IRS Collects $500 million from deliquent millionaires

[pilight]

No, you've got it backwards. Federal spending is how the government *creates* wealth; taxes are how the government deletes wealth and creates demand for currency.

Yeah the government can only "spend" what it "taxes." Thus creating wealth depends on deleting wealth. Taxes are done by rates though, not livelihood, so that theory you're referring to comes off a bit post modern.

One has nothing to do with the other under fiat currency. The government spends money by appropriating however much they need, creating it by fiat. The money taken in by taxation disappears. The only limit to spending is one they set on themselves, the so-called "debt ceiling". Theoretically that limits the amount that can be out in circulation. However, since they will never decline to raise it when needed it's meaningless.

[BridgeConsoleMasher]

No, you've got it backwards. Federal spending is how the government *creates* wealth; taxes are how the government deletes wealth and creates demand for currency.

Yeah the government can only "spend" what it "taxes." Thus creating wealth depends on deleting wealth. Taxes are done by rates though, not livelihood, so that theory you're referring to comes off a bit post modern.

One has nothing to do with the other under fiat currency. The government spends money by appropriating however much they need, creating it by fiat. The money taken in by taxation disappears. The only limit to spending is one they set on themselves, the so-called "debt ceiling". Theoretically that limits the amount that can be out in circulation. However, since they will never decline to raise it when needed it's meaningless.

Oh hello there, Mr. Congress, well defining and representing the Legislative Branch of the federal government. Glad you joined this very procedural effort to try to publicly solicit a big chunk of pocket change for progressive ends. Your bipartisan laden reputation precedes you.

[McAvoy]

The fact remains is that the US Government spends more than it taxes for years. Trump in his 4 years jumped the national debt by $8 trillion. Biden last time I checked $5 trillion in three years. Give or take.

Even if the US somehow fixes all of the bleeding, making the government more efficient in it's spending, etc it would still take decades and many many presidents to get back in the green.

Don't me wrong taxes does prevent the US dollar from fully becoming Monopoly money.

[Fuzzy Necromancer]

You don't actually *want* a balanced budget. That's bad from an economic perspective. The national debt IS the national wealth.

[BridgeConsoleMasher]

If anyone noticed the bitcoin develop, it's not as if it's very arduous process to convert it to cash. Taxes just require USD in particular, and it's globally the most commonly available currency.

[McAvoy]

You don't actually *want* a balanced budget. That's bad from an economic perspective. The national debt IS the national wealth.

Agreed but it's only up to a point. Not at $37 trillion though.

[BridgeConsoleMasher]

You don't actually *want* a balanced budget. That's bad from an economic perspective. The national debt IS the national wealth.

You're pretty much right. The debt is glutenous, but it is for the collective good of the people. *edit; thus something we consciously spend on more or less or less.*

I guess I would just say that there are many determinants that can render negative results at the public's expense; Emergency spending, incompetent administration, bad fiscal directive. Economically speaking, it's outstandingly conditional.