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Taxes at the state and local level do generate revenue for those currency using entities. At the federal level, they are deleted out of the economy and cannot be “recycled” to pay for anything. Check out these articles to read or share – they explain in much greater detail.

 

Four Purposes of Federal Taxes

 

Taxes for Revenue are Obsolete

 

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Government deficits have gotten a bad rap, says economist Stephanie Kelton. In this groundbreaking talk, she makes the case to stop looking at government spending as a path towards frightening piles of debt, but rather as a financial contribution to the things that matter — like health care, education, infrastructure and beyond. “We have the resources we need to begin repairing our broken systems,” Kelton says. “But we have to believe it’s possible.”

Link to original video on the TED website
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“There is no operational constraint on the government’s ability to meet all Social Security payments in a timely manner. It doesn’t matter what the numbers are in the Social Security Trust Fund account, because the trust fund is nothing more than record-keeping, as are all accounts at the Fed. When it comes time to make Social Security payments, all the government has to do is change numbers up in the beneficiary’s accounts, and then change numbers down in the trust fund accounts to keep track of what it did. If the trust fund number goes negative, so be it. That just reflects the numbers that are changed up as payments to beneficiaries are made.” ~ Warren Mosler

Seven Deadly Innocent Frauds of Economic Policy, p.51

Social Security Solvency meme

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