Where will the money come from to pay for a universal basic income?
- Basic income
The real question is, how much is it costing to *not* fix poverty, inequality and insecurity? The costs of crime, poor health outcomes, worse educational outcomes, and reduced productivity would all be reduced if we had a universal basic income.
In America: a combination of tax reform, welfare reform and new non-income-based taxes could more than cover the cost of UBI.
Reducing income inequality could actually increase GDP, making all of society wealthier.
The true cost of UBI isn't the number of recipients multiplied by the amount received. It's the net transfer amount, which would be a lot less.
In America, introducing VAT on all goods and services at every level of production and distribution would generate money from the large companies who are benefiting most from automation.