If so then on average it s taxes at about 15%. Reducing the funding need
from 2.4T to 2T a year. After granting the saving from abolishing all form
of current welfare and the revenue from VAT. the funding gap is about 700
billion.
For typical middle class marginal fed tax rate is what 25%. Plus an average
marginal
state tax of 5% that reduces 1000 to 700.
Also a proposed way to fund ubi is repeal the pay roll tax cap. Currently ss
tax stops at 150k. Get rid of that. High earners get hit by another 2% or
so for income above that. That could be a couple hundred a month.
Quickly. The ubi is going from 1000 towards half of that. VAT Makes
everything more expensive by a few percent from milk to houses.
And that is before counting the impact of carbon tax etc. and there is
still a half trillion a year funding gap that has to be filled one way or
another.
