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RE: What Can Make Social Democracy "Libertarian"?
The retired home-owners would be receiving basic income, probably a higher rate than the average person. In Agrarian Justice, Thomas Paine proposed a basic income for all but with a higher rate for people over a certain age. A person who just owns a house to live in would have the rent offset by the basic income. It's absentee landlords and the people that own factories and oil fields that will end up paying the bulk of the taxes.
Ok I see. Your proposal sounds similar to what Canada does now when people retire. they receive Canada Pension Plan (CPP is similar to Social Security) plus Old Age Security and depending on your income at retirement you get Guaranteed Income Supplement(GIS). GIS is based on your retirement income not wealth when retired.
And that won't even be including personal savings, etc.