Assemblyman Evan Low (Photo: Kevin Sanders for California Globe)
CA Universal Basic Income Program to be funded by a Personal Income Tax increase
AB 65 would impose an additional 1% tax beginning on income in excess of $2 million
By Chris Micheli, March 19, 2021 6:55 am
On March 18, Assemblyman Evan Low (D-Campbell) amended his Assembly Bill 65 to create a Universal Basic Income (UBI) Program to be funded by a Personal Income Tax (PIT) increase. The bill would add Section 17044 and Chapter 2.5 (commencing with Section 17065) to Part 10 of Division 2 of, the Revenue and Taxation Code. As a tax increase, the bill would require a 2/3 vote of both houses of the Legislature.
Section One of the bill would add Revenue and Taxation Code Section 17044, which would impose an additional 1% tax beginning January 1, 2022 on the portion of a taxpayer’s income in excess of $2 million. The following exception from this tax increase include: allowance of tax credits and joint returns.
Section Two of the bill would add Chapter 2.5, which would be titled “California Universal Basic Income.” It would create the Universal Basic Income Fund in the State Treasury, which would be administered by the Franchise Tax Board (FTB). The monies collected from the millionaire’s tax would be deposited in this new UBI Fund.
In addition, the FTB would administer the California UBI Program in which each eligible recipient would receive a universal basic income of $1,000 per month. An “eligible recipient” would be defined as an individual who satisfies each of the following:
- Is a resident, and has been a resident for the three most recent consecutive taxable years.
- Is at least 18 years of age.
- Is not currently incarcerated in a county jail or the state prison.
- Reported gross income that does not exceed 200 percent of the median per capita income for the eligible recipient’s current county of residence, as determined by the United States Census Bureau.
The bill would define “universal basic income” to mean unconditional cash payments of equal amounts issued monthly to individual eligible recipients with the intention of ensuring the economic security of recipients. Also, the FTB would prescribe any regulations required by this program. The FTB would be prohibited from using any payment to offset any liabilities owed by an eligible recipient. And, the Controller would be prohibited from offsetting delinquent accounts against UBI payments.
The bill is expected to be heard in its first policy committee in April.
- Frequently Asked Questions about Privileges of Voters in California - April 23, 2024
- Does a Bill Need Statutory Construction Guidance? - April 22, 2024
- Frequently Asked Questions about Lobbying Support Services - April 22, 2024
RELATED ARTICLES
-
December 8, 2020 -
February 26, 2020 -
Another Asian Commie Congressman!
It will take about 2 years and those provisions on who is eligible will disappear. Anyone of the border invaders will qualify as long as they vote demorat. .. leave folks. the millionaire thing is fake. The millionaires will not allow themselves to be fleeced and they will move out and the next bill will require the disappearing middle class to shoulder most of it.
It’ll probably go to one person per household in a year or two.
Otherwise it’ll be ‘pro-famiy’ and will attract bigger families from out of state.
The Democrats answer for EVERYTHING IS TAX AND REGULATE! Hopefully if we get the French Laundry boy recalled we can get a Governor that will just say no to this BS! Voters of Campbell, Evan Low is your Assembly Member. Vote him out!
As usual, the DemocRATS want to take income that hard-working people EARN, to give it to deadbeats who refuse to work harder to make their lot in life better. The government DOESN’T GET TO DO THAT. People can decide for themselves to give to charity, and to WHICH charities to give, and not under government edict.
take from Biff and give it to Pedro until money runs out then take from public with another tax until everybody is poor and subject to govt
They will take three times as much as they redistribute. Communism destroys. Communism kills.
Communism never fails to share the misery. The new world government is communism
Not me… I’ll be a resident of Wyoming by that time…
Rich people are very mobile. 😉
If you thought California was too crowded and too expensive now, just wait.
Why work if there is a ‘free’ basic income?
So no one works.
Where is the tax income for the freebies if no one works?
Tax everyone at 100%? Or just print money ’till it’s worthless?
Brilliant.
Basically all you’re getting is enough cash to pay your property tax bill. It’ll zero out property taxes.
In a year or two they will decide that only the master of the house can claim the income.
Import more poor. Export more productive.
Yes, this worked SOOO well in Stockton….more businesses and people leaving in 3…2…1…
The only explanation I’ve seen that makes any kind of sense about how to fund UBI is to tax corporations commensurate with the number of employees they are replacing with technology. But, being large, wealthy corporations with the whole lot of legislators on their payroll, they can easily dodge that kind of liability. So, yeah, where does the money come from? The printing presses. And then when that becomes worthless, you have abject poverty for everyone, even the rich people. Because 250 million times zero is still zero.
I can’t figure out how this is anyone’s goal. Reducing everyone’s quality of life to the lowest common denominator… Who benefits from that?
We are ALL screwed!!