The release of the documents renewed proposals for laws banning the use of offshore accounts and tax havens. The document exposed how world leaders and wealthy individuals hide money in secret offshore tax shelters. In April 2017, Wikileaks released 11.5 million confidential documents, known as the Panama Papers, which provided detailed information on 214,000 offshore companies serviced by the Panamanian Law Firm, Mossack Fonesca. The benefits of an offshore bank account include tax reduction, privacy, currency diversification, asset protection from lawsuits, and reducing your political risk. Should Australian citizens be allowed to save or invest their money in offshore bank accounts?Īn offshore (or foreign) bank account is a bank account you have outside of your country of residence. Opponents argue that a UBI would be detrimental to economies by encouraging people to either work less or drop out of the workforce entirely.
Proponents of UBI argue that it will reduce or eliminate poverty by providing everyone with a basic income to cover housing and food. In the Alaska Permanent Fund each individual and family receives a monthly sum that is funded by dividends from the state’s oil revenues. The longest running UBI system in the world is the Alaska Permanent Fund in the U.S. Several countries, including Finland, India and Brazil, have experimented with a UBI system but have not implemented a permanent program.
The funding for Universal Basic Income comes from taxation and government owned entities including income from endowments, real estate and natural resources. Do you support a universal basic income program?Ī Universal Basic Income program is social security program where all citizens of a country receive a regular, unconditional sum of money from the government.