Four Purposes of Federal Taxes
Beardsley Ruml wrote in 1946 that taxes for revenue are obsolete. So what ARE they for?
Beardsley Ruml wrote in 1946 that taxes for revenue are obsolete. So what ARE they for?
“All federal taxes must meet the test of public policy and practical effect. The public purpose which is served should never be obscured in a tax program under the mask of raising revenue.”
This analysis of the pathophysiology of the taxation system informs the four taxation proposals presented here, which are crafted on the observed mechanics of the US monetary system as described in MMT.
Well that title is blunt, isn’t it? I like blunt. That’s why I chose it. As I always say, blunt cuts through bullshit. It’s my bet that it is sure to cause irritation for those persons who play immature games of semantics with the word ‘fund’. Good.
Since this is a major topic of interest for laypersons, I’m going to explain operationally why your dollars paid in federal taxes are not spent by the federal government on anything.
It is impossible for Social Security to go broke. All it takes to see that is a ride on the subway.
Higher taxes on the rich are a means by which to slow the process of the accumulation of wealth. By slowing the process of accumulated wealth, higher top marginal taxes increase income equality.
It’s time for you to stop allowing yourself to get sidetracked with old thinking.
The presumption of innocence by those perpetrating the frauds is characteristic of Professor Galbraith’s cynically gracious approach.