Buffalo Considering Universal Basic Income Program
On the heels of New York State legalizing the sale of marijuana, the City of Buffalo is considering using that tax money to help locals maintain a certain level of income.
Mayor Bryon Brown was quoted by WGRZ saying that he is considering implementing a universal basic income program to help residents in low-income zip codes.
"We'd be looking at potentially providing some income checks to low-income residents in the City of Buffalo, potentially looking at certain zip codes that have been impacted," Brown said. "It's just an idea that we're kicking around. We have made no permanent determination about that."
A universal basic income program is a program that is run by a government entity or non-profit that provides income stipends to people who fall below the median income level of a certain area or zip code.
Several universal basic income programs have been already implemented across the country as according to NPR, the results have been good so far.
A high-profile universal basic income experiment in Stockton, Calif., which gave randomly selected residents $500 per month for two years with no strings attached, measurably improved participants' job prospects, financial stability and overall well-being, according to a newly released study of the program's first year.
New York State is expected to allow the selling of marijuana in 2022 and the tax money from those sales will then be sent to local cities and counties.
Based on the price per ounce and the final tax rate, New York State could make anywhere between $248 million dollars to $677 million dollars annually from the tax.
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