Taxing consumption is regressive; Bill Gates can't eat that many more hamburgers than the average person.

Write everyone a cheque.

Taxing income is quite regressive too: it’s how people with nothing can survive.

Taxing income at a few % as this scheme intends is not regressive.

For simplicity's sake. All transactions are taxed equally, no way to evade it by making false or borderline claims about the nature of exchange, and no resource have to be wasted on optimizing or litigating them.