Comments by "Dan A" (@DanA-nl5uo) on "The Majority Report w/ Sam Seder" channel.

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  471.  @fraserwatson3034  there was not notable inflation when the government printed money to bail out the banks because the money went to the wealthy elite. The top 3 people in the USA own more wealth then the bottom 50% of the population. When you give 0.1% of the population 3 trillion dollars there is no way they can spend that money so it is pulled out of the economy and exists only as larger numbers in their investment portfolio. If you give that same 3 trillion dollars to the remaining 99.9% of the population most of us will have to spend it simply to pay our daily expenses. That is what causes hyperinflation in places like Zimbabwe. The USA does have a buffer in the fact that our currency is the international currency of trade but that is a longer discussion. I will just say that fact has been a key factor in why we have run up 20 trillion in national debt since WWII without having the austerity problems Spain or Greece have. By the way we are still doing quantitative easing as we speak in the financial sector which is printing money to bail out the banks. Dylan Ratigan discussed it recently on the Jimmy Doore show. But to your other point about the VAT funding the UBI. VAT is a tax on consumption same as a sales tax and will by definition drive up the cost of goods. Like all consumption based taxes it is regressive by nature because the wealthy elite do not spend anywhere near the same percentage of their wealth to buy the goods and services they need every single day. Then as others have pointed out Yang wants to cancel out the UBI for poor people who use other forms of government assistance. That is clearly regressive it in effect is giving the wealthy elite the same food stamps benefit that a poor person gets only as UBI checks. His entire system sounds great if you don't dig into it but if you know the real problem is income inequality you quickly realize that Yang is someone who benefits from income inequality trying to trick you into voting to increase the problem and continue the flow of wealth to the top of our society. If the Bernie Sanders and Warren are correct that you have to restructure our tax code to address income inequality. Yang is wrong with his approach of taxing consumption not wealth. You can do a study of the effects of VAT taxes in Europe and income inequality and you will quickly see that a VAT increases the costs of goods and is regressive. Yang is a pludocrat trying to trick you into voting for a system which continues to help his class out. What we need is programs like Medicare for All which have greater benefits for the poor and working class then the wealthy elite. This is because it gives the poor something they currently lack that the wealthy currently have. We also need to raise funding from wealth and progressive income taxes which will close the income inequality gap. Yang's plans don't do this.
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  576.  @zenzmurfy  the VAT doesn't tax wealth as in savings and insanely high income. It is a tax on consumption same as a sales tax. This is regressive because those who have the lease income have to spend more of their income to simply buy the basics in life. Someone like Jeff Bezos doesn't spend even 1% of his income on food or a basic studio apartment and basic minimum clothing. But the person who is just barley earning a living wage spends 100% of their income on simple basics so you tax 100% of their income equivalent to taxing less then 1% of Jeff Bezos income for the same basics they purchase. It is very simple to understand why any tax on consumption is regressive once you realize that income inequality results in wealth people having saving that far exceed their earning or spending. We need a heavy progressive estate tax to break up the class based society which results from generational wealth. The current president is a prime example of that peoblem he and his children would be living in a trailer park based on Trumps business skills if his father hadn't managed to pass down a fortune to him. But we also need to simplify the tax code and eliminate all the loopholes. Go back to where the income tax started where you only pay a tax on earning over the cost of living. I would set the standard deduction to the minimum wage x the 40 hour work week x 52 weeks. There would be no deductions beyond that and all earnings would be considered income regardless of the source. The tax rate would be progressive with the top bracket back in the 90% range it was in during the golden age of economic growth in this nation. Oh and as someone who was a controls engineer for 20 years designing automated industrial equipment I don't buy the hype about automation. AOC is correct that there is plenty of work which we need to do as a country to keep full employment.
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