Facebook Co Owner Wants Basic Income For All Americans

There are 90 million Americans making less than $50,000 a year who would benefit from Hughes’ proposal. During a Reddit Ask-Me-Anything session, he said: This could be funded by bringing the tax rates on the top 1% of earners in the U.S. to 50%. That sounds extreme by today’s low tax rates for the richest Americans, but if you go back in history, it is in line with historical tax rates. The idea of a basic income is to provide people with a means of financial stability through a reliable income. The top 1% of earners currently pay a tax rate equivalent to 34% of their income. Basic income is designed to supplement other wages earned from working. It is no secret that the gig economy has been on the rise since the global financial crisis of 2008. Hughes believes that a basic income could help people who work in the gig economy who typically do not have health benefits and frequently have unreliable incomes. Part-time employees, freelance employees, and rideshare drivers are some examples of the type of worker this proposal would benefit. Hughes believes the program would cost under $300 billion .