"In 2013, the total Social Security expenditures were $1.3 trillion, 8.4% of the $16.3 trillion GNP (2013) and 37% of the Federal expenditures of $3.684 trillion" (Wikipedia). Medicare adds another half billion, rapidly increasing.
We could get between $6k and $7k annually per citizen by swapping those plans for a basic income. If children don't count, we could bump that to maybe $10k. Obviously, this change would need to be taken gradually to not cause too much disruption.
To hit that $20k number, we'd need to increase taxes. Increasing consumption taxes would be fair. Since the flat credits is very progressive, it's OK to pay for it with a regressive sales or value-added tax.
We could get between $6k and $7k annually per citizen by swapping those plans for a basic income. If children don't count, we could bump that to maybe $10k. Obviously, this change would need to be taken gradually to not cause too much disruption.
To hit that $20k number, we'd need to increase taxes. Increasing consumption taxes would be fair. Since the flat credits is very progressive, it's OK to pay for it with a regressive sales or value-added tax.