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Eliminate the IRS and yearly taxes with digital currency (No, Really)

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Avatar for Vitalismo
Written by   8
2 months ago

No. It’s not what you imagine.

This isn't a vision to stick it to the man and avoid taxes altogether. Instead, it’s a way to streamline taxes in a way to reduced inefficiency, save money, and end the annual headache of doing taxes.

The solution is elegantly simple: transition to a digital currency and a transaction tax. This would eliminate the need to base public revenue on yearly filings of income taxes. With it, there'd be no need for costly tax collection and enforcement agencies like the contemporary IRS.

Imagine not wading through the complicated, time-consuming, and headache-inducing ordeal of figuring out how much you owe from property, capital gains, payroll, and income taxes. Imagine how much money would be saved without a dearth of accountants able to tackle this problem for the sake of others. Imagine how much easier and seamless tax collection could be for all involved.

This could be a reality.

Rather than paying out complicated taxes, we could instead have an official digital national currency. When spending or other transactions occur, a flat transaction fee could be directed as tax revenue automatically.

Such a tax would necessarily be regressive since consumer spending takes a larger proportion of incomes for those in the lower and middle classes. However, this could easily be offset by a UBI, i.e., a partial redistribution of tax revenues as a uniform regular payment to individuals. This latter idea already has some support. In running for the Democratic nomination, Andrew Yang made a similar proposal central to his platform. In other places where more moderate VAT-style taxes have been introduced, consumer spending slightly fell while savings significantly rose. Thus, such a bold tax-restructuring program might also encourage greater personal savings and investment.

I’m not a tech guy. I don’t pretend to know the ins-and-outs of blockchain and digital currency technology. But it’s clear they will both revolutionize the future. In what directions and to what impact remains to be seen. But personally, I hope that they lead to greater simplification and efficiency, thus promoting a higher quality of life.

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Avatar for Vitalismo
Written by   8
2 months ago
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Comments

I wonder what you mean by 'complicated taxes'. The (many) taxes in the Netherlands are not complicated just high and there are too many.

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