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Why Everyone Is Suddenly Talking About 'Universal Basic Capital'
23 days ago
- Universal Basic Capital (UBC) is proposed as a hedge against AI-induced inequality by giving everyone an ownership stake in AI companies.
- UBC differs from Universal Basic Income (UBI) by providing equity accounts instead of cash payments, potentially avoiding political hurdles related to taxes and welfare.
- The policy has bipartisan appeal, with examples like the 'Trump Accounts' bill and proposals from figures like Vivek Ramaswamy to grant stock accounts at birth.
- Critics warn that a government-controlled sovereign wealth fund model, as proposed by Bernie Sanders, could lead to regulatory capture and politicization of AI companies.
- Implementing UBC without careful design risks giving excessive control to political actors, undermining corporate independence and public oversight.
Musk demanded proof people died from USAID cuts. He got it – and lost it
23 days ago
- Elon Musk challenged critics to name people who died due to USAID funding cuts he led, claiming no deaths occurred.
- Journalist Nicholas Kristof provided names of individuals, including children like Jibia and Achol Deng, who died after losing USAID-funded healthcare.
- Musk responded with insults, calling Kristof 'evil' and a 'liar,' and targeted others like researcher Alonso Gurmendi.
- Kristof published a New York Times column detailing deaths linked to aid cuts, with estimates suggesting over 750,000 lives lost globally.
- Musk bragged about cutting USAID funding and faced legal issues, including fraud lawsuits related to a $1 million giveaway.
- Meta faced backlash for using Kylie Jenner in smart glasses ads, highlighting wealth disparity and privacy concerns over surreptitious recording.
- Meta contractors posed as children to test rival AI chatbots on sensitive topics like suicide and eating disorders, raising ethical questions.
- Mark Zuckerberg plans high-quality beef production on his ranch and commented on AI job displacement, despite recent Meta layoffs.
- Larry Ellison donated $45 million to pro-Trump groups, with Trump supporting his media acquisition efforts, including potential CNN overhaul.
- Global billionaire wealth increased by 25%, while median wealth declined for the working class, according to a UBS report.
Lord of the Roths
20 days ago
- Peter Thiel turned a small Roth IRA into a $5 billion tax-free fortune by using startup shares purchased at extremely low prices.
- Ultrawealthy individuals exploit Roth IRAs as tax shelters, with accounts sometimes worth hundreds of millions or billions, despite contribution limits.
- Congress allowed Roth conversions for the wealthy in 2006, enabling them to move large sums into tax-free accounts with a one-time tax payment.
- IRS budget cuts and enforcement challenges hinder efforts to police retirement account abuses, such as undervalued private company shares.
- Thiel's Roth investments included shares in PayPal, Palantir, and Facebook, generating massive tax-free gains that avoided income and capital gains taxes.
- Reform proposals to limit mega Roth IRAs have failed due to political opposition, while the average American struggles with retirement savings.
- Thiel advocates for lower taxes on the middle class and reduced government programs, despite benefiting from significant tax breaks himself.
- The secrecy and complexity of Roth IRAs allow the ultrawealthy to shield wealth from taxation, contrasting with the retirement savings crisis for many Americans.

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wealth inequality

Why Everyone Is Suddenly Talking About 'Universal Basic Capital'

Musk demanded proof people died from USAID cuts. He got it – and lost it

Lord of the Roths