A universal basic income (UBI) is regressive and means that large numbers of people have to be taxed more heavily, said Senior Minister Tharman Shanmugaratnam at the Bloomberg New Economy Forum on Monday.
Responding to moderator and Bloomberg Quicktake chief correspondent Jason Kelly’s question on whether governments should institute a UBI, Mr Tharman called it a "bad idea" on two counts.
Firstly, it is regressive."The idea of giving everyone (the same) quantum of money is very different from giving the poor and the lower-middle-income group the support they need."He added that while many UBI proponents say it is a way of […]
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