Albert Wenger

So if you had a UBI system, the way to do it is now you just start taxing dollar one.

You could have a flat tax rate.

Every dollar is taxed the same way, by the way, independent of where it comes from.

I would tax every dollar.

You get a dollar, whether it's from interest rate, capital gains, work, whatever.

You get a dollar, you pay taxes, same rate of taxes.

Eliminate all the loopholes.

That reduces the net amount of money very, very substantially.

Because now, people are still going to want to earn, as you and I talked about, many people are going to want to earn an income above the basic income.

Based on all the studies that have been done, the vast majority of all people are going to want to earn an income.

And they will start paying taxes, and that reduces the amount of money needed.

Yeah, I'm not a either or.

I don't think that it needs to be just one or just the other.

I mean, many parts in the US have a sales tax.

A sales tax isn't that different from a VAT.

I think also figuring out what exactly value added is tricky.

But I do think one of the reasons to have an income tax...

frankly, is because I think there is a lot of income that is generated without labor.

And so I would tax that.

And then it becomes difficult if you try to do what we're currently trying to do, which is distinguish between many types of income, which I think is a mistake.