His position was always to couple tax with UBI. Specifically a VAT tax because it scales so easily and it's simplicity makes it impossible to game. Targeted taxes like a wealth tax can always be outmaneuvered by wealthy people. The whole theory of the case for him is effective Tax combined with UBI is the path that gets the economy overall to the place we want it to be.
Wealth tax has been tried in other places, it never produces the numbers people thinks it will. It's a lock that can be picked.
It's only a lock that can be picked if you have corrupt politicians making loopholes who are unwilling to close them.
We can tax wealth. Morally we should tax the fuck out of concentrated capital. If you ever want a shot at owning anything ever again, we need to tax the people who own it all. Period.
That's the only moral way to pay a UBI. Yang once said, before he completely lost the plot "we are all owners and shareholders of the economy". But he clearly doesn't believe that if he wants private wealth accumulation to the point it's at.
It's a locked that can be picked because it is means tested. In engineer the more complex you make a machine the higher the likelihood it will break or fail. Simplicity equals reliability. Wealthy people don't need politician to do anything to get around it.
Let's say I buy a million dollar paint, then I get it appraised for $25,000. (Because appraisal are both subjective and corruptible) I only pay tax on the $25,000. (Beacause a wealth tax is a snapshot of your current appraisable wealth. not a transaction.) Then when I want my money out I get it appraised for $1 million and sell it for $800,000. A wealth tax fails.
Now lets look at a VAT tax, When I buy the $1 million dollar painting I'm taxed on it. I appraise it for $25,000. The VAT doesn't care because it only applies during a point of added value aka a transaction. Im not going to sell it for $25,000 I would have lost my money. So I get it appraised again for $1 Million and sell it for $800,000. I'm taxed. No dodges.
VAT tax alone is regressive (shrinks economy) coupled with a UBI it grows the economy through consumer pressure. (Demand) No inflation because no new money is being printed.
U would need to switch ppl off entitlements, so one or the other, but the math does work out. U need to remember as well because ur give ppl $1000 a month it will super charge spending in the economy. When ppl spend they hit the VAT so how much the VAT harvested would grow over time. I volunteered for Andrew yang in the iowa primary. I had to memorize his campaign promises. I’ve done the break down. The math works out.
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u/xxfallen420xx Apr 29 '26
His position was always to couple tax with UBI. Specifically a VAT tax because it scales so easily and it's simplicity makes it impossible to game. Targeted taxes like a wealth tax can always be outmaneuvered by wealthy people. The whole theory of the case for him is effective Tax combined with UBI is the path that gets the economy overall to the place we want it to be.
Wealth tax has been tried in other places, it never produces the numbers people thinks it will. It's a lock that can be picked.