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Yang income local currency support universal

yang income local currency support universal

No conditions — such as job-search efforts or parental income levels — are attached. The number of recipients stands at around 150,000 people, according to the Gyeonggi provincial government.

According to surveys conducted in July and November 2019 by the Gyeonggi Research Institute, 80.6 percent and 82.7 percent of the youth recipients, respectively, said they were satisfied with the program. It generally helped the young recipients to improve their quality of lives, to have more trust in politics, law and fellow citizens, the institute said.

For Lee, his basic income program is more than a welfare policy. It is the centerpiece of his vision to make Korean society more equal and just for all.

He would rely on several new taxes, including a 10 percent value-added tax (VAT), and other non-tax offsets to fund this proposal. We estimate that overall, his taxes and offsets would not be enough to cover the cost of his Freedom Dividend. We estimate that one option to make his proposal sustainable would be to raise the VAT rate to 22 percent and reduce the cash transfer to $9,000 per year.

Modeling Notes

Unless otherwise noted, the estimates are produced using the Tax Foundation’s General Equilibrium Model.
The model can produce both conventional and dynamic revenue estimates of tax policy. Conventional estimates hold the size of the economy constant and attempts to estimate potential behavioral effects of tax policy. Dynamic revenue estimates consider both behavioral and macroeconomic effects of tax policy on revenue.

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Nutshell – Brief

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Yang income local currency support universal-2000

At an extreme, a four-person household in a low-cost region could pool their income to $48,000 annually, while a single person in a high-cost urban area would receive just $12,000.

Another criticism is the overall cost to the taxpayer.

With roughly 210 million Americans over 18 today, “this program would distribute well over $2 trillion per year,” said Steve Fazzari, an economist at Washington University in St. Louis. “Allowing for some modest growth before the program goes into effect, it would spend about 10% of gross domestic product. By itself, that would be a massive stimulus to the economy.”

Adjusting for Yang’s proposed offsetting taxes and spending cuts — the new VAT tax and the reductions in means-tested welfare programs — reduces the net impact to about 3.3% of gross domestic product, Fazzari said.

Yang income local currency support universals

Finally, taxing capital gains and dividends at ordinary income rates would raise $7 billion each year.

In addition to revenue from taxes, Yang would rely on two additional offsets to pay for the Freedom Dividend. First, the federal government would save money from individuals who decline the cash transfer in favor of their current benefits and from those who give up their current benefits if they opt for the cash benefit. According to the UBI Center, this effect is expected to offset $151 billion each year.

Second, Yang also argues that his Freedom Dividend would produce economic growth.
This economic growth would broaden the existing tax base as individuals would earn more income.

Yang income local currency support universale


Offset from Reduced Federal Spending/Welfare Overlap


Offset from Reduced Economic Activity


Total Effect of Non-Tax Offsets


Net Effect


Overall, we estimate that his proposal to provide a $12,000 unconditional cash transfer, paid for by tax increases and slightly lower federal spending on other programs, would end up increasing the budget deficit by about $1.5 trillion each year even after accounting for offsetting reductions in government spending and changes in economic output.

A Revenue Neutral Freedom Dividend

To make Yang’s Freedom Dividend revenue-neutral, he either needs to propose higher taxes or provide a smaller unconditional cash transfer.

One possible way to make the plan sustainable would be to raise the VAT.

Gyeonggi Research Institute’s analysis on the impact of the cash relief during the COVID-19 pandemic.

In the latest move to further experiment with the universal basic income, Lee is pushing to introduce a farmer-specific program – offering a certain amount of local currency to all farmers on an individual level and on a regular basis.

It is considered more similar to a universal basic program in that it seeks to offer cash payments to farmers for a longer term to help the farmers’ livelihoods, which is different from one-off, temporary programs such as coronavirus-fueled cash handouts.

As for the funding, the governor suggests the government levy more taxes on the real estate market, where he says speculation has fueled price hikes, yielding proceeds to homeowners.

This import replacement approach, a notion popularized by urbanist Jane Jacobs in the 70s and 80s, could offer greater opportunities for young adults wishing to stay or move back to small communities like the Berkshires, a tendency that has become more prevalent in the wake of COVID-19.

One final advantage of the digital currency is richer data and insight that could inform such economic development. BerkShares data could be analyzed (in an anonymized and transparent format) to identify local procurement gaps. Regular reports from BerkShares, Inc. could point residents to potential areas of investment opportunity.

Nationwide, interest in local currency has risen in response to COVID-19 and its continuing economic repercussions.

At the same time, the opportunity of expansion provided by the trend proved an enticement.

The digital launch involves a partnership between BerkShares Inc., a democratically structured non-profit which issues the local currency; the Schumacher Center(which retains its affiliation with BerkShares, Inc.); and Humanity Cash, a tech venture focused on alternative digital currencies.

From the beginning, BerkShares has been about much more than just another way to pay for goods and services. Facilitating personal bonds between local producers, consumers, and suppliers can increase resiliency in periods of global supply chain disruption while cutting the carbon footprint of shipping.

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  • Dividend. As such, some individuals may decline the Freedom Dividend if they determine that their current government benefits are more valuable.

    The benefits that individuals would need to give up are Supplemental Nutritional Assistance Program (SNAP), Temporary Assistance for Needed Families (TANF), Supplemental Security Income (SSI), and SNAP for Women, Infants, and Child Program (WIC).

    To cover the additional cost of the Freedom Dividend, Yang would raise revenue in five ways:

    • A 10 percent VAT
    • A tax on financial transactions
    • Taxing capital gains and carried interest at ordinary income rates
    • Remove the wage cap on the Social Security payroll tax
    • A $40 per metric ton carbon tax

    The Budgetary Effect of the Freedom Dividend Plan

    Calculating the gross cost of the Freedom Dividend is straightforward.

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