A basic income guarantee (basic income, citizen’s income) is a proposed system of social security that regularly provides each citizen with a sum of money unconditionally. In contrast to income redistribution between nations themselves, the phrase basic income defines payments to individuals rather than households, groups, or nations, in order to provide for individual basic human needs. Except for citizenship, a basic income is entirely unconditional. Furthermore, there is no means test; the richest as well as the poorest citizens would receive it. The U.S. Basic Income Network emphasizes this absence of means testing in its precise definition, "The Basic Income Guarantee is an unconditional, government-insured guarantee that all citizens will have enough income to meet their basic needs."
Basic income is related to the concept of a social dividend, and is one of the proposed means for distributing the surplus value or economic profits created by socially-owned enterprises in a hypothetical socialist economy.
Basic income guarantee is not to be confused with Guaranteed minimum income, a similar concept where the income that is received may be conditional upon participating in government enforced labor or other conditional means testing. Basic income guarantee is distinct in that the only requirement for receiving it is to be a citizen of the country.
In everyday usage, the phrase basic income is often inaccurately conflated with means tested guaranteed minimum income alternatives such as a negative income tax. A basic income of any amount less than the social minimum is referred to as a partial basic income.
Similar proposals for "capital grants provided at the age of majority" date to Thomas Paine's Agrarian Justice of 1795, there paired with asset-based egalitarianism.
Read more about Basic Income Guarantee: Arguments, Examples of Implementation, Advocates, Funding, Criticisms, Further Reading
Famous quotes containing the words basic, income and/or guarantee:
“Justice begins with the recognition of the necessity of sharing. The oldest law is that which regulates it, and this is still the most important law today and, as such, has remained the basic concern of all movements which have at heart the community of human activities and of human existence in general.”
—Elias Canetti (b. 1905)
“I had always been so much taken with the way all English people I knew always were going to see their lawyer. Even if they have no income and do not earn anything they always have a lawyer.”
—Gertrude Stein (18741946)
“... in the happy laughter of a theatre audience one can get the most immediate and numerically impressive guarantee that there is nothing in ones mind which is not familiar to the mass of persons living at the time.”
—Rebecca West (18921983)