4 problems with Andrew Yang’s free money drop via YahooFinance
Free money from the government. It’s actually a serious idea. And Democratic presidential candidate Andrew Yang has dangled it like candy before voters.
Yang calls his version of UBI the “freedom dividend,” and would set the payout at $1,000 a month for every American 18 and over, or $12,000 per year, no matter how rich or poor. People currently receiving some kind of welfare payment wouldn’t get both—they’d have to choose between their current benefits or the $12,000 annual payout.
It would still be a giant tax on consumers subject to vilification by opponents likely to claim it would make baby formula and smartphones unaffordable. And a VAT wouldn’t be enough. Yang would also impose a carbon tax that would push up gas and home-heating prices and a financial transaction tax, while raising the capital gains tax rate and the payroll tax for higher earners. That’s a lot of tax hikes.
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