Tax rate of 60% could fund €50bn universal basic income, says ESRI 

'Any UBI policy would likely involve significant changes to the tax and benefit system,' the report said, suggesting that  “financing a UBI through income tax could require a high tax rate, in the order of 50% or 60%'. Picture: PA

A high tax rate of 60% could be required to fund a universal basic income (UBI) scheme costing up to €50bn in Ireland, a new report has found.

A UBI refers to an unconditional payment that is made regularly, is sufficient to live on, is not means tested, and carries no work requirements.