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Is UBI Too Expensive?

To preface this: I'm not necessarily suggesting the method I'll mention below as a way to actually fund a UBI because I think there are better methods. I'm just laying out a case for why the idea that a UBI would somehow be too expensive is complete bunk. There is more than enough wealth for it, at least in the United States. The top 10% of Americans own 101 trillion in total wealth. There are about 258 million adults in the United States. Let's say there's a UBI of about 500 dollars a month. 258 million times 500 is 129 billion. 101 trillion divided by 129 billion is about 783. 100 divided by 783 is about 0.13. This means that a 0.13% wealth tax on just the top 10% every month (or a 1,56% wealth tax a year) could fund a monthly UBI payment of 500 dollars for every American…


To preface this: I'm not necessarily suggesting the method I'll mention below as a way to actually fund a UBI because I think there are better methods. I'm just laying out a case for why the idea that a UBI would somehow be too expensive is complete bunk. There is more than enough wealth for it, at least in the United States.

The top 10% of Americans own 101 trillion in total wealth.

There are about 258 million adults in the United States.

Let's say there's a UBI of about 500 dollars a month.

258 million times 500 is 129 billion.

101 trillion divided by 129 billion is about 783.

100 divided by 783 is about 0.13.

This means that a 0.13% wealth tax on just the top 10% every month (or a 1,56% wealth tax a year) could fund a monthly UBI payment of 500 dollars for every American adult.

Now, you might say “But that's wealth, surely that would be exhausted eventually?” Well the thing about that is… no. It's hard to find exact numbers here on the top 10% specifically but the increase in their wealth every year is gigantic. This is especially true for the very, very top of the ladder where Michael Bloomberg, for example, had his wealth go from 82 billion in 2022 to 94.5 billion in 2023. With a 1.6% tax that would've meant that his wealth went from 82 billion to 93.2 billion still! Not to mention that the way the system is set up a lot of that 500 dollar UBI would eventually find its way back in their pockets anyway (at which point it could be taxed again).

Every experiment that I know of which has been conducted with UBI ever has found that it doesn't stop people from getting a job and makes them happier and generally improves their lives.

Logic would also dictate that it gives average workers significantly more bargaining power when deciding what job to take since they can turn down a job more easily. This would likely mean that on top of UBI the average person would get higher wages and/or better benefits too.

Don't believe the propaganda against UBI. It is a good idea and there IS enough money for it (at least in the United States).

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