"Yang, 44, wants to cushion Americans from the pain of this technological revolution by creating a form of universal basic income, which would give Americans money in their pockets as a right of citizenship, alleviating poverty and stagnant wages, while stimulating Main Streets from coast to coast.
He'd pay for it with a Value Added Tax (common in Europe) that captures 10 percent of the value of each transaction in the economy.
The idea of a universal basic income is actually a throwback. The House of Representatives passed a basic income bill during the Nixon administration. And Yang points to Alaska, where residents receive an annual dividend based on the state's oil-extraction income, as a proof of concept.
The petroleum dividend there, he argues, has created jobs, improved children's health, reduced income inequality and is wildly popular -- even among conservatives.
"Technology is the oil of the 21st century," Yang says. "And what we've done in Alaska we can do for everyone in America."
The son of Taiwanese immigrants, Yang is a Columbia-educated lawyer who pivoted to the tech world, sold a GMAT test-prep company, and then launched a non-profit, Venture For America, which fosters young entrepreneurs to start businesses in struggling cities like Detroit and St. Louis." more at the link