Posted 8 years ago on Jan. 11, 2012, 4:12 p.m. EST by ubi
This content is user submitted and not an official statement
Unconditional basic income can be part of the solution when it comes to achieving more socioeconomic equality in the USA.
Basic income is a particular form of guaranteed minimum monthly income, which gives all people access to some income irrespective of their current work performance or their past work performance. A guaranteed minimum monthly income in this sense is something which has existed in several European countries for a number of years, but basic income differs from the existing guaranteed minimum income along three dimensions: first, basic income is strictly individual, given to all people on an individual basis irrespective of their household situation; second, it is given to all irrespective of income from other sources (labor income or capital income); third, basic income is not subject to whether people are willing to work or not. It is not restricted to the involuntarily unemployed, but would be paid to everyone, including people who choose not to engage in paid work (for example, housewives, househusbands, volunteers, students, and many artists).
Funding solutions could involve a combination of the following tax increases for the wealthiest 20%:
- Income tax
- Capital gains taxes
- Inheritance taxes
- Luxury taxes
- Pollution taxes
- Lottery / gambling taxes
This would coincide with the elimination of current income support programs and tax deductions.