Milton Friedman on Guaranteed Income / Negative Income Tax / Basic Income
February 26, 2019
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6:34Now PlayingMilton Friedman on Guaranteed Income / Negative Income Tax / Basic Income
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as posted by the channelWhy Milton Friedman Supported Guaranteed Income | 5 Reasons
Milton Friedman supported a guaranteed minimum income with a Negative Income Tax (NIT). While NIT and Universal Basic Income (UBI) are both guaranteed minimum incomes, the difference is a UBI goes to everyone automatically, while a NIT is distributed based on income. That's why I made sure to refer to Friedman's NIT as a guaranteed income rather than UBI. Even though they are very similar and the arguments for universal basic income and negative income tax are nearly the same.
"Suppose one accepts, as I do, this line of reasoning as justifying governmental action to alleviate poverty; to set, as it were, a floor under the standard of life of every person in the community." - Milton Friedman
"Poverty: A Direct Approach" (1964)
Matt Orfalea
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