Be careful, the summary is inaccurate. Yang said, wealth tax won't work. Taxing rich still works but in a different way.
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A VAT tax doesn’t generate revenue, it TAKES money from EVERYONE for EVERYTHING. if our government it’s nose under the tent for this hidden tax the sky is the limit.
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VAT exists in every other first-world society for the same reason wealth tax has been quickly repealed everywhere it was instated: one works, the other doesn't. VAT is the only thing that hits Amazon, and govt can choose what it's applied to. Exempting essentials + UBI is a win
End of conversation
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He’s right.
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The one thing I do have to admit about Yang is that he's less stupid than everyone else on that stage. Still a low bar.
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