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Taxes are practically irrelevant in the US. The gov just goes to the Fed and and increases it's balance. The real issue is that those in power don't actually w
by reedjosh 5y ago
Taxes are practically irrelevant in the US. The gov just goes to the Fed and and increases it's balance.
The real issue is that those in power don't actually want to lift up those that are struggling. I'm not saying there aren't some good politicians--I'm saying politicians don't have the power.
When the government isn't acting on behalf of the people, more taxes would only serve to harm.
- gruez 5y ago>Taxes are practically irrelevant in the US. The gov just goes to the Fed and and increases it's balance. Even under MMT you need some sort of taxes to take back money, otherwise the money you print turns into inflation.
- reedjosh 5y agoSure, but in the spirit of the original argument, the taxes still aren't about regaining funds to help the little guy. It's not like paying more taxes is going to go to something beneficial to society. And in my opinion (not verified or anything) we're seeing such strong Cantillon effects that inflation is being regulated via soaring asset prices. So it's harder to buy a house and or a share of SPY, but everyday goods are inflating way below the increase in dollar supply atm. Edit: Lol, except lumber.
- StandardFuture 5y agoTaxes are then paid back out by government spending (which exceeds taxes, btw, so inflation is doubly-inevitable). So, you did not actually negate the point of the comment you are replying to.
- gruez 5y ago>Taxes are then paid back out by government spending (which exceeds taxes, btw, so inflation is doubly-inevitable). You can certainly do that under MMT, but then that would be the equivalent of not having taxes at all.