A negative income tax is different, it’s essentially a top-up where if you make less than $20,000 then you get topped up to 20k. That’s obviously a bad idea because if somebody is currently earning 20k they’d probably just stop working.
A guaranteed income is different in that everyone gets $20,000/year added to whatever they already make regardless of if they earn nothing or if they’re earning millions. The big selling point of the whole thing is that there are no administration costs involved in checking if somebody qualifies for it or not, everyone gets it no questions asked.
Considering we’re going to have 11 or so million illegals, maybe more, all getting 20K too, and unlimited illegal immigration thereafter, seems like a horrible idea. Not to mention horrible for all the other reasons: We’d probably have to gut the military to pay for it, and then still go broke.
So if you are 30 years old and doing well, you can take the free $20K per year you don’t need, and just stick it in an interest earning account?
That would be nice. Without any interest, at age 60 you have $600K free bucks.
With a good investment plan, you could have $1M free bucks.