Sunday, October 30, 2016

Why Not Stop Taxation Altogether? Just End It!

Anticipated Reaction To Ending Taxation
It occurred to me that with so many people thinking that deficit government spending helps drive the economy at some point our leaders might want to give us taxpayers a break. Why Not Stop Taxation Altogether? Just End It! Such a policy would go a long way to diminish the divide polarizing our nation. I do not know anyone who likes to pay taxes or go through hours and hours of record keeping and filling out forms in order to comply with our complex tax system.

Over the years Washington and governments in many countries have shown little in the way of financial restraint. If deficits don't matter it seems logical that spreading the wealth around by something other than policies focused on redistribution through such a complicated system has merit. Both economists and politicians have considered many over the top solutions to resolve the problem of slow economic growth in a global economy mired in debt. In the past, cutting taxes has been a favorite method to spur consumer spending and pump up growth. The suggestion of placing taxation in the dustbin of history is merely an extension of this idea.

No Taxation Means More Money For Everyone!
If indeed cutting the ties binding us to responsible budgets is the solution to our economic woes and holds the key to prosperity being timid may not have served us well. Forget all the previously considered outlandish ideas, such as a war on cash, forgiving debt through a debt jubilee, giving everyone a guaranteed income, and even injecting money into the economic system by dropping it from a helicopter. Ending taxation in many ways can be seen as having the same effect of economic stimulation.

This is only one in a series of  easy plans to jump-start the economy, the next part when I get around to writing it will be titled, "Just Print More Money." Both plans constitute a better alternative than going to war to kill off excess labor while ramping up production of self-exploding equipment or building bridges to nowhere. If history is any indication wealth and jobs flow into any country that has low tax rates so why not take it to the next level. While I could parade slew of complex figures and calculations before you proving all this will work please just show me the same kind of trust we give to those leading us from Washington.

My proposal should make everyone happy, it should please both Trump voters who claim enough is enough as well as Hillary supporters who can't get enough. So I say, eat your heart out Paul Krugman and you too Ben Bernanke, with all the time both of you have spent pondering the economy in the ivory halls of academia you have come close but it is I who have proposed the next step in our financial evolution.  Ending all taxation of any kind will not render the laws of economics moot or move us much further into the false state of modern voodoo economics than we have already traveled and it is guaranteed to work until it no longer does.


Footnote;  Your comments are welcome and encouraged. If you have time check out the archives for post that may be of interest to you. Below is another post related to this subject,
                   http://brucewilds.blogspot.com/2014/04/planning-sustainable-future-for-mankind.html

5 comments:

  1. It was Cheney in 2001 that said "deficits don't matter". I guess he understood then what more of us realize now, the government can create all the money it needs. So, yeah, why not dispense with taxation? The government says dollars are money so just make it up, put it on the Fed "balance sheet", and watch it go up like the national debt. Under that system, with the current balance sheet at $4.5T, we would have at least 5-6 more years before we got the balance sheet to an unpayable $20 Trillion like today's debt.....

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  2. LOL, this was a hilarious article. But I have to say, it has some merit to it. If we're already going off the cliff with our ridiculous deficit spending, then instead of printing more money, just simply end taxes (at least for the Federal Gov't) I could easily use that extra $30K a year for better uses than what the Feds do.

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    Replies
    1. Thanks for seeing the humor I attempted to put forth. It would be wonderful if budgets did not matter and we could eat anything we wanted with no consequences. Taxes are a drag and the complex system by which they are collected even worse, I will leave it at that.

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  3. I think we need to repeal the Revenue Act of 1913 (income tax law), repeal the Federal Reserve Act of 1913, pass a law that Congress must balance the budget within 2 years and beyond to dismantle nearly the entire Federal bureaucracy....back to 1930 levels. Ending the money 'printers' is key. And yes, we could keep FICA deductions which covers about 1/2 of current SS and Medicare expenditures. Reduce those payouts to match revenue.

    This shock would provide a massive reset of medical, tuition and nearly every other cost to levels that people can actually afford. We need a massive reset

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