I looked at your linked doc. Here is why it is an incredibly stupid proposal:

1) It raises the Federal income tax rate to 50% with no deductions for the first $24,000 in income.

2) It dedicates ALL federal income taxes for all households earning less than $55,000/year solely to funding the UBI and nothing left to fund the rest of the government.

3) It does not calculate the net federal income tax receipts from households earning above $55K after UBI costs are offset.

4) Since the federal government needs at least $1.5 trillion per year to run the country not counting the UBI cost we cannot know the real cost of this plan. For example, if the net after UBI income tax receipts from households above $55K would be reduced to $1 trillion by the loss of all net income taxes from household below $55K that would leave a $500 billion shortfall in the money needed to run the rest of the government plus the $540 billion needed to pay for the UBI costs for households earning less than $55K or a total shortfall of over $1 trillion.

5) Since in addition to federal income taxes at 50% (!), people also pay payroll taxes (Social Security and Medicare), state income taxes, property taxes and sales taxes, every citizen in the U.S. would be paying 50% to probably 70% of their total income in taxes PLUS the additional taxes needed on top of that to fund the UBI shortfall of, by YOUR numbers, $540 billion PLUS the unknown shortfall caused by the loss of all net income taxes from all households whose income is less than $55K/year.

Why don’t you go to the American middle class and tell them that they will be paying 60% or 70% of their gross income to local, state and federal governments so that the government can give net free money to poor people.

Does anyone with even half a functioning brain think that is a reasonable or feasible plan? Hint: No.

Graduate of Stanford University & U.C. Berkeley Law School. Author of 17 novels and over 200 Medium columns on Economics, Politics, Law, Humor & Satire.

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