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Andrew Yang: A wealth tax is not the way to go - YouTube
Channel: Fox Business
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all right it is a crowded field a number
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of democrats who've already announced
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they're uh
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going to make a stable running for the
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white house uh but before we had the
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dozen or so now and
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maybe a dozen or two dozen more who are
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considering
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uh a presidential run of their own uh
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there was this guy the 2020
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uh presidential candidate ender gang
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he's an entrepreneur he's had some
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success in the business world
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uh which comes at a time when there's
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another guy in the white house who had
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some success in the business world and
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made it to the white house uh
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andrew yang very good to have you thanks
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for having me neil it's a pleasure to be
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here
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so why are you doing this well i spent
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the last
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seven years helping create several
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thousand jobs in detroit
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cleveland st louis new orleans and other
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regions of the country
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and there i saw the aftermath of the
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devastation and manufacturing jobs
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i believe that the reason why donald
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trump won in 2016
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is that we automated away four million
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manufacturing jobs in michigan ohio
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pennsylvania wisconsin the swing states
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he needed to win
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and now my friends in silicon valley
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know we're about to do the same thing to
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millions of retail jobs call center jobs
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fast food jobs and most disastrously
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truck driving jobs
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and so that's why i decided to run for
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president to help us tran make
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manage this transition that we're in the
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midst of all right your wealth comes
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from selling your
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uh test prep company uh manhattan jimmy
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right that's where a lot of it comes
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from
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you're not a billionaire but you're
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you're up there um well it's very kind
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yes definitely not a billionaire
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multi-hunter
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but i've had some success uh and
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certainly i've looked around and seen
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that
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uh this country needs people like me to
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step up okay um
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you are advocating and this is a popular
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theme among many who are competing
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for the democratic nomination this idea
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of universal
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income but you extend it to pretty much
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everybody if you're over 18
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thousand dollars a month have had it
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right yeah that's right and if you look
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at the history of this idea it's deeply
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american
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where thomas paine was for it at the
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founding of the country martin luther
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king was for it milton friedman
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the leading conservative economist
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champion in the 70s
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in one state it was never implemented it
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it passed the house of representatives
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twice
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under richard nixon and it was
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implemented 11 years later
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in one state where now everyone in that
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state gets between one and two thousand
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dollars a year you're talking about
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alaska yes
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yes but that's a deeply republican state
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it was passed by a republican governor
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who asked the alaskan people who would
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you rather get the oil money the
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government
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or you and what i'm saying is funding
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that who would fund this how would you
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pay for this
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yes so the way we fund it and if you
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look around you can see the headlines
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amazon paid no taxes last year despite
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record profits netflix paid no taxes
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last year despite record profits
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we have to do is we have to put the
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american people in position to start
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harvesting the gains from artificial
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intelligence self-driving cars and
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trucks advanced technology and with that
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money what i call the tech
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check we can then fund this dividend for
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all americans all right but
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i'm sorry i'm slow here i don't
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understand i know you've got the
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attention of mark zuckerberg most people
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who like that idea
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but how do you pay for it i mean
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that would be over two trillion dollars
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a year so the price tag comes down very
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quickly because we're already spending
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hundreds of billions of dollars on 126
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existing welfare programs
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which would be largely consolidated a
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lot of
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that would get replaced by this dividend
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because people would vastly prefer a
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thousand dollars in cash unconditional
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to the hodgepodge
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of benefits with administration and
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monitoring that they currently
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experience but there are guys like you
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guys like
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do you really need the thousand dollars
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yourself well the great thing is we can
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make this universal it's a right of
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citizenship
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and that means it's not uh stigmatized
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transfer from rich to poor
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but the great thing neil is that a lot
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of this we can build a trickle up
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economy from
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people and families and communities up
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because most this money would just go
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right back into the economy
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uh through main street businesses around
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the country um
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right now there's a an attitude of the
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part of many in your party the
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predominant
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left wing in a party which a lot of
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people say is the party right now
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that that questions wealth and even guys
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like yourself who succeed on your own
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and do a great job
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uh alexander ocasio-cortez who sort of
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seems to be the
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spokesman for that movement has said
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that every billionaire is a policy
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mistake
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what did you make of that well you know
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i think you got to look at the big
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picture the big picture is where the
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third inning
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of the greatest economic and
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technological transformation in the
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history of the country
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and billionaires are something of a
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natural byproduct of that giant wave
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and so right now what she's saying a
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policy mistake those billionaires
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created a lot of jobs for a lot of
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opportunities
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you know i i think that there are ways
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that we can more effectively
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uh have the american people benefit from
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uh some of the huge winnings that people
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have experienced during this economy
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and i think most people are politics or
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whatever these guys have created
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gazillion dollar enterprises that employ
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hundreds of thousands across the country
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yeah and i'm in the camp as you suggest
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that our system uh creates very very
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wealthy people
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who have uh been fortunate yeah but
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they've done a lot of
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uh value creation in many many ways
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raise their taxes
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well so the the to me the focus on
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income taxes is not the right way to go
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and i'm going to use jeff bezos as an
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example
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so jeff started amazon he has over 100
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billion dollars in amazon stock
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hasn't sold any right and so there's no
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taxable event so a wealth tax
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no i and so i think a wealth tax too is
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not the right way to go
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what we have to do is we have to join
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every other advanced economy in the
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world
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and have a value-added tax because a
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value-added tax is much much harder
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for big multinational companies to
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wriggle out of and game their way out
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most of the european nations have such
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attacks and they're not exactly on fire
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well uh but you do see that they're able
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to harness
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more of the big winners um in terms of
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the corporate companies that that are
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generating lots of profits they are
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able to get that tax revenue much more
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than 10 of italian
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citizens pay taxes even in a high
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value-added tax
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nation this is i only know as an italian
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american
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but i'm wondering you worry that good
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intentions are going to mean
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you're going to stick americans with a
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good-sized bill well in this case what
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we're trying to do is we're trying to
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create a dividend for all american
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adults the freedom dividend
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where every american citizen is the
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owner and shareholder of the richest and
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most advanced economy in the history of
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the world
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we can easily afford a thousand dollar
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dividend that's just going to go right
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back into the economy
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anyway it's going to create 2 million
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jobs around the country and grow the
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consumer economy by 8 to 10 percent
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but you're talking about you know this
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chance to deal with you know truckers
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and manufacturing workers
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should be at a job soon right now we're
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at record low unemployment
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um key groups are looking at the highest
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employment levels
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we have ever seen so a lot of people
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step back
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and and say well andrew's just missing
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that big picture if it's so horrific
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it would show up in the numbers and it's
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not well if you look at our labor force
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participation rate despite a small
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bounce back it's still around 63 percent
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which is close to a multi-decade low in
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the same levels as el salvador and the
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dominican republic
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higher than when barack obama was
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president so a lot of republicans will
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counter that if you were to become the
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party's nominee
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and say been there done a lot better
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than that well you you can
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take a look at the curve and it goes uh
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it it peaks around 2000 and then it
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starts crashing
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shortly thereafter despite a very small
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amount of time before all this happens
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well if you look at the statistics
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almost one in five prime working age
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american men
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is out of the workforce right now and
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this is year 10 of an expansion
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these are the good times and we all know
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that when the next downturn comes
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then when the the tide comes in we're
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going to see just what the reality is
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for many businesses and families
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all right
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