In response to the private sale of royal (or common) lands, Paine proposed a detailed plan to tax land owners once per generation to pay for the needs of those who have no land. Some consider this a precursor to the modern idea of citizen's dividend or basic income. The money would be raised by taxing all direct inheritances at 10%, and "indirect" inheritances, those not going to close relations, at a somewhat higher rate. He estimated that to raise around £5,700,000 per year in England.[2]
Around two thirds of the fund would be spent on pension payments of £10 per year to every person over the age of 50, which Paine had taken as his average adult life expectancy.
Most of the remainder would be used to make fixed payments of £15 to every man and woman on reaching the age of 21, then the age of legal majority.
The small remainder of the money raised that was still unused would be used for paying pensions to "the lame and blind."[3]
For context, the average weekly wage of an agricultural labourer was around 9 shillings, which would mean an annual income of about £23 for an able-bodied man working throughout the year.[4]
Basically, land owners would have to pay rent to the community for the land they own, which would then be used as a sort of universal basic income.
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Basically, land owners would have to pay rent to the community for the land they own, which would then be used as a sort of universal basic income.