Evidence-Based Policies for Intelligent Societies: Economy

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INTELLIGENT ECONOMIC POLICIES 
Socialized Venture Capitalism | Consumption-Based Revenue | Data as a Property Right | Net Neutrality | Zoning | Capital Gain/Carried Interest-Based Revenue | Financial Transaction-Based Revenue | End Corporate Relocation Bidding 

SOCIALIZED VENTURE CAPITALISM

Problems Being Addressed
  • Poverty
  • Consumption-driven economy
  • Social activities
  • Job scarcity
  • Worker rights
  • Job mobility
  • AI/labor replacement
  • Regional wealth distribution
Recommended Videos
  • Tucker Carlson
  • Milton Friedman
  • Martin Luther King, Jr.
  • Mark Zuckerberg
  • Elon Musk
  • Barack Obama
  • Isn’t UBI socialism?

Socialized Venture Capitalism, also known as universal basic income (UBI) of $1,000/month, $12,000 a year, for every American adult over the age of 18.

This is independent of one’s work status or any other factor. This would enable all Americans to pay their bills, educate themselves, start businesses, be more creative, stay healthy, relocate for work, spend time with their children, take care of loved ones, and have a real stake in the future.

Other than regular increases to keep up the cost of living, any change to the Freedom Dividend would require a constitutional amendment.

It will be illegal to lend or borrow against one’s Dividend.

A Universal Basic Income at this level would permanently grow the economy by 12.56 to 13.10 percent—or about $2.5 trillion by 2025—and it would increase the labor force by 4.5 to 4.7 million people.  Putting money into people’s hands and keeping it there would be a perpetual boost and support to job growth and the economy.

CONSUMPTION-BASED REVENUE

Problems Being Addressed
  • Corporate tax loop holes / non-appreciated income
  • Unfair/disproportionate taxation 
Recommended Videos
  • Gregory Mankiw

Consumption-Based Revenue, more commonly known as a Value-Added Tax (VAT), is currently used by 160 out of 193 countries, including every developed nation except the US, because it is a more efficient way of generating revenue with no loopholes. Big companies and rich people are excellent at moving assets around to avoid taxes – Amazon, Google, and other companies funnel hundreds of billions in earnings overseas. In fact, Amazon paid zero in taxes last year. A VAT makes it impossible for them to benefit from the American people, automation, and infrastructure without paying their fair share.

By implementing a VAT, the American people will get a tiny sliver from the transactions of the big winners from the 21st century economy, the trillion dollar tech companies. 

These revenues will help finance the Freedom Dividend and provide a floor for millions of Americans to build on, incentivizing businesses to control costs, encouraging savings, and simplifying administration. While transactions through the supply chain are taxed, only a fraction of that tax is passed on to consumers. Coupled with the Freedom Dividend, it will be quite progressive.

Why are VATs so popular in the rest of the world, especially among industrialized nations that make up the Organization for Economic Cooperation and Development (OECD)? They’re difficult to dodge and easy to implement. By taking a slice at each point that value switches hands in the supply chain, big corporations will pay into the system to bring their products to market. If you want to do business in America, you have to pay into America. That’s it. This system doesn’t privilege foreign goods because a VAT is equally applied to imported goods.

This is how we ensure big tech companies pay their fair share and Americans share in the gains of the 21st century economy. Other industrialized countries have cracked the code after trying numerous schemes, from a wealth tax to a VAT. And while I agree with a wealth tax in spirit, there is a reason why it has been repealed by almost all European countries who have attempted them. We should not be looking to other countries’ mistakes. Instead, we should look at the tax system in 160 countries like Germany and France that set up future generations for success, which is a value-added tax.

Taxing income is an increasingly ineffective and inefficient way to generate revenue over time. Take a company like Amazon—it can do tens of billions in business and pay no income tax in a given period while storing its income overseas. A Value-Added Tax is a much more efficient way to capture the true value of the American infrastructure and will be increasingly necessary over time as more and more work is done by software, robots and artificial intelligence. With a VAT of half the European level, we can pay for Universal Basic Income for all American adults of $1,000 per month.

DATA AS A PROPERTY RIGHT

Problems Being Addressed
  • Data generated by our activities, both in the real world and online, is increasingly collected and used by corporations, often without our knowledge or proper protections.
  • Enable individuals to share in the economic value generated as a result of their data
Recommended Videos
  • Andrew Yang

Each of us generates a significant amount of data each day during the normal course of our activities. Our phones and computers track our movement and actions, while our browsers and websites track our online activities. As we’ve seen, some of the largest tech companies can know more about us and our lives than our families and those closest to us.

As of now, that data is owned by the people who collect it, and they’re allowed to do anything they want with it. They’ve sold it, used it to target us with advertisements, and have analyzed the vast quantity of data to draw conclusions on whole populations, allowing them to monetize it.

We’ve also seen it abused. Some companies haven’t done enough to protect our data, resulting in breaches that have made our private information insecure. Others have sold it to disreputable companies, allowing them to target us for everything from marketing fraudulent services to influencing elections. Companies themselves have asked for better and clearer rules.  

This needs to stop. Data generated by each individual needs to be owned by them, with certain rights conveyed that will allow them to know how it’s used and protect it. These rights include:

  • The right to be informed as to what data will be collected, and how it will be used
  • The right to opt out of data collection or sharing
  • The right to be told if a website has data on you, and what that data is
  • The right to be forgotten; to have all data related to you deleted upon request
  • The right to be informed if ownership of your data changes hands
  • The right to be informed of any data breaches including your information in a timely manner
  • The right to download all data in a standardized format to port to another platform

Consent should be informed and active – companies are responsible for ensuring that they collect a positive opt-in from each user before collecting any data, and this opt-in should be accompanied by a clear and easy-to-understand statement about what data is being collected, and how it is going to be used. You can waive these rights and opt in to sharing your data if you wish for the companies’ benefit and your own convenience – but then you should receive a share of the economic value generated from your data.

Data is the new coin of the realm in many industries. In many settings, our data is being sold and resold for large sums without our knowledge. Our data is immensely valuable - we should be able to share in the economic value generated, which could be even higher with our buy-in.

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