General Discussion
In reply to the discussion: A nationwide $15 dollar minimum wage is harmful and dumb. We should advocate wage subsidies and UBI. [View all]Casprings
(347 posts)I think it should be out of the hands of politics and into a body, like the federal reserve, to control. In that, they would be able to:
1. Set the rate at the a local level. I think we should start with a structure. Economic conditions vary wildly. A Basic income rate needs to be a different rate in San Fran versus rural areas.
2. Vary by age - we still need retirement so when your body hits a certain age (or condition) the rate should go up.
3. Decide when you start to tax income above the Basic income rate. If you get $16,800 as A Basic income, the income tax rate might need to start at 25k. That would give the person 41,800k a year to live on. A progressive tax rate could start above that.
As economic conditions changed, you could adjust the tax rate and Basic income. In boom times, you would want to give out less Basic income and raise your tax rate. If the economy needs to expand, the opposite. In sum, let it be an image to keep expanding the economy.