Democratic presidential hopeful Andrew Yang doesn't believe his proposed value-added tax, or VAT, on companies in the United States would drive business out of the country, he told MSNBC's "Morning Joe" on Monday.
Yang, who announced his candidacy in late 2017, is proposing a 10 percent VAT targeting companies like Amazon and Google. But he said he doesn't believe corporations would abandon the U.S. if they are hit with the tax.
"There's really no place for them to go," Yang said, noting that "every other advanced economy" already has a VAT that's higher than the one he's proposing.
The proposed value-added tax would be a consumption levy placed on products sold in the U.S. Yang claims that because our "economy is now so massive at $20 trillion, a value-added tax at even half the European level generates $800 billion in new revenue."