Guaranteed Income

Now that we are closing this current period of political idiocy, it’s time to start talking about things that have been put on the back burner. I know government dysfunction will not immediately end when he is finally out of office. There is still an enormous amount of work that needs to be done to make government and politics even a small iota of trustworthy again. That is an ongoing process that will likely take years to accomplish. But, that is not the topic of today’s post. 😎 Instead, it is about some level of guaranteed income. So, let’s get to it.

I know there is a lot of false, or at least incomplete info, about the idea of a guaranteed income. With this post, I hope to give you a little more insight and a logical look at it.

Let’s face it, more and more people will be replaced by automation in the coming years. Even when we finally come out of our current pandemic many jobs will not be around. What do we do with those displace workers when that happens? Here are a few ideas.

Restructure Out Tax Structure

Personal income tax, which our current economic platform almost exclusively rests, was not instituted as we know it until 1913. Before that taxes were collected on imports on whiskey and other specific items. States and localities collected poll taxes on voters and property taxes on land and commercial buildings. In addition, there were the state and federal excise taxes. State and federal inheritance taxes began after 1900. Excise taxes on purchases of goods and services, including gasoline, cigarettes, alcoholic beverages, and airline travel, generated 2.5 percent of federal revenue in 2017.

The basic problem with this kind of taxation is that the vast majority of federal revenue comes from income taxes with corporations only providing 9% of that amount. Given the fact that more of us are being displaced by robotics and automation by corporations whose presently sole purpose is to maximize their profits, this paradigm has to change pretty quickly. In my mind, taxes on corporate profits need to replace personal income taxes.

Quit Looking At What We Do To make Income As Being Who We Are.

Where we get the means to live our lives peacefully and without undo struggles should be a minor thing in the years and centuries ahead. Instead, who we “are” should be about what we want to do with our lives. How we want to contribute to a better world. There are some occupations that simply can’t provide an income sufficient to live on but are still very important to who we are and will become as a nation/world. Artists are part of that group. I am using the word “artist” in a broad sense. They include those who paint, write, and produce much of our entertainment.

Many of us depend on free clinics for our healthcare needs but those who provide that service, by their very nature can’t provide income. Non-Profits provide essential services but have to run on limited resources. I could go on and on, but I think you get the idea.

Universal Guaranteed Income

If everyone had a guaranteed income we could more easily fill those services that are necessary for all of us to have life, liberty, and the pursuit of happiness. More on that in a future post.