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Taxes are Revenue Theater. Bitcoin Tech Talk #260

Taxes are Revenue Theater. Bitcoin Tech Talk #260



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3 Comments

  1. Beautiful! A *must read*.

    > In a sense, this is truly a crazy system. We could eliminate all taxes, abolish the IRS and eliminate a ton of needless bureaucracy, but we don’t because it would destroy people’s illusions about the monetary system. Taxes are revenue theater, a show to deceive us about our monetary system.

  2. tldr; US Federal Reserve Chair Janet Yellen has proposed a possible unrealized capital gains tax, a tax on assets that are held for over a year and it’s taxed at 15% or 20%. In a central-bank backed fiat economy, almost all wealth is not in dollars, but in assets. This makes sense since dollars are depreciating rapidly due to monetary expansion of the central bank.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

  3. Lyn had a piece that touched on this as well:

    [https://www.lynalden.com/sovereign-default/](https://www.lynalden.com/sovereign-default/)

    ​

    >Eventually, MMT advocates and some other economists started to say the quiet part out loud; that in this purely fiat system, taxation and debt issuance are not strictly necessary for government spending anymore, and are just done to keep inflation in check. The government’s ability to spend is not bound by tax collection or debt issuance, other than by its own laws. Those laws merely serve as guardrails to keep the money supply from rapidly inflating (and instead, just moderately inflating). In that sense, the government creates an amount of money by spending it into the economy, and separately destroys an amount of money by taxing it and issuing bonds to the private sector or foreign sector.

What do you think?

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