Friedman explains the Negative Income Tax in two minutes. And, no, it is NOT a “basic” income concept.
Chanced upon an interview of Friedman by Gary Becker. A two minute extract regarding NIT:
It is very important for those who haven’t understood it, to listen carefully:
a) Once implemented, ALL OTHER welfare schemes must be abolished.
b) It is a TOP-UP, not a FLAT amount per person.
c) It is NOT given to anyone (no matter how poor) till that person has demonstrated maximum desire to earn an independent living within his/her capability.
In brief, is is DEFINITELY not the same as a “basic” income model being promoted by some lefties and communists.
Source: http://www.sabhlokcity.com/2014/04/friedman-explains-the-negative-income-tax-in-two-minutes-and-no-it-is-not-a-basic-income-concept/
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