Equitability is not absolutely necessary, but it is a great selling point.
With a scheme like this, one would replace a system full of loopholes (for the rich) and handouts (for the poor) with a simple flat system.
Everybody gets $x/yr, and everybody pays y% in taxes on all income after that (not just earned income). No deductions, no credits, no loopholes, no welfare state (other than the UBI).
With a scheme like this, one would replace a system full of loopholes (for the rich) and handouts (for the poor) with a simple flat system.
Everybody gets $x/yr, and everybody pays y% in taxes on all income after that (not just earned income). No deductions, no credits, no loopholes, no welfare state (other than the UBI).