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> if your wages keep pace with in inflation as they historically have, it's not stealing anything from anyone. Are you forgetting the progressive income tax? I
by ric2b 6y ago
> if your wages keep pace with in inflation as they historically have, it's not stealing anything from anyone.
Are you forgetting the progressive income tax? It will take a larger portion of your income even though your inflation-adjusted income is still the same.
- arcticbull 6y agoTax policy is considered fiscal policy, separate from monetary policy. Those rates can always be adjusted, and are regularly. For instance, the top marginal tax rate in the US for much of the 1900s was over 90%. It's now, what, 37%? So much for inflation taking away your gains :) However, progressive tax rates mean as much for the viability of an inflationary currency as they do for a deflationary currency like a hypothetical BTC. That is therefore outside the scope of this conversation.