn't sound like it went all that well. 

Given it's been pulled so early I think we can assume they weren't great.

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23 minutes ago, MattP said:

Given it's been pulled so early I think we can assume they weren't great.

It isn't being pulled early at all, they're just not expanding it. The trial will end when two years is up as originally planned. 

 

OECD says income tax would have to raise by 30% to make it sustainable. That would put the basic rate of tax in the UK up to 27%, which on an average salary would reduce take home pay by a couple of hundred quid a month, meaning the average worker would be better off.

 

I'm not convinced that it is the best solution but if the OECD are correct it's not as unaffordable as some claim.

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Truth is there's no will to pay people to do nothing and tax the workers - whilst the real rich contribute so little.

 

The true test will come when machines take the jobs and the unemployed soar into the 20% then 30% then 40% of the population whilst the richest 1% control 99% of the money.

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