What I think will be my final thread today, is the BC Basic income panel did evaluate a basic income. 100 pages of the report are dedicated to a basic income. Numerous studies supporting the panel were dedicated to a basic income. I am impressed with those of you missing this. 🧵
We ran OVER 16,000 simulations for a basic income for the province of BC. We ran simulations for a UBI and an RTC. We ran them based on a family unit and an individual. And more benefit reduction rates than you can imagine. I'll summarize some here.
So you want a UBI? Well if you want to address poverty, which was our main objective, that will cost you
Better is to deliver it as a refundable tax credit for sure, less costly, does address poverty, but we are still talking about an amount of revenue needed that already match tax revenues currently collected in the province.
Tax the rich you say? This is BC, there is not that many. And this is Canada, we have tax collection agreements. Don't know what that means, maybe don't tell me to tax the rich then.
Know what the biggest problem is with a refundable tax credit? It is not responsive! Why not? Our tax system. Which is why we are advocating for significant reforms in our federal tax system. Hello @cafreeland.
Don't understand the importance of this? Then maybe don't tell me to implement a basic income. Oh and if you don't understand why this all matters for a negative income tax then ditto as well.
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