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Your textbook notes a new form of policy experiment that would provide everyone with a guaranteed income called "Universal Basic Income."
What is Universal Basic Income?
A proposed government guarantee of a monthly payment to every citizen is known as universal basic income. Its goal is to guarantee that everyone has the resources to buy needs and raise their standard of living.
Some key features of universal basic income are-
- The fundamental concept under an universal basic income is to allocate tax revenue to fund programs that pay everyone who lives under that government's control.
- To fund this scheme, a state or the federal government could divert a set amount of tax revenue, which would then be distributed to the locals.
- For instance, the payment system linked to a nation's economic output is suggested by economist Kalle Moene & Debraj Ray.
- According to their estimates, between 10 and 12 percent of the gross domestic product may be allocated to universal income transfers.
- Payments would fluctuate according on the level of income and inflation in the nation under this arrangement.
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