r/SipsTea • u/OpenComet_ • 7h ago

SMH We already spent it

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2.2k Upvotes

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u/tantalor 6h ago

The purpose of taxes is to reduce the money supply

4

u/Ireallyamthisshallow 6h ago

The purpose of taxes is to pay for things we use/benefit us as a community

1

u/tantalor 5h ago

No, we just borrow money for that

1

u/Ireallyamthisshallow 5h ago

Is there some sarcasm I'm missing here ?

0

u/tantalor 5h ago

https://en.wikipedia.org/wiki/Modern_Monetary_Theory

  1. Money is created by government spending

  2. Money is destroyed by taxation

1

u/Ireallyamthisshallow 5h ago

What I love about this theory after a quick perusal is that the Wikipedia entry begins by telling us it isn't a mainstream idea, and the criticism section is lengthy and criticised by quite a few people, including a Nobel prize winner.

No, this isn't the purpose of taxes.

Have a nice day/night wherever you may be. I don't have much to add here.