That’s an interesting thought experiment: What if we got rid of all taxes, and t... | Hacker News

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mensetmanusman on June 6, 2021 | parent | context | favorite | on: G7: Rich nations back deal to tax multinationals

That’s an interesting thought experiment:

What if we got rid of all taxes, and the only thing the govt. could do was print money at some fixed %GDP rate to induce inflation.

Then everyone would try to spend faster than inflation and the velocity of money could be quite fast (to increase GDP and spending, etc.)

Maybe a flywheel-economy?

beisner on June 6, 2021 [–]

This is very similar to Modern Monetary Theory, which views taxation as a means to control inflation rather than a source of funds for a sovereign government. Maybe only applies to a country whose currency is the reserve currency of the world tho…

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