Universal Basic Income for All Illinoisans
$1,000 a month. Every adult resident.
No state taxes. Ever.
Illinoisans deserve better.
Here's our plan.
How you get your cash:
Every month, you receive $1,000 paid to you in the form of a check, direct deposit, or existing state aid debit card. That's an extra $12,000 each year.
This money is tax-free income at the state level.
You receive this money every month. Every year. For the rest of your life. This is unrestricted money that you can use on the expenses you need.
You must be an Illinois resident over the age of 18 for at least 12 consecutive months or are an Illinois resident for at least 12 consecutive months prior to turning the age of 18. You must maintain full-time residency to maintain benefits.
How we pay for it:
We will pay for this with a very small fee.
We can fund Universal Basic Income in Illinois by placing a small daily fee on every financial derivative contract that is traded through Illinois-affiliated businesses, traders, brokers, and any other organization working with our state's financial sector. We call it the "Equity Fee."
How small is it? Tiny! Less than 1/10 of 1% of the daily notional value of each contract.* The financial sector moves trillions of dollars each day - $6.8 trillion to be exact.
We're asking for only $122 billion. What this means is that, after just 8 minutes of trading every day, our state handles enough cash to lift 650,000 of our neighbors out of poverty. We believe it's time we did that.
Each day, at the close of trading, central clearinghouses and intermediaries will collect the Equity Fee and remit it to the state every two weeks.
From there, the money goes into the Illinois Economic Equity Fund and is dispersed to you once a month.
It's that simple.
How we make sure the money is always there:
It's no secret that Illinois has difficulty managing tax dollars. We have a plan for that, too.
Illinois Legislators: Pass the Economic Equity Act, which will enact the Equity Fee, establish the creation of independent Economic Equity Commissioners, and empower the creation of the Illinois Economic Equity Fund so the General Assembly can't touch the money.
Illinois Treasurer: Collect the Equity Fee money and ensure timely distrubtion of UBI cash to all Illinoisans. Oversight will be provided by the General Assembly and the Economic Equity Commissioners.
Illinois Comptroller: Invest the Equity Fee money in the Illinois Economic Equity Fund, which will be focused on low risk government bonds, to guarantee annual returns to beat annual inflationary projections. Oversight will be provided by the General Assembly and the Economic Equity Commissioners.
Economic Equity Comissioners: Three Comissioners will be appointed by the Governor, approved by a majority of the General Assembly, and serve for no more than two three-year terms. Each Comissioner position is required to be filled by apolitical economists and financiers who will provide feduciary oversight to the Treasurer and Comptroller and provide quarterly quality assurance reports to the General Assembly. At no time will more than two Comissioners both be from Chicagoland. Oversight will be provided by the General Assembly and the Governor.
*Due to how specific contracts are traded, the Equity Fee will also be levied on contract equity for certain contracts. However, at no time will any contract be taxed on both notional value and contract equity.
Here's what we have to say:
UBI in Illinois: Why we need it
December 27, 2020 | Katherine Brown, Sherijay Beckford, Sado Marinovic, & German Shumakov
Building an equitable future means restoring financial security for all Illinois residents. And lifting 650,000 of our neighbors out of poverty.
Illinois Needs UBI and Education Reform
June 27, 2020 | Sherijay Beckford & Naeelah Chism
Illinoisans deserve a quality education and equitable access to basic living necessities. Universal Basic Income and tuition-free education reform will ensure a bright future for Illinois. We can build communities we can be proud of. Together.