I agree to a point. UBI should be truly universal. Instead, it should be based on existing income level. If someone makes over $1 million, obviously there is no need and it would not go back into the economy. It would be hoarded and make things even worse.

Otherwise, UBI is really the only way that the economy will survive at all as automation continues to increase.

Of course, there has to be more to it than that. One major idea is imposing a maximum income level. Quite generous, like $100 million a year. Anything above that would be taxed at 100%. Cap corporate income by percentage and only allow deductions for actual business expenses, not stock purchases or repurchases. Tax capital gains at the standard tax rate at maturity, no allowance for reinvestment.

Ever listen to Dr Richard Wolff?

Written by

Issues unite, names divide

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store