Huh. Communism = Venezuela. Universal basic income = communism. The citizens were essentially being given "universal basic income" through the oil companies that Hugo Chavez took over 10+ years ago. Chavez taxed the shit out of the oil companies and gave a little of the excess to the citizens through government programs. Now the country is collapsing, because the government ran that industry into the ground. Communism DOES NOT WORK!
Universal basic income is a stupid concept where, just like the minimum wage, it means the cost of goods of everything in the country go up, because everyone has more money to spend. It does nothing for people at the bottom, because the cost of imports go down and the cost of the country's exports go up - that means less money for everyone in the country.
I live in Venezuela, communism DOESN'T WORK but that isn't what happened.
I'm too tired to go deeply into it and l ramble a bit but look they didn't tax it, they the industry was mostly of the government already on one side that you got wrong, some wells were of private interests and those were taken pretty much by force, which is kinda different from taxing.
There was a wrong believe in the uneducated mass that the country was rich since yes we have lots of potentials in the form of oils, minerals, and natural resources, but anyone who knew enough to check the per capita gdp knew that it was bs, sadly from very bad choices of prior governments we had enough stupid people to vote Chávez into power.
Chávez had a stroke of luck with the really high oil prices on the early 2000s, while prior governments in the 90s had I believe one 20$/ barrel income, he suddenly got a boost that ended hovering the 100$/barrel, with all that money Chávez kicked almost anyone worth shit from pdvsa, and started getting his cronies into everything just based on loyalty instead of actual capabilities, they sucked at everything except at corruption, and thus started to steal left and right, the actual programs he "created" were mostly rebranding of real social programs that existed and helped people in a logical way, now changed to support only loyalty to his personality cult, with no checks and balances, and thus with massive corruption that he didn't give a shit about since hey, they were printing money even with people that barely knew how to run the oil industry and he himself was stealing left and right.
Due to the massive increase in income he more than doubled the number of public employees, without increasing actual productivity, he used the public workers as defacto members of his political party, having to attend to acts and vote in exchange for keeping the jobs, used the funds of pdvsa as his petty box, buying at ridiculously low prices anything he fancied on the country and taking by force anything not sold, this is how almost all the industries were 'nationalized', millions of acres of productive land too, transportation, telecoms, pretty close to everything that wasn't too big /dear in the eyes of the people. And he gave them all to the same cronies that really had no fucking idea what to do with it and thus everything started to go to shit since they were dumb enough to even disregard advisors that tried to explain that maintenance was a thing, that a country must always invest to grow the offer of energy and utilities if it wants to grow and have a decent future, and since the money was good and they had a massive amount of loyalties bought they stood in power let's say "legitimately"
Eventually opposition did a very retarded thing and gave him actual full legislative power (an election boycott that was as stupid as it gets since back then they weren't sham), and all was lost, not long after the price of oil dropped like rocks, mind you that everyone knew that the high price was gonna drop years in advance (I saw classes about it in college in the early 2000s, yes during the shitty times of 2002, that far in advance it was known that it wouldn't last), but these retards hadn't heard reasons and had been squandering the income throwing millions to buy allied governments in South America +the Caribbean, so they heard the advice of Fidel Castro which the bastard from Sabaneta loved and went to China to ask for funds, and they were more than happy to oblige,they also started sending some shitty sub par weapons alongside Russia, in return they wanted futures in the oil wells that had been "nationalized" and plenty more. At this moment as far as I know most mining is now Chinese owned, since at least 2014 the ministry of industries has a Venezuelan minister as is required by law but it also has a Chinese president internally which I found baffling (and required you back then to study and learn a shitty book written by the fucker from Sabaneta, I tested for a job there and flunked the ideology interview, was given a copy of that pamphlet whatever and was told to learn it by heart, reapply and they would love to have me then, no I didn't do that)
I'll stop as I am rambling a lot and can still ramble a lot more.
Tldr: taxes would have been a semi sensible government, reds outright steal or offer you prices that aren't even close to the market worth of your property.
Also they ran everything into the ground, not only the oil industry.
Fuck communists.