That CBO report does put a 5% VAT at $267 billion, but that’s with exemptions for approximately 35% of the tax base, including financial services without explicit fees, existing housing services, primary and secondary education, and nonprofit organizations for little or no fee. Also, other services provided by government agencies and costs paid by Medicare and Medicaid would be exempt. I think that’s a few too many exemptions. Society benefits from UBI, everyone pays in.

Other estimates more in line with Yang’s estimate are by the Tax Policy Center — they estimated one for Ted Cruz a few years back, which included payrolls and no exemptions for government or nonprofits, at a 16% tax-inclusive (19% tax-exclusive) rate. Their estimate was $1.92 trillion, so Yang’s $800 billion is reasonable.

Spot on for criticizing the mis-citing of the Roosevelt Institute study.