John Wood
John Wood
Jul 21, 2017 · 2 min read

“ Tax credits are tax incentives which allow some taxpayers to subtract some amount of the total that they owe to the state”… Don’t Confuse Credits with Deductions….they are perceptibly SIMILAR but not the SAME. Credits are the standard amounts that the government provides equally across the board. Deductions are amounts the government cannot plan to be applied in any given year. Credits is a Fair, Across-the-board, reduction in tax liability. Deductions is most beneficial towards the middle-class and least beneficial towards upper/lower-class.

“ a UBI is an unconditional and universal transfer paymentfrom the state to citizens- a fixed amount calculated to be sufficient for subsistence, and given regardless of income, work status, or any other status.” according to who? Who determines what the fixed amount is?

“…it would be a transfer of existing wealth, much like existing welfare programs like Medicaid and social security.” Sounds like Socialism in its Purist form; acquire everyone’s financial resources into a Pool and then distribute back out “equally” to everyone. Sorry but UBI looks good on paper but I don’t see any way it would benefit society as a whole. It removes innovative motivation and success.

“.. it would not cause inflation without an accompanying increase in purchasing power.” = (my original) “ More cash available, Higher Prices; Less cash available, Lower Prices”…thank you for confirming that statement, I appreciate it. More Cash = Purchasing Power.

Again with Welfare (collective social programs), where does the money come from for UBI? How will it be paid for? Who dictates what the UBI for a citizen in Opp, AL is? What about another citizen in San Fran, CA? Will their UBI be the same value? Or will be a regional/state percentage?

UBI is a “looks good on paper” but “does not make sense in the field”. Start with a theory and test it out. Do not start with the answer and come up with the hypothesis. This is the problem with UBI: they started at the finish line and are working their way to the start line.

I would advise you to pay attention to who wants UBI. Almost all of the “picture heads” for UBI are, by fact and virtue, Multi-Billionaires. Do you honestly believe they are going to give up their Pensions, 2–5 Houses (around the world), 2+ $100k cars, and amenities just so you can have a base-income (UBI)? If you believe it, why not go to Pierre Omidyar, Elon Musk or Chris Hughes and ask for your UBI payment from them.

These individuals did not become financially rich for making bad decisions. What is in it for them? How will they benefit that the recipients will not?

    John Wood

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    John Wood