How would Basic Income be paid for?
It would be paid for from income taxes on all other income, and tax allowances will be reduced or curtailed. Current targeted, means-tested and contributory benefits will cease, to be replaced by the Basic Income. The present income tax allowances and deductions benefit higher income earners proportionately more than the less well off. By removing the tax allowances, higher income earners will contribute a little more income tax than under our present system.
