No you don't. The basic income is set off against your income tax liability, in fact, it's also been referred to as "negative income tax".
One of the nice aspects of the negative income tax is that it reduces the marginal tax rate at the bottom, which can often approach or even exceed 100% (you lose close to or even more benefits compared to the income from a low-paying job). Instead it's all just one smooth scale.
Another aspect of this is that it is one way of distributing the "automation dividend" that technology has given to society more equitably: "if robots and algorithms replace us in the labour market, they should also substitute us as taxpayers."
> Another aspect of this is that it is one way of distributing the "automation dividend" that technology has given to society more equitably: "if robots and algorithms replace us in the labour market, they should also substitute us as taxpayers."
As an IT professional who spends his days writing code to automate people away, I'm completely okay with this.
Just to be clear, basic income is not the same as negative income tax. Guaranteed income is the same as negative income tax; it has the benefit that it should cost less overall since it only goes to people who need it but it has the cost of trying to catch all the people cheating on it.
No you don't. The basic income is set off against your income tax liability, in fact, it's also been referred to as "negative income tax".
One of the nice aspects of the negative income tax is that it reduces the marginal tax rate at the bottom, which can often approach or even exceed 100% (you lose close to or even more benefits compared to the income from a low-paying job). Instead it's all just one smooth scale.
Another aspect of this is that it is one way of distributing the "automation dividend" that technology has given to society more equitably: "if robots and algorithms replace us in the labour market, they should also substitute us as taxpayers."
http://binews.org/2012/05/rieger-frank-2012-an-automation-di...
Inefficiencies in the social insurance system are one aspect, but a rather small one, IIRC.