Universal Basic Income Allows Freedom
So now, at 18, you get $30K a year, for the rest of your life. The government has no say in how you spend it, or what you do with it. However, $30K will not get you a Tesla, or an apartment in Silicon Valley, or NYC. Here’s where the freedom lies; Capitalism still exists. You want to live a more opulent life, then use the money to go to college and become a software engineer, or doctor, or financial wizard. There’s no stopping you. Earn as much as you want, continue with business as usual. This isn’t socialism, this isn’t a mandatory maximum wage, rather it’s a guarantee. The sky’s the limit. Go be Elon Musk if you want. Or drop out of college and invent the next big thing. More power to you. With everyone now fed and sheltered, the market place demand for your product has grown.
UBI would also open the door to tax reform and simplification. The first $30K earned each year is NOT taxed, regardless of your total income or net worth. Anything you make above that, whether in wages or investments, is taxed at a simple rate across the board. Consumption taxes on luxury goods can also be considered.
Cato Institute article
Universal Basic Income—The Foundation of a Technically Advanced Society.
