If you hate the billionaire class, vote for Andrew Yang (D-New York). Yang is the only presidential candidate with a plan to take money away from billionaires and redistribute the cash to ordinary people.
Furthermore, Yang is the only candidate with a plan to strip billionaire-enabling politicians; such as U.S. Senator Mitch McConnell (R-Kentucky), U.S. Speaker of the House Nancy Pelosi (D-California), former U.S. Vice President Joe Biden (D-Delaware), and President Donald J. Trump (R-New York), of their popular support.
That plan is the Freedom Dividend a basic income scheme that will pay every American over 18-years-old $1,000 a month for life. Moreover, Yang has a plan for the billionaires to pay for the Freedom Dividend.
How Andrew Yang Plans to take the Billionaire Class’s Money
For example, the federal government could collect a VAT when Procter & Gamble (NYSE: PG) sells a box of Tide to a retailer like Walmart (NYSE: WMT). Uncle Sam could collect the VAT again when Walmart sells the Tide to the consumer.
In addition, the government could collect the VAT on digital goods such as Netflix (NASDAQ: NFLX) and Amazon Prime subscriptions, downloads, apps, cryptocurrency, stablecoins, and Massive Multi-Player Online Video Games (MMOGS) like Fortnite. Moreover, Alphabet (NASDAQ: GOOG) could pay the VAT whenever it sells advertising on Google.
I estimate Uncle Sam could have raised $3.63 billion in VAT from Alphabet’s advertising revenue in 1st Quarter 2019. To elaborate, Venturebeat estimates Alphabet (NASDAQ: GOOGL) generated $36.3 billion in advertising revenue in 1st Quarter 2019.
How Andrew Yang Plans to Tax Amazon to Help Average Americans
Then there is Amazon (NASDAQ: AMZN) headed by the world’s richest man Jeff Bezos.
Amazon paid no federal income taxes for 2018, the Institute on Taxation and Economic Policy (ITEP) alleges. In addition, Uncle Sam paid Amazon a tax rebate of $129 million in 2018.
Under Yang’s VAT however, Amazon could have paid the U.S. Treasury $23.887 billion in taxes. To explain, they collect VAT on sales or revenues. Stockrow reports Amazon generated revenues of $232.887 billion in 2018.
In contrast, Amazon could have paid only $2.12 billion if it paid the full federal corporate income tax rate of 21%. To explain, Uncle Sam only collects taxes on a company’s reported net income. Amazon reported $10.073 billion in net income for 2018.
How Yang Plans to Tax the Billionaire Class
Get the picture? Bezos had a $113.1 billion personal fortune on 11 September 2019 partially because Amazon pays little or no federal taxes. Thus, the billionaire class’s main source of money and power is our income tax system.
Bezos, for example, derives his fortune from the 12% stake he owns in Amazon. To get cash, Bezos has to sell Amazon stock. If we collect a VAT on stock sales, the U.S. Treasury could receive $183.93 each time Jeff sells a share of AMZN. Amazon shares were trading at $1,839.34 on September 13, 2019.
In addition, Yang proposes a $40 a ton Carbon Tax on fossil fuels that will rise to $100 a ton, Vox reports. To clarify, a Carbon Tax is a levy on the amount of carbon-based fossil fuels like coal, oil, and natural gas. Essentially, the more fossil fuels you burn the higher the Carbon Tax.
Hence, Yang’s proposal gives billionaires and big business a good reason to switch to Green Energy. They will pay more taxes and make less money if they burn fossil fuels.
How Andrew Yang Plans to Cut the Billionaire Class’s Income and Power
Moreover under Yang’s VAT, Koch Industries could have paid $11 billion in taxes on the $110 billion in revenues; Fortune estimates, it generated in 2018. Plus, Uncle Sam could collect VAT every time Charles Koch buys TV airtime for his political propaganda. Hence, average Americans could make money from Koch and his propaganda under the Freedom Dividend.
Thus I think the Freedom Dividend could reduce the billionaire class’s power in two ways. First, by reducing the source of their power: their wealth. Second, by redistributing the cash directly to average Americans, Yang will increase the power and influence of ordinary people.
For example, more people could have a few extra dollars to donate to leftist candidates; like U.S. Senator Bernie Sanders (I-Vermont) and Yang, under a Freedom Dividend. Tellingly, OpenSecrets estimates Sanders had $27.361 million in available cash on 13 September 2019. Most of that money came from 746,000 small donors, The New York Times claims.
In addition, those people will have more money to spend locally, which could strengthen communities. Under the current system, many communities are withering which increases the power and influence of the billionaire class. A desperate community with no money is more likely to welcome an Amazon fulfillment center than a thriving town, for instance.
How Andrew Yang’s Freedom Dividend Threatens Billionaire-Enabling Politicians
Billionaire-enabling politicians; such as U.S. Senate Majority Leader Mitch McConnell (R-Kentucky) and U.S. Senate Minority Leader Chuck Schumer (D-New York), get reelected because their opponents do nothing for ordinary people.
For instance, the average annual household income in Kentucky was $48,375 in 2017, Department of Numbers estimates. In contrast the average yearly U.S. household income was $60,336 in 2017.
Consequently, I estimate the average individual income in Kentucky at $18,605.77. To elaborate, ArcGIS estimates the average US household size at 2.6 people. When I divided $48,375 by 2.6; I got $18,605.77. Moreover, I estimate the 2017 U.S. individual income at $23,205.15.
How the Freedom Dividend Could Destroy Mitch McConnell
I suspect average people in Kentucky correctly understand their low incomes will stay the same if they vote for the average Democrat. Therefore, those people have no reason not to cast ballots for politicians; like Trump and McConnell, who pay lip service to their values.
If the average Kentuckian thought her income could increase by $12,000 a year to $30,605.77 a year, I think she will vote for Yang. Furthermore, the Freedom Dividend could raise the average household income in Kentucky to $72,375 a year – if the home contained two adults. Thus Kentuckians could go from earning less than the national average to well over the national income average.
Under those circumstances, I think most Kentuckians will vote for any politician who supports the Freedom Dividend. I suspect large numbers of Kentuckians wearing “Make America Great Again” hats will vote for Yang; or any Democrat or Republican, who promises a Freedom Dividend. Moreover, I think McConnell will decide it is time to retire, if he hears his opponent’s platform is the Freedom Dividend.
Why Democrats Lose in the Heartland
Thus, the way to defeat corrupt corporate politicians; like McConnell, is to promise the voters something. Democrats lose because they let the rich control the agenda under the current status quo.
The great progressive leaders of the past; including Theodore Roosevelt (R-New York), Franklin D. Roosevelt (D-New York), Harry Truman (D-Missouri), and Lyndon B. Johnson (D-Texas), won because they promised voters something. Today’s Democrats like Hillary R. Clinton (D-New York) lose because they promise most voters nothing.
Average Americans are not stupid, they understand most modern politicians do nothing for them. Therefore, those Americans vote for politicians who mouth support their values – even if those politicians work against ordinary Americans’ economic interests.
However, I think the large crowds who come out for progressives like Yang, Sanders, and U.S. Senator Liz Warren (D-Massachusetts) demonstrate Americans want leaders who will work in their interests. For instance, Warren claims over 15,000 people came out to see her in Seattle on 26 August 2019.
Therefore, people who want to fight Climate Change and protect gay rights and reproductive rights for women need to support Andrew Yang. I think the Freedom Dividend is the best way to counter pseudocultural conservatives; such as Mitch McConnell and Donald J. Trump; who pander to working-class prejudices, while catering to every whim of the billionaire class.
Yang is the Only Democrat with a Plan to fight the Billionaire Class
I think Yang is the only presidential candidate with a plan to hurt the billionaire class where it hurts -in the pocketbook. Thus, Andrew Yang is the Democrat best suited to defeat Trump and the billionaire class in the Heartland.
Yang is proposing a tax; the VAT, that could take large amounts of money from the billionaires as they make it. Warren, in contrast, offers a wealth tax additional income taxes on the rich. Likewise Sanders proposes an income tax of up to 77% on billionaires, CNBC claims.
Unfortunately, Bernie and Liz could give the rich many chances to evade their wealth taxes by collecting taxes after the wealthy get the money. Thus, they will give the rich the ability to move money out of the country or donate it to “charity.” Consequently, the billionaires’ money will be in overseas bank accounts; or tax-exempt non-profit institutions, long before the IRS gets a crack at it.
Yang, however, wants to collect the taxes as the rich make the money with the VAT. In addition, Yang; unlike Warren and Sanders, plans to redistribute most of the money straight to average Americans.
Money for Bureaucrats not Average Americans
Sanders and Warren, however, plan to spend most of that money on more bureaucrats and bureaucracy. For instance, Sanders supports the Jobs Guarantee; a scheme to offer every American a high-paying federal job.
I think the Jobs Guarantee will do little for most Americans, but increase the size and cost of government. In the best case scenario a jobs guarantee will create a large class of unproductive bureaucrats whose only purpose is to vote for whatever politician will increase their paychecks. In the worst-case scenario, a Jobs Guarantee could trap tens of millions in 21st Century serfdom, in which people will be reliant on politicians for survival.
In addition, Sanders plans to divert vast amounts of money to our corrupt higher education system in the form of “free college for all.” That could create lots of jobs for college administrators and professors, but do little for working Americans struggling with income inequality.
Yang is the Only Presidential Candidate with a Plan to Prevent the Dystopian Nightmare
Finally, Andrew Yang is the only president talking about the dystopian nightmare that could be our future.
To explain, Yang is the only presidential candidate discussing the coming nightmare of technological employment. There is vast amounts of data that shows automation could kill millions of jobs and wipe out entire professions over the next decade. Yet only Yang is talking about those scenarios on the campaign trail.
Tellingly, billionaire Elon Musk; who has extensive first-hand knowledge of the capabilities of modern tech, agrees with Yang and endorses his campaign. Despite Musk’s support, Yang is not working to create a billionaire-ruled dystopia as critics like Caitlin Johnstone claim.
Instead, Yang is one of the few people; and the only prominent US politician, working to prevent that dystopia. Under the present circumstances, I think a billionaire-ruled dystopia is inevitable in America without vast structural changes to our economy and political system. Yet, most politicians; including Sanders and Warren, refuse to contemplate those changes.
The choice is yours America, you can vote for Andrew Yang and a future with some freedom and money for average people. Or for traditional politicians; like Sanders, Trump, and Warren, who offer a future with lots of money and power for bureaucrats, politicians and the billionaire class but nothing for ordinary people.
Originally published at https://marketmadhouse.com on September 15, 2019.