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World Basic Income

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harnett:
Would anybody like to comment on this radical idea for Public (?) Finance.... http://worldbasicincome.org.uk/

John Short:
"One way that wealth can be shared out is by a government or organisation collecting money through taxes, levies or fees, and then giving a share of that money unconditionally to everyone, to spend as they see fit."

If the "authorities" can't get the basic tax system sorted internationality there is the first stumbling block.  Then who shares it out - existing governments?  I can see that working out............

Nice idea in a utopian sense but unfortunately utopia has got to have its equivalent in its administrative capacity.

harnett:
Admittedly shades of utopian thought there, though we can look at some tax proposals which would bypass a reform of the present system: FTT (supported by Bill Gates!), intellectual property, etc.  There's an interesting article in the economist which just calculates UBI from the present welfare budget, but of course that would only be of benefit in richer countries. http://www.economist.com/blogs/graphicdetail/2016/06/daily-chart-1 

Attached is a document that explores UBI in the UK which goes alongside reforms of the tax system, many of which I would think you'd agree with e.g. "Unified Income Tax (UIT).  The current Income Tax system and the entire National Insurance Contributions system would be replaced by a single Income Tax structure which would be clear and progressive."  For sure the UK tax system needs addressing. It is shocking that the poorest 10% pay over 45% of their gross income in tax and all other deciles pay between 30 and 35%.

John Short:
There is a huge difference between recognising that National Insurance in the UK is an income tax and should be combined - I am sure that has been argued on the Board elsewhere - and what and is being suggested writ large in the BWI.  The pursuit of the perfect is the enemy of the good in tax matters!

See http://pfmboard.com/index.php?topic=6441.msg19505#msg19505

Interesting that both the far right and the far left are in agreement!

harnett:
Yes Basic Income is a funny one politically.  Many on the right wing like it as it can eliminate welfare.  Milton Friedman "sort of" was a proponent!

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