Post #2514306

@pmonks@sfba.social > We could literally set the money we collect on fire Fortunately, that's what federal taxation is! US dollars are created by US government spending: pass a law that says to spend new money, increase number at central bank, poof the money exists. Taxation is the opposite process: the money ceases to exist. This exposes the folly of “but how will they use billionaire tax money”: they won't. A monetarily sovereign government doesn't need billionaire money to fund anything, they just fund what they want to fund by writing “spend this new money” in a law. US federal taxation destroys the money, and the billionaire has less spending power. That's the point of US govt taxation: it removes the money the govt created. To control inflation; to discourage activities that are to be discouraged. Not to fund anything. We don't need billionaires *for anything*, least of all their money. #WhereMoneyComesFrom #MMT #FundBySpending #TaxTheWealthyat