Economic question

[Anonymous No.51043187]

Why doesn’t the US end all income tax? Fiat money is just printed and there’s no need for the fed if the treasury can print the money too. Why not just eliminate income tax to draw in corporations and high net worth citizens? It would create more jobs and bring in more $.
I don’t get what I’m missing
In b4 “durrrr inflation”, they clearly don’t give a fuck about inflation

[Anonymous No.51043216]

>>51043187
Taxes are a means of control. Why would they relinquish power willingly?

[Anonymous No.51043289]

>>51043216
True
But cnbc is running YouTube videos that suggest raising taxes on the rich and corporations now. I’m wondering how they’re going to use it to fuck workers in the end.

[Anonymous No.51043628]

>>51043187
>>51043216
It’s never been about making America better

[Anonymous No.51043644]

>>51043187
most dangerous idea in the world

[Anonymous No.51043662]

BECAUSE YOU ARE A TAX SLAVE.

SIMPLE AS.

[Anonymous No.51043676]

>>51043216
yup income tax gives mr taxman complete authority to know exactly what you're doing all year long

[Anonymous No.51043677]

>>51043289
Income taxes originally passed because they promised it would only be the wealthy paying, iirc. The wealthy never really pay.

[Anonymous No.51043725]

>>51043187
Imagine how much worse inflation would be if the deficits were several times as large because they have no tax revenue.

[Anonymous No.51043895]

>>51043725
You dumbfuck
The treasury could pay off any deficit. There’s no need for debts and the fed dummy

[Anonymous No.51043917]

>>51043725
>inflation and deficit
these are not related

[Anonymous No.51044797]

>>51043187
no income taxes!

[Anonymous No.51044815]

fuck taxes, fuck kikes, fuck the irs, fuck the cia and fuck the fbi

[Anonymous No.51044837]

Jewish dual citizens and judeomasons use income taxes to punish their goyslaves. It's literally traitorous.

[Anonymous No.51045571]

>>51043677
Yep, this guy gets it. Taxes originally only applied to the top 3% of the USA ($300 or more yearly income, kek). Although I'm sure that was really just doctors and lawyers, not any of the real elites.

[Anonymous No.51045666]

All money is created digitally by private banks issuing loans (NOT government). Private banks create new, digital money AFTER the borrower signs the loan contract. The entire money supply is created this way- by PRIVATE BANKS.

OP is on to something: If we return to a debt-free, interest free money system, there would be no need for the national debt, interest payments on the debt, or income tax to service the national debt.

To accomplish this, we would need to zero-out ALL bank debts (all credit cards, auto loans, home mortgages, business debts, and government debts). Then simultaneously convert the existing money supply (Approximately $22 Trillion) to a debt-free, interest-free money (silver coins, US Notes, Greenbacks, etc.).

Get the proofs at:
bankLIESdotORG

[Anonymous No.51045730]

>>51043187
hmm great question OP
why do we still have massive government programs from WW2 ongoing?
my local construction company is still putting a 100 meter pipe underground after 2 months and redirecting traffic
I wonder how long it would take a chinese company to do that? 12 am to 4 am? hmmmm

[Anonymous No.51045782]

>>51043187
>turns your unemployed mom into a whore and your dad into a tranny slut to stop inflation
>dgaf about inflation

Anon….

[Anonymous No.51045873]

>>51043187
taxes are there to control inflation

[Anonymous No.51046292]

>>51045782
>>51045873
You two dumbfucks don’t understand inflation
The money we spend on military bases over seas far exceeds the proceeds on taxes. That’s why we have a deficit every year since Bill Clinton

[Anonymous No.51046361]

>>51046292
private bank loan creation inflation is even worse than military spending
Income taxes have been illegal in California since the states first constitution said so

[Anonymous No.51046416]

>>51043187
Taxes create demand for fiat which is important to the modern monetary slave system

[Anonymous No.51046424]

>>51043187

>Why doesn’t the US end all income tax?

tax receipts are the biggest source of the federal governments income

>Fiat money is just printed and there’s no need for the fed if the treasury can print the money too

FX is a relative rates trade. If the US decided to go to negative interest rates and print QE infinity the DXY would lose value relative to other currencies. If the DXY cannot be defended it is at risk of losing reserve currency status.

>if the treasury can print the money too

M2 supply irrevocably causes inflation. No ifs ands or buts.

[Anonymous No.51046446]

>>51046424
What a dumbass.

Fed funds rate has nothing to do with QE
What the tick are you even trying to say?

[Anonymous No.51046488]

Reminder these sniveling weasels let inflation get out of control, ruining the lives of millions if not hundreds of millions if we count in the global damage to the many economies and they get off 100% scott free.

[Anonymous No.51046499]

>>51046488
Oops

[Anonymous No.51046501]

>>51046424

Furthermore, this "experiment" you postulated has literally already been tried. It's called COVID-19. No bills, free stimulus checks, essentially no taxes, QE infinity, zero rates. Result: Inflation

>who cares inflation

Lose control of inflation and the US goes insolvent. Bond yields input inflation expectations into their calculation. If you refuse to respect or address inflation nobody will buy your treasuries at dogshit rates below the pace of inflation (You won't fund any new debt). Yields will rise to a level where the government literally cannot service the interest on the debt it owes. Bankrupt.

[Anonymous No.51046579]

>>51046446

Lowering the Fed funds rate and QE implementation have the same effect; significantly loosening financial conditions. Increasing bank reserves and making it easier for banks to lend more money act as the same mechanism with a different name. Hiking rates and QT have the same effect; significantly tightening financial conditions. They are the same. If your next response to me is sub 85 IQ again I will not respond.

[Anonymous No.51046700]

>>51046501
"will rise to a level where the government literally cannot service the interest on the debt it owes. Bankrupt."

This is absolutely going to happen regardless, it's a mathematical certainty. Whether it's in six months, six years or two decades from now is semantics

[Anonymous No.51046850]

>>51046501
>furthermore
You’re trying to hard
If you cared about inflation you would be focusing on ending fractional reserve with 0% requirements
You’re literally stupid if you think the fed decreases inflation. It’s entire existence creates debt on every new dollar created by govt
Which is a tiny percent of the overall money creation anyways

You’re wrong about lower rates causing higher inflation too. History proved it every time rates go up, inflation increases
Picrel is proof from the St. Louis fed
Dumbfuck

[Anonymous No.51046864]

>>51046700

Arguable. There is the Japan path or a period of severe fiscal and monetary tightening akin to the 70s/80s to reach a reasonable debt to GDP ratio. Current trajectory, yes, it is untenable. The Fourth Turning is indeed coming

[Anonymous No.51046935]

>>51046864
is this guy for real? he sounds like someone pretending to sound smart but he’s arguing in favor of central bank policy

[Anonymous No.51046963]

>>51046935
No
He’s a larping retard
The current system needs to be fixed and op is right. Income taxes are pointless, we would be better off returning to tariffs than an income tax which discourages people from working.

[Anonymous No.51047018]

>>51046850

you’re literally stupid if you think the fed decreases inflation. Its entire existence creates debt on every new dollar created by govt

The Fed has a number of things it can do to lower inflation:

1. Increase the Fed Funds rate, increasing the cost of credit
2. Reduce the balance sheet, decreasing liquidity and bank reserves
3. Sell MBS and put downward pressure on housing (Shelter, 33% of CPI)
4. Reduce demand via the wealth effect
5. Reduce demand via demand destruction

>You’re wrong about lower rates causing higher inflation too.

If you lower rates while every other central bank is tightening, you will 100% cause inflation in dollar terms. We are literally seeing the opposite effect of this right now. The US has a higher inflation rate than a number of other developed economies, because their response to COVID was much looser. Compare to Japan and China who are literally still holding a 2 handle on their inflation. When you loosen monetary/financial conditions, you create the environment for inflation.

If you want to argue if the current inflation is secular or not is an entirely different debate. The most relevant takeaway is that lower rates 100% have an effect on inflation, either exacerbating it or building the conditions for it to exist. You can't look at 20 years of deglobalization with China literally exporting deflation to the world and say, "look we can print forever!!!". Correlation /= causation. Would you argue lower rates would have no impact on inflation in a de-globalized world? I'd hope not.

[Anonymous No.51047073]

>>51046963
>>51046935

No, I don't believe taxes should be abolished? And I don't believe a central bank is useless? Jacksonianism is dead for good reason.

[Anonymous No.51047126]

>>51046292
Income given to government and burned is income not spent by consumers so yes, income tax does effect inflation, in that it eats up percent of wages.

[Anonymous No.51048067]

>>51047073
>6 replies
Glowie
>>51047126
He didn’t say income tax doesn’t effect inflation
Why do workers have to take it on the chin for inflation with income tax when bankers use fractional reserve
You guys are fucking nuts that you think this system is okay
Stupid cuckks

[Anonymous No.51048091]

>>51043187
>he thinks it's about money
Control, dummy.

[Anonymous No.51048278]

>>51047073
>we shouldn’t abolish taxes
>don’t abolish the central bank please
what a loser

[Anonymous No.51050606]

>>51046850
Government doesn't create any money, and the Fractional Reserve/money multiplier model is completely fake.

ALL money is created digitally by private banks issuing loans. Banks create new money AFTER the borrower signs the loan contract. Banks create new digital money with no need for prior reserves or deposits. The entire money system is created this way.

Get the proofs at:
bankLIESdotORG

[Anonymous No.51050634]

>>51046424
>M2 supply irrevocably causes inflation. No ifs ands or buts.<
Private banks create all money, NOT government.

Banks create new, digital money when they lend. This money did not exist until the borrower signed the promissory note. The entire money supply is created this way.

Richard Werner proved this empirically in 2014.

Proofs at:
bankLIESdotORG

[Anonymous No.51051010]

>>51043187
Taxes confer value on fiat because you must pay the bill in their currency.

[Anonymous No.51051456]

>>51043216
That's not even true though. Taxes are a means to pay for the public places that we all enjoy and take advantage of like parks, roads, diversity centers, and libraries.

[Anonymous No.51051476]

>>51051456
Lol
Lmao

[Anonymous No.51051504]

>>51051456
They don’t need taxes to pay for any of those.
With the removal of the gold standard, taxes became 100% about control

[Anonymous No.51051528]

>>51050606
Private banks create most money, the fed still creates money to buy US bonds
Fractional reserve is set at 0%

[Anonymous No.51051545]

>>51051504
I can link you 100 economists on reddit who disagree with you.

[Anonymous No.51051572]

>>51051456
hahahahahahahahahahahahahahahahaha go check national budgets chud

95% is gibs

[Anonymous No.51051717]

>>51051528
The 12 Federal Reserve banks are privately-owned by the banks in their districts. So when you say "the Fed is creating money", you are really saying "PRIVATE BANKS are creating money."

Here's a 15 minute interview with Chicago Fed spokesman Jerry Nelson. He openly admits that the 12 Federal Reserve banks are private, bank-owned corporation with UNLIMTED MONEY CREATION POWER. (Skip to 4:17 to gear admission) https://www.youtube.com/watch?v=6N-8DyPoNgU

more proofs at:
bankLIESdotORG

[Anonymous No.51051785]

>>51045730
Yeah, but have you noticed the surplus of deadly sinkholes plaguing china? Do you really want them in charge of your infrastructure?

[Anonymous No.51051887]

>>51051717
you are not completely wrong, but you do glow.