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I think taxes stopped making sense since 1971 when the USD became a fully fiat currency. if the government can print money, what's the point of collecting mone
by bsedlm 4y ago
I think taxes stopped making sense since 1971 when the USD became a fully fiat currency.
if the government can print money, what's the point of collecting money through taxes?
- ralston3 4y agoTaxes creates demand for USD (an artificial way of giving fiat USD "value")
- JamesBarney 4y agoCountries that try to print money instead of collecting taxes usually end up with pretty bad inflation.
- bsedlm 4y agointeresting... https://www.quora.com/Why-has-the-IRS-been-repeatedly-defunded-and-made-increasingly-inefficient-and-inconvenient-to-interact-with?share=1 https://www.quora.com/Why-has-the-IRS-been-repeatedly-defund...
- raindear 4y agoProgressive taxation.
- thehappypm 4y agoThis is actually a really interesting question. There’s a really good argument to be made that taxes are actually a huge part of why dollars have a stable value. Let’s say you buy a house for $1 million. 1% interest rate means you have to pay $10,000 every year to your local tax board. That means that you need to acquire US$10,000 or you lose your home. That means you need to earn USD. If the USD hyperinflated, 1% of your house is now $100,000. Now you need to go earn $100,000 and pay that in taxes — which is actually making dollars more in demand, countering inflation.
- bsedlm 4y agovery interesting... now add in asset forfeiture driven by legally mandated black markets and the picture is ever so slightly more complete.