“You’re erasing all of it.”
A business can choose to unincorporate and dodge the tax.
The bigger the business, the riskier that will be.
Service businesses will become smaller, more plentiful and more competitive.
Instead of paying $200/hour for a plumber, you might pay $80/hour.
Houses will cost less. Cars will cost more.
Overall, very little inflation.
Who’s going to take a financial hit?
Mr. Big Contractor - perhaps from $1.2 million/year to $120,000/year.
Not sure how an incorporated giant un-incorporates and why management would choose that rather than passing the tax along to customers via inflation.
I like that people are trying mind experiments after they realize what $37T means, but best not to self delude.
The only imaginable way to address $37T is confiscation of assets out of estates, and accelerate those estates via mass executions. Not for cause. Randomly.
Could imagine concentrating the executions on “the rich” but ask GPT how much wealth is in the top 3% of US citizens. Those people will have to be executed and their estates confiscated to reach $37T. If you were to say, evenly distributed, then you’d be dealing with 60% of the population as a whole since most wealth is so narrowly concentrated.