Not in the US at the federal level. Taxes are an anti inflationary device when dealing with a sovereign currency. It’s the last step of the fiscal year. Step one is literally printing money, step two is distribution of those funds, step three is to allow the money to circulate between businesses and people, and then step four at the end of the year is to levy taxes to combat inflation. They used to literally burn the dollars they collected, now they just zero out an entry in a ledger.
Isn’t that what taxation pretty much does? Takes money and redistributes it?
Not in the US at the federal level. Taxes are an anti inflationary device when dealing with a sovereign currency. It’s the last step of the fiscal year. Step one is literally printing money, step two is distribution of those funds, step three is to allow the money to circulate between businesses and people, and then step four at the end of the year is to levy taxes to combat inflation. They used to literally burn the dollars they collected, now they just zero out an entry in a ledger.
but how will we pay for <anything that’s not increased military spending>???
talk about social services and taxes are like a bake sale, talk about funding war and it’s what you describe
That’s more due to political will, than the economics of the system
oh competely agreed, I’m just pointing out the dishonest framing by politicians and pundits
Ostensibly, but if you ask any billionaire about it they’ll just suppress a laugh
I suppose OP is proposing a wealth tax.
I think it’s more about Socialism than taxation.