Paying everyone an unconditional basic income of £11,375 a year will SAVE the UK taxpayer £22 Billion

Based on these figures from the citizens income trust

http://www.citizensincome.org/filelibrary/poster2013.pdf

The cost of implementing the unconditional basic income is £609 billion

51 million adults aged over 16 to be paid £11,375 every year = £580 billion

11 million children aged 0-15 to be paid £2,650 every year = £29 billion

The money to pay the unconditional basic income can be raised like this

Abolishing current benefits system = £204 billion

Abolish personal tax allowance and pay 50% tax on first £10,000 in income = £170 billion

Raise income tax from 20% to 50% = £232 billion

Abolishing housing benefit = £25 billion

Total raised = £631 billion

Total spent = £609 billion

Paying every adult £11,375 a year and every child £2650 a year in unconditional basic income, no strings attached, SAVES the UK taxpayer £22 billion a year.

Enough to treble the UK transport budget!

Note:

Any individual currently earning less than £29,000 a year will be financially better off

Any couple earning less than £59,000 a year will be financially better off

As a society we will thrive.

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One thought on “Paying everyone an unconditional basic income of £11,375 a year will SAVE the UK taxpayer £22 Billion

  1. Pingback: Paying everyone an unconditional basic income of £11,375 a year will SAVE the UK taxpayer £12 Billion | The BIG Political Party | Musings about Universal Basic Income

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