It's very feasible for the US. Not everyone would get a basic income however, it would have to erode as you earn more income. And note, this is just the Federal Government's portion.
"Based on data from the Congressional Research Service, cumulative spending on means-tested federal welfare programs, if converted into cash, would equal $167.65 per day per household living below the poverty level. By comparison, the median household income in 2011 of $50,054 equals $137.13 per day. Additionally, spending on federal welfare benefits, if converted into cash payments, equals enough to provide $30.60 per hour, 40 hours per week, to each household living below poverty."
> Not everyone would get a basic income however, it would have to erode as you earn more income.
Then its not a basic income. If it is a basic income, everyone would get it.
You could, of course, have a similar net effect to tapering off with income simply by adjusting the progressivity of the income tax system, which is what UBI proponents usually propose. Since you changing the rates of the tax system, but not the behavior of the system, doesn't add complexity or administrative overhead, but eliminating the means-testing on the benefit side does reduce complexity and administrative overhead, this is seen as a net win even though (overhead aside) the net effect to recipients is the same.
http://www.budget.senate.gov/republican/public/index.cfm/201...
"Based on data from the Congressional Research Service, cumulative spending on means-tested federal welfare programs, if converted into cash, would equal $167.65 per day per household living below the poverty level. By comparison, the median household income in 2011 of $50,054 equals $137.13 per day. Additionally, spending on federal welfare benefits, if converted into cash payments, equals enough to provide $30.60 per hour, 40 hours per week, to each household living below poverty."