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Originally Posted by CoachKandSportsguy
I agree, and the way to support it is though a tax on capital, as that is what replaced labor.
So all software amortization and software purchase and SAAS expense shall be disallowed expenses for corporate tax purposes.
And then the corporate tax is adjusted to include capital to fund this, as corporations US entities can't leave, including ones owned by intl holdings companies.
And raise the social security tax by increasing the percentage and removing the ceiling to tax all management employees, even with a graduated increasing scale for highly compensated ones, and then SS will survive a bit longer. . and I don't believe that these people will miss the increased tax, so save yourself from the theoretical arguments on tax disincentives. Working above UBI after tax gives you more spending opportunities than UBI or nothing at all.
In the post WWII and post the great depression, people still worked with the highest incremental tax rate approaching 70%. People won't stop working but there is a level at which each individual won't work harder or longer or want the additional responsibility for the incremental income. Just don't conflate the two concepts into a generalized for everyone not working excuse.
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A tax on capital would be a terrible idea. Capital investment supplies jobs but why make investments that are at risk if you will not make a satisfactory return.
I do believe that many new jobs that we have no idea what they will be, are going to be coming.
Save SS by advancing the age as we live longer as well as continue to advance salary limits that people must pay into SS.