Finland’s opposition Left Alliance party has proposed that the country’s social security system be based on a basic monthly income of €800. It argued that this would remove the need for people to supplement the excessively low basic security with social assistance.
“Social assistance would remain a tool to allow low-income earners to receive help in unexpected situations. Also, the housing allowance would remain unchanged,” it said.
As reported by The Helsinki Times, the Left Alliance stated that the monthly basic income would be “taxed away” from high-income earners by levying a progressive tax on earnings exceeding the basic income in a way that would not result in a substantial increase in the effective tax rate for anyone compared to their current income tax rate.
“Even though the nominal tax rate would increase, the amount of disposable income would not decrease for any low- and middle-income earners,” the proposal reads.
The Left Alliance, a member of the Party of the European Left and Nordic Green Left Alliance, estimated that the system could be adopted during the electoral term beginning in 2023.
