Obama showed that the money from taxes is not important.
The Democrats can just print money.
We only pay income tax so that the government has some control on us.
If we lose the Petro Dollar, we are toast.
This is why Bush went after Sadam Hussain as he was selling oil for Euro’s and Chinese Yuan, undermining the Petro Dollar that Nixon and Kissenger set up to save us from the crash after taking us off the gold standard.
Obama showed that the money from taxes is not important.
The Democrats can just print money.
We only pay income tax so that the government has some control on us.
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Yep...taxes are becoming a way to have some control over inflation. From a Revenue standpoint, it’s clear your Central Bank could purchase all your debt if it wished...forever. Does anyone think that The Fed would ever say “no” to Federal borrowing? You’d never get to even be Fed Chairman if the gov. thought you’d pull that kind of stunt.
“ We only pay income tax so that the government has some control on us.”
In truth, we don’t pay taxes any longer. Now we are paying tribute.
TAXES FOR REVENUE ARE OBSOLETE
by Beardsley Ruml
Chairman of the Federal Reserve Bank of New York
https://www.nakedcapitalism.com/2019/07/taxes-for-revenue-are-obsolete.html