A small financial transactions tax could correct a number of maladies in our economic system, from the federal debt crisis to the widening wealth divide to the rampant financialization of the economy, while eliminating taxes on income and sales.
Does he mention that this was already done as research for the Bush 2 administration? Edgar J Feige presented an Automated Transaction Tax in 2005 at a rate of 0.35% on each side of the transaction. I was so nerd sniped by it, I made a video: https://m.youtube.com/watch?v=5DQxJ2GZxS4
OK, BUT, it's still taxing the poor, if they happen to buy a cappuchino. WHY should the poor have to pay any taxes? I guess I have to watch the NEXT video....
An FTT would REPLACE all other taxes. Now we have an 8% sales tax in CA. It would be replaced by an FTT of 0.1%, one tenth of one percent, virtually zero. We're currently not taxing all those trillions of dollars in speculative money-making-money non-productive trades. That's where the big increase in revenues would come from.
The white paper does not protect the lowest incomes. I absolutely agree it’s a regressive tax system UNLESS it is combined with a UBI (I prefer dividend) to at least the tax free threshold. Then, it is a far superior tax system for everyone - even the poorest. The individual tax burden becomes minuscule. But capital transfers are finally included in the economy whereas they currently free load on the system with all its legal and societal protections
A dollar spent by our government is a tax uncollected. Without meaningful limits on spending, no new tax will fix this problem. In this particular case, this new tax will most likely only add to the tax burden and in a way that is largely hidden from view and easily increased over time.
An FTT would REPLACE all other taxes. Now we have an 8% sales tax in CA. It would be replaced by an FTT of 0.1%, one tenth of one percent, virtually zero. We're currently not taxing all those trillions of dollars in speculative money-making-money non-productive trades. That's where the big increase in revenues would come from.
Does this fit into that picture of 'monetary economy'?.... Washington's $849 Million Capital Gains Windfall Shows 'Taxing the Rich Is a Really Good Idea' ... when Washington state lawmakers passed this fiscal year's budget, they anticipated collecting $248 million in revenue from the 7% tax on the sale or exchange of stocks, bonds, and certain other assets above $250,000.
--->>> A small financial transactions tax could correct a number of maladies in our economic system,
When debt-free gold transacts in eCommerce, with a mass based settlement, the only way that this can take place in market context is by an agreement of price. This means the USD price data is indispensable to the fair and completed market transaction,
The owner of the price data gets a piece of the transaction revenue. It's not a tax. It's an actual economic market service that has utility value. Central banks own all of that data.
Why waste aperfectly good USD global price data on measuring the value of oil when the USD price data can measure the value of market gold currency that goes round and round and round and round...etc....etc...
Bye-bye petrodollar ..... hello 21st century fishes and loaves as real economic growth becomes unprecedented.
What would reverse the growing debt-to-GDP ratio is real economic growth where the growth is fueled by the added energy of debt-free transactions. Wealth creation then flourishes.
Real economic growth then allows for interest rates to safely rise to have over-leveraged inflationary debt safely purged back to its "nothingness"
What culminates in the monetary model is a completion of circulating debt and circulating debt-free market based medium is a symbiotic dance. A hybrid. Bott sides are essential.
Everybody wins from the real economic growth, including government.
Agreed in principle, and Scott Smith proposes a way to have interest-free loans for mortgages without inflating a housing bubble, but I think it would be hard to work out. How do you avoid the inevitable inflation from trillions of dollars pumped directly into the economy, and the predictable corruption by self-serving politicians at the top?
We're in two different conversations now, Ellen. I wasn't referring to interest free. I was referring to debt-free.
Interest-free fiat currency loans are still debt based loans that just happen to have a 0% interest rate but the GENESIS of the currency is still debt, not money created by the sweat of the brow where the debt has already been paid. It wouldn't work. The inflation is inevitable given the structural paradigm of the hierarchy that you pointed out.
The apex is a dangerous place, rank with temptation and like a light to moths in what it attracts. It's incumbent of the free market (as per Executive Order 11825) to create a "rounder world" with the symbiotic addition of debt-free currency moving into circulation. That's begun.
We need some monetary "Yang with our existing Yin". The problem is not debt. The problem is TOO MUCH debt whereby the demands by/for the economy can be shared between the banking model and the free market. .
The door has been open for decades but on the fundamental and practical side of things, until now, we lacked the efficient capability for individuals to monetize and spend their own sovereign gold and silver, debt-free.
Does he mention that this was already done as research for the Bush 2 administration? Edgar J Feige presented an Automated Transaction Tax in 2005 at a rate of 0.35% on each side of the transaction. I was so nerd sniped by it, I made a video: https://m.youtube.com/watch?v=5DQxJ2GZxS4
Excellent video, thanks! Will review the research paper.
OK, BUT, it's still taxing the poor, if they happen to buy a cappuchino. WHY should the poor have to pay any taxes? I guess I have to watch the NEXT video....
An FTT would REPLACE all other taxes. Now we have an 8% sales tax in CA. It would be replaced by an FTT of 0.1%, one tenth of one percent, virtually zero. We're currently not taxing all those trillions of dollars in speculative money-making-money non-productive trades. That's where the big increase in revenues would come from.
Nice! But, that's not what that video said...
The white paper does not protect the lowest incomes. I absolutely agree it’s a regressive tax system UNLESS it is combined with a UBI (I prefer dividend) to at least the tax free threshold. Then, it is a far superior tax system for everyone - even the poorest. The individual tax burden becomes minuscule. But capital transfers are finally included in the economy whereas they currently free load on the system with all its legal and societal protections
This might be your most brilliant and important essay yet!
Best wishes,
Ingrid Naiman
Thanks!
Great book by a good man. Entirely worthy of testing!
A dollar spent by our government is a tax uncollected. Without meaningful limits on spending, no new tax will fix this problem. In this particular case, this new tax will most likely only add to the tax burden and in a way that is largely hidden from view and easily increased over time.
An FTT would REPLACE all other taxes. Now we have an 8% sales tax in CA. It would be replaced by an FTT of 0.1%, one tenth of one percent, virtually zero. We're currently not taxing all those trillions of dollars in speculative money-making-money non-productive trades. That's where the big increase in revenues would come from.
Does this fit into that picture of 'monetary economy'?.... Washington's $849 Million Capital Gains Windfall Shows 'Taxing the Rich Is a Really Good Idea' ... when Washington state lawmakers passed this fiscal year's budget, they anticipated collecting $248 million in revenue from the 7% tax on the sale or exchange of stocks, bonds, and certain other assets above $250,000.
Brett Wilkins, May 26, 2023
https://www.commondreams.org/news/tax-the-rich
--->>> A small financial transactions tax could correct a number of maladies in our economic system,
When debt-free gold transacts in eCommerce, with a mass based settlement, the only way that this can take place in market context is by an agreement of price. This means the USD price data is indispensable to the fair and completed market transaction,
The owner of the price data gets a piece of the transaction revenue. It's not a tax. It's an actual economic market service that has utility value. Central banks own all of that data.
Why waste aperfectly good USD global price data on measuring the value of oil when the USD price data can measure the value of market gold currency that goes round and round and round and round...etc....etc...
Bye-bye petrodollar ..... hello 21st century fishes and loaves as real economic growth becomes unprecedented.
public central bank noparty.ca
What would reverse the growing debt-to-GDP ratio is real economic growth where the growth is fueled by the added energy of debt-free transactions. Wealth creation then flourishes.
Real economic growth then allows for interest rates to safely rise to have over-leveraged inflationary debt safely purged back to its "nothingness"
What culminates in the monetary model is a completion of circulating debt and circulating debt-free market based medium is a symbiotic dance. A hybrid. Bott sides are essential.
Everybody wins from the real economic growth, including government.
Agreed in principle, and Scott Smith proposes a way to have interest-free loans for mortgages without inflating a housing bubble, but I think it would be hard to work out. How do you avoid the inevitable inflation from trillions of dollars pumped directly into the economy, and the predictable corruption by self-serving politicians at the top?
We're in two different conversations now, Ellen. I wasn't referring to interest free. I was referring to debt-free.
Interest-free fiat currency loans are still debt based loans that just happen to have a 0% interest rate but the GENESIS of the currency is still debt, not money created by the sweat of the brow where the debt has already been paid. It wouldn't work. The inflation is inevitable given the structural paradigm of the hierarchy that you pointed out.
The apex is a dangerous place, rank with temptation and like a light to moths in what it attracts. It's incumbent of the free market (as per Executive Order 11825) to create a "rounder world" with the symbiotic addition of debt-free currency moving into circulation. That's begun.
We need some monetary "Yang with our existing Yin". The problem is not debt. The problem is TOO MUCH debt whereby the demands by/for the economy can be shared between the banking model and the free market. .
The door has been open for decades but on the fundamental and practical side of things, until now, we lacked the efficient capability for individuals to monetize and spend their own sovereign gold and silver, debt-free.
Symbiosis rocks !
https://www.youtube.com/watch?v=C857FwMqbE8