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I once thought of the brilliant idea: The US should switch the dollar to blockchain. Then it could eliminate all taxes and replace it with a surcharge on every

I once thought of the brilliant idea: The US should switch the dollar to blockchain. Then it could eliminate all taxes and replace it with a surcharge on every transaction. Then I looked at GDP ($24 trillion) versus the Federal budget ($3 trillion although spending is twice that at $6 trillion.) That surcharge would have to be 25% to cover all expenditures!

teaearlgraycold 4y ago
Different transactions get different taxes right now
ciabattabread 4y ago
Isn’t that a Value Added Tax?
- ohbleek 4y ago
  Yes, which is also a regressive tax.
starkd 4y ago
That's actually not a bad idea. I like the way you think!
- zdragnar 4y ago
  It's a great deal if your federal tax burden (income+SS+medicare) is greater than 25%, which is true for the middle class and high income earners. Those are the groups with the least political power, though. Lower income and the poor are protected by politicians who want to be progressive and make the rich pay their "fair share", and the very wealthy whose income is largely limited to capital gains taxes have their own political power via the fundraising / lobbying / donation networks.