A 2% Financial Wealth Tax Could Provide a $12,000 Annual Income to Every American Household
March 23rd, 2018
Guest writer for Wake Up World
It’s not hard to envision the benefits in work opportunities, stress reduction, child care, entrepreneurial activity, and artistic pursuits for American households with an extra $1,000 per month. It’s also very easy to justify a financial wealth tax, given that the dramatic stock market surge in recent years is largely due to an unprecedented degree of technological and financial productivity that derives from the work efforts and taxes of ALL Americans. A 2% annual tax on financial wealth is a small price to pay for the great fortunes bestowed on the most fortunate Americans. (Remember: Just five men own almost as much wealth as half the world’s population.)
The reasons? Careful analysis reveals a number of excellent arguments for the implementation of a Universal Basic Income (UBI).
1. Our Jobs are Disappearing
A 2013 Oxford study determined that nearly HALF of American jobs are at risk of being replaced by computers, AI, and robots. Society simply can’t keep up with technology. As for the skeptics who cite the Industrial Revolution and its job-enhancing aftermath (which actually took 60 years to develop), the McKinsey Global Institute says that society is being transformed at a pace “ten times faster and at 300 times the scale” of the radical changes of two hundred years ago.
Recommended reading by Paul Buchheit:
- Overwhelming Evidence that a ‘Guaranteed Basic Income’ Will Work
- The Real Terrorists: The 0.01%
- 5 Signs of a Dying Society
- Why Do So Many Americans Defend the Failed Capitalist Experiment?
- Five Great American Hypocrisies
- Capitalism at Its Worst: 5 Deadly Sins of Big Pharma
- 6 Ways Capitalism Kills… and May Be About to Get Deadlier
- Facts That Our War-Happy Leaders Would Like to Keep Hushed Up
- How Wealth Inequality Kills
- Now Just FIVE Men Own Almost as Much Wealth as Half the World’s Population
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