Tom Usher's take on: "DO WE NEED TAXES? THE MMT PERSPECTIVE," by L. Randall Wray

"What do you get when you drop taxes? Well, Bitcoins." Source: EconoMonitor : Great Leap Forward » DO WE NEED TAXES? THE MMT PERSPECTIVE.

Tom1

Tom Usher

Well, not necessarily.

"MMT claims government doesn't need taxes" to be able to issue money.

The MMT argument is that the government couldn't declare the government-issued currency as the only legal tender/currency without requiring people to have it to be able to pay for something required by the government itself.

The threat of random IRS audits is the main, but not only, incentive to avoid the coercive punishment of the state for non- or low-payment of taxes.

Why wouldn't the threat of random checks of retail and other accounts be just as effective?

If you are shown to be dealing in a non-legal currency, you'd be fined. If you couldn't come up with the legal currency to pay the fine, you'd be punished, possibly imprisoned depending.

I do not believe that taxes, per se, are required. I believe Randy made that point himself by referring to other than taxes: fines.

Of course, if all the people would simply be honest and if the government would issue all the currency needed, the whole issue would be moot.

  • Subscribe


  • Tom Usher

    About Tom Usher

    Employment: 2008 - present, website developer and writer. 2015 - present, insurance broker. Education: Arizona State University, Bachelor of Science in Political Science. City University of Seattle, graduate studies in Public Administration. Volunteerism: 2007 - present, president of the Real Liberal Christian Church and Christian Commons Project.
    This entry was posted in Monetary Reform. Bookmark the permalink.