Abstract
We provide a quantitative evaluation of the impact of Universal Basic Income (UBI) as an alternative to the existing system of means-tested transfers. We explore varying levels of UBI generosity, paired with different strategies to finance it. All the reforms we consider result in welfare losses for a huge majority of initial households. Moreover, these losses are increasing in UBI generosity. A reform financed with consumption taxes implies lower efficiency losses than reforms financed with income taxes, but fewer individuals benefit from it.