How a VAT could tax the rich and pay for universal basic income

As far as the eye can see, the Congressional Budget Office has predicted a string of $1 trillion deficits. The deficit must be reduced by both spending cuts and economic development, as well as the introduction of additional levies. When combined with a universal basic income (UBI), I’ve proposed in my new Hamilton Project paper, a 10% Value-Added Tax (VAT) and the creation of a “cash payout” for every American household.

Significant net money would be raised, and the idea is as progressive as any new tax and as helpful to economic growth as any other currently being considered. A […]

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