Submitted by Nervous-Newt848 t3_10opn96 in singularity
The US government receives a large percentage of revenue from income taxes.
If AGI replaces most jobs almost half of the government's revenue will disappear.
How will the government be able to afford UBI?
How will the government be able to pay for current social programs for that matter?
The cost of giving everyone in the US $1000 a month is estimated to be about $3 trillion dollars.
1000 × 250mil × 12 = 3 trillion
The government cannot afford this even with the current tax budget.
In the future it will be impossible to afford UBI and many current government programs will not have any funding because of the decrease in income tax revenue.
The government will have to create a new tax to replace income tax and raise taxes on very high incomes
Ideas:
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Automation tax to replace income tax revenue lost
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Only people who don't work should receive UBI
**People with high incomes receiving UBI would cancel out taxes on higher incomes
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SSI/SSDI/UNEMPLOYMENT/CASHAID shutdown and consolidated into the UBI program
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Massive government employee layoffs, AI tools are put in place to compensate for lost workers
