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Is Universal Basic Income the way forward?

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Comments

  • #502
    Geuze
    Registered Users, Registered Users 2 Posts: 13,766 ✭✭✭✭Geuze


    JimmyVik wrote: »
    So lets say I retire at 60 as is in my contract.
    If my pension earns me €35K per year I keep about €29k
    So thats €6k I pay in taxes or €115 per week.

    So with UBI I get €150 a week,

    but it I have to pay 45% tax on my €35k which is €15750.

    So I gain €150 from the UBI, but I am now paying €302 in tax.
    I am actually €187 worse off per week even though im getting UBI. Plus I dont even get the contributory state pension when I reach 68, so im far worse off at that point even.

    I will double check your sums.

    No UBI = pay net tax of 115 pw

    UBI = pay tax of 303 in tax, but receive 150 UBI, so net tax is 153

    Your sums are wrong, you are worse off by 37 per week.

    Note that we are assuming 45% and 150 pw here.


  • #503
    JimmyVik
    Registered Users, Registered Users 2 Posts: 5,367 ✭✭✭JimmyVik


    Geuze wrote: »
    I will double check your sums.

    No UBI = pay net tax of 115 pw

    UBI = pay tax of 303 in tax, but receive 150 UBI, so net tax is 153

    Your sums are wrong, you are worse off by 37 per week.

    Note that we are assuming 45% and 150 pw here.


    How does it work out when I hit 68?


  • #504
    Geuze
    Registered Users, Registered Users 2 Posts: 13,766 ✭✭✭✭Geuze


    Nothing happens at 68, assuming UBI = State Pension.




    Well, maybe something does happen.

    In the SJI 2016 costings, they had UBI as follows:
    https://www.socialjustice.ie/content/policy-issues/costing-basic-income-ireland

    18-65 = 150 pw
    66+ = same as State Pension = 230 pw


  • #505
    saabsaab
    Registered Users, Registered Users 2 Posts: 8,248 ✭✭✭saabsaab


    So our experiment with UBI is coming to an end.



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