49 sats \ 7 replies \ @0xbitcoiner 8 Aug \ parent \ on: Why not eliminate taxes on all income? econ
Got it! So, if they get rid of that tax, they'd have to find a way to make up for it or just print more money?
Or a smaller government budget
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That’s certainly my preference
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One of the silver linings of paying interest on debt is that voters can see the gravity of high debt especially debt to GDP ratio.
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I don’t think voters care enough for this to be a silver lining.
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Only about a third of government financing is from income taxes anyway. Some of the deficit would be made up for by other tax revenues increasing, which would happen because of the sharp increase in economic activity.
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Payroll taxes
How significant is capital gains tax?
Medicare and Social Security are the two largest outlays
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I think capital gains taxes only bring in about $200B.
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