I don't think you can "withdraw" money from a company you own. Probably John Smith Inc. would pay John Smith the 100k/year as a salary... a salary which is taxe

I don't think you can "withdraw" money from a company you own. Probably John Smith Inc. would pay John Smith the 100k/year as a salary... a salary which is taxed. But, then again, the Planet Money article says to eliminate income tax as well. Their solution: > Instead, impose a consumption tax, designed to be progressive to protect lower-income households.