Milton Friedman on Guaranteed Income / Negative Income Tax

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.

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