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f7ebc20c97
on March 30, 2022
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Britain being forced to go cashless 'against its w...
So the income tax is essentially a ~30% transaction fee. Imagine a world without that deadweight loss.
https://en.wikipedia.org/wiki/Deadweight_loss#Deadweight_los...
tagami
on March 31, 2022
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Yeah it’s inefficient, but that “deadweight loss” gives you the common infrastructure required for a modern society (roads, police, fire, et al)
tengbretson
on March 31, 2022
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In the US nearly all of your examples of what we get in return are funded by sales and property taxes
HideousKojima
on March 31, 2022
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Specifically, roughly 70% of the federal budget is spent on the military, social security, medicare, and medicaid.
stuxnet
on March 31, 2022
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Not to mention a gigantic military budget including all the alphabet agencies... all funded by that inefficiency.
f7ebc20c97
on March 31, 2022
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Perhaps there is a way to pay for these things besides taxes? Unthinkable!
adastra22
on March 31, 2022
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Costs are deducted though, so it is only 30% of the profits.
f7ebc20c97
on March 31, 2022
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Technically everything is a cost, though, right?
adastra22
on March 31, 2022
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These things are precisely defined in accounting terms though. Whatever you bartered away had a cost basis, and whatever you got in exchange has a fair market value. The difference is income.
f7ebc20c97
on March 31, 2022
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What if you live in a closed bartering community of abstract economic business entities and everything is a cost basis for something else?
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https://en.wikipedia.org/wiki/Deadweight_loss#Deadweight_los...