Federal poverty programs, including Medicaid, total about $700 billion, a very far cry from the additional $4.5 Trillion a moderate UBI would cost. AND, $18K/year is not going to be enough for a recipient to pay for medical insurance that would get most people now on Medicaid off Medicaid.
AND, $18K is NOT enough to live on, that’s a poverty level of income.
There is NO way, ZERO, that you can increase federal spending by $4.5 Trillion dollars. Doubling corp taxes gets you an extra $350 billion. Cutting Medicaid and all other federal programs in half gets you maybe another $350 billion. Doubling the income tax gets you an extra $1.5 Trillion for a total of about $2.2 Trillion which leaves you $2.3 Trillion short!
$6 Trillion minus $700 billion potentially possible savings + doubled corp taxes (good luck with that!) = a need increase in income taxes to at least $5.3 Trillion.
No matter what you say the effective income tax rate is, going from $1.5 Trillion in income tax collections to $5.3 trillion in income tax collections means that you are going have to increase everyone’s federal income taxes by 350%.
Try that. Go ahead. Tell everyone that you’re going to increase their income taxes by three and a half times so you can give people, including millionaires, free money. I dare you.
The other federal taxes are payroll taxes that pay for Medicare and Social Security which are already under attack as costing too much. There is no money in payroll taxes to be diverted to a UBI.
The so-called benefits claimed from a UBI are completely irrelevant because it is totally, completely, impossible to pay for. Impossible.
The numbers supporting a ponzi scheme are model of reasonableness compared to those offered in support of a UBI.
A UBI is a complete and total fantasy-land pipe dream because there is no way to finance even a portion of one. Not to mention that it’s far, far, far, far inferior to just making sure that everyone can earn a living wage which would be almost 40% greater than an $18K UBI.
Half the country already wants to cut social security and Medicare. They want to cut food stamps. They’re trying to repeal Obamacare because the premiums are subsidized for poor people. And UBI supporters think they can tell people that they’re going double corporation taxes AND increase everyone’s income taxes by at least 350% so that they can give money away to everyone including millionaires?
In what fantasy land universe is that going to happen?