A VAT Is a Crock

As Fox News reports, New York Democrat Andrew Yang, eyeing a White House run in 2020, is touting a plan for “universal basic income.” In this deal, the government would give $12,000 a year to each American adult. Where will this money come from? Yang wants a “value-added tax, known as a VAT,” of 10 percent that he claims would raise $700-$800 billion. This scheme deserves a hard look.
Though touted as “value added,” the VAT fails to add any value to anything. All it does is jack up the price consumers pay at point of purchase. Under Yang’s plan, a

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