Universal Basic Income (UBI) , National Basic Income YouTube Lecture Handouts

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Universal Basic Income (UBI), National Basic Income, Social Dividend: Benefits, Criticism, History

Title: Universal Basic Income

What is UBI? Why?

Fixed set of amounts for all adult citizens

Remove poverty

Replace other social needs program

  • Universal basic income (UBI) is a government program in which every adult citizen receives a set amount of money on a regular basis. The goals of a basic income system are to alleviate poverty and replace other need-based social programs that potentially require greater bureaucratic involvement.
  • The idea of universal basic income has gained momentum in the U. S. as automation increasingly replaces workers in manufacturing and other sectors of the economy.

History of UBI

Thomas More

Thomas Paine

Martin Luther King

  • The 16th century English philosopher and statesman Thomas More mentions the idea in his best-known work, Utopia. Thomas Paine, a pamphleteer whose ideas helped spur the American Revolution, proposed a tax plan in which revenues would provide a stream of government income “to every person, rich or poor.”
  • Martin Luther King, Jr. , proposed “guaranteed income” in his book Where Do We Go from Here Chaos or Community published in 1967.
  • The American Rescue Plan, signed by President Biden on March 11,2021, includes generous tax breaks to low- and moderate-income people. For 2021 only, the size of the earned-income tax credit will increase for childless households. The maximum credit amount for childless people increases to $ 1,502, from $ 543.

Criticism of UBI

High Cost

Disincentive to Work

According to the nonprofit Tax Foundation, Andrew Yang՚s $ 1,000-a-month Freedom Dividend for every adult would cost $ 2.8 trillion each year (minus any offsets from the consolidation of other programs)

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