If Government Can Create Money from Nothing,Submitted by Anarchist on Wed, 02/11/2009 - 20:19
If Government Can Create Money from Nothing, Why Are We Still Paying Taxes?
Here's a thought that not very many people have thunk much about (ahem): If the U.S. government can create trillions of dollars out of thin air and use it to bail out corporations, banks and entire industries, then why are we still paying taxes at all?
Couldn't the government just create all the money we're paying in taxes anyway, and just let us keep all those tax dollars?
After all, if money can be created with no consequence, then there's absolutely no reason to collect taxes at all! Let the People keep the money they earn, and just have the Fed and U.S. Treasury create all the money needed to run the government.
Makes sense, right?
Not really. Creating money has consequences. It debases the money supply, effectively stealing from the people. Then again, if they're going to create all this money anyway, they might as well just end the IRS, stop collecting taxes from everyone, and just create the money the need to make up for lost tax revenues. Individual tax revenues for 2008 were $1.25 trillion -- a lot less than the bailout money being talked about now (roughly $3 trillion). (http://en.wikipedia.org/wiki/United...)
Wouldn't this be the best stimulus of all? End the IRS, let everybody keep the money they earn, end the stresses of April 15th, and end all the billions of dollars wasted on filing taxes, paying accountants to crunch numbers and paying government employees to figure out if those numbers were crunched correctly?
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