alt Hacker News> Confiscating 100% of all billionaire wealth (~$8.4T) covers - ~1.1 years of federal spending (~$7.4T) - ~4.4 years of deficits (~$1.9T) - ~23% of debt (~$36T):
Adding a wealth tax doesn't mean eliminating existing income taxes.
> Cities like NYC pretty much can afford UBI (look at per capita spending on homelessness, public schools etc).
Perhaps , but what about poor states like West Virginia or Alabama. It's not universal if they don't receive benefits also.
Just remember those states are already handout states. They take more money in than they give back. They also have some bizarre cultural hatred for the blue states and cities that make this country an economic superpower. The idea NYC shouldn't do its best to take care of its own because people in Alabama aren't getting enough is nonsensical. Imo they already get far more than they deserve.