by Mitch Kokai
Senior Political Analyst, John Locke Foundation
Editors at Investor’s Business Daily pan a new study from across the pond. It suggests taxing innovative companies in order to pay for a universal basic income.
A new “study” in Britain suggests that by raising taxes sharply on Facebook, Amazon and Apple, the government could pay for a universal basic income (UBI) for all Britons. It’s an absurd idea, which is why it can’t be counted out.
The so-called FANG companies — the above-mentioned three, plus Google and Netflix — have been vilified now for years in Europe and in the U.S. as “monopolies” and, worse, “predators.” When such strident rhetoric is used by politicians, you know they’re going in for the kill. There’s money to be made in taking down big, successful companies.
In the case of Britain, the left-wing paper The Guardian reports, the Royal Society of Arts (that’s right, Arts) recommends that “Britain could raise new taxes on Amazon, Facebook and Apple to give every citizen under the age of 55 as much as £10,000 ($14,000) in a form of universal basic income … helping to counter the growing risk of job losses from automation and artificial intelligence.” …
… [I}t amounts to a massive, unpayable tax on innovation. Do they really think they can squeeze the tech companies for even a tenth of that amount?
Yet, this is how the far-left thinks. Money is magic. All you have to do is imagine a need, and you can take whatever you want from producers to satisfy that need. And don’t worry: Like all bad ideas, this one will jump the pond and soon be discussed by the economically illiterate far-left in the U.S. as an “answer” to our welfare problems.