AskLeo - If They Can Print Money Out of Thin Air, Why Should We Still Pay Taxes?

in LeoFinance2 months ago

The news regarding South Korean Government Seizing Crypto Holdings of Tax Evaders Worth $22 Million is all over twitter lately and not one crypto media outlet has lost the opportunity of talking it.

It looks like the Seoul government has seized crypto holdings from 676 individuals that are supposedly tax evaders. $22 million worth of crypto has gotten in the hands of the governments and 118 of them paid the government 1.26 billion Korean won (more than $11.2 million) of their dues. Great. Taxes make the world go around, right.

How did that happen?

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Quiet brilliant question. The shitheads were holding their crypto on exchanges and the sneaky government gained access to the government and was able to put its dirty hands on the poor men's precious internet money. Not a smart move from the tax evaders here.

That couldn't have happened if these guys would have bothered to store them on private wallets. Convenience beats everything and in our case it cost the evaders some good money paid in dirty taxes. Cash that needs to be taken by the government for the well being of the country.

I don't like taxes, I never liked them and will avoid em as much as possible. I consider them a robbery of the individual. As long as governments can print money out of thin air, why the hell do we still need to pay taxes. I don't get it...

They can go BRRRR with trillions that are literally not backed by anything at all, but we have to pay for every earned dime. I see no logic in that. Honestly. Maybe I'm too dumb to see the logic behind such reality and I invite anyone reading this post to enlighten me.

But, what point do taxes have at this moment? Isn't it clear that money don't have any intrinsic value? Why do we have to pay for every earned dime like cash would indeed have any intrinsic value?... Curious to read your answers and wish you a great evening.

Thanks for attention,
Adrian

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Not your keys not your coins. The funny thing about these fear articles is they always use “XYZ Govt” or “XYZ Agency”. However, lets be aware there are actual people behind these agency’s. Many hide behind these “entities” and their jobs rely solely on the supposed tax revenue. Maybe someone should send them info regarding modern monetary theory.

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As long as thee situations occur crypto is still a speculative asset. Once we move pass that we no longer need to hold millions on exchanges.

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The government just enjoy making us poorer, one reason why I say am 12 wherever I go, like I don't wanna pay tax or go to jail for nothing else than burning that useless Fiat...

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If no one would pay taxes they wouldn't have enough jails for all of us.

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You're right, but whoever can lead us on that rebellion against taxes?

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Me

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Oh wow, sign me up 🤚

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You already are 😁

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Hahaha, music to my ears 😂

The government just enjoy making us poorer

Lol that's true . You earn more ? Pay more . You earn less ? Well work more .

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This is tragic, not your keys, not your money, heard so often that perhaps people don't pay attention.

Taxes...pay what you need to stay out of the crosshairs...

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Or better nothing at all, if possible.

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Never thought about it this way. I guess the taxes are legacy from previous times when villagers gave half their product to the kingdom.
Today inflation can be a fair way of taxation. The more you have the more you feel inflation. The current tax system is getting from workers and giving to tax evaders. This is really unfair. I like your idea.

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Good point.

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Come on, maybe there is some difference from the model in the 16th century and in the current one, if only now there is more technology available to the masses and then no ... But what good is it if we still remain loyal to this tiny group select that moves the strings, it was not a secret that they were going to print more inorganic paper, since to cause an inflation or deflation, no matter what your opinion is, it will need to issue tickets, of course it is more absurd to think that those who print them are a private company, not for nothing they liquidated Kennedy and Lincoln, the only ones who managed to make the paper money not say "Federal Reserve note" details that it is above the name of the nation! saying something else would be plenty

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Printing money is a form of tax.

Also if you believe the MMT discussions...taxes are used to slow the exomony when inflation gets out of control.

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Hence they're taxing us twice.

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A steadfast base for the government must be poor in order not to consume resources
It is as if the land will stop producing crops and the rain will stop falling

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The government takes pleasures in seeing the populace still subservient to her, paying taxes shows to them we(masses) are still under there control.

They don't nerd our money actually, they just want to make sure we are still there slaves.

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We shouldn't pay them anymore taxes.

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Taxes - I both love them and hate them.

I hate paying my hard earned money to a government, especially when "freeloaders" who don't want to work get paid by the government. And the government fat-cats then squeeze every last little bit out of entrepreneurs and people who want to do well for themselves.

On the other hand, taxes go to pay for NHS, police, firemen, and other decent services. And I am happy to support these as it makes society a better to live. Even if I don't need a policeman or visit to the hospital today, I am glad that someone who does need it can access it.

Rant over.

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You are right but what I hate is , the government doesn't really use the money in most efficient way if you have observed . They just waste it on so many useless stuff and I don't know about other countries but here policemen and soldiers get paid very less.

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I don't love them at all.

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Maybe the government can print dollars, just like we print cryptocurrency and pay it’s bills with dollar inflation.

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That couldn't have happened if these guys would have bothered to store them on private wallets.

This is Crypto 101 . I thought tax evaders were smart :p

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Indeed a

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Good question but obviously even if it is printed out of thin air, taxes allow them to pretend they could balance it in the future by raising taxes.

I dont even have issues with taxes, what get me VERY angry is the inneficiency of the budget spending and the number of administrative buraucrats that are paid incredible amount of money and have a safe job FOR LIFE.

They get to do nothing and cannot be fired. Great deal right? Worth part? They hired PRIVATE contractors to do their job xD.

Everything that I am saying I have witnessed it first hand in the biggest international organization (parapublic) and in the public administration.

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Another case for crypto.

The funny thing about these fear articles is they always use XYZ Govt or XYZ Agency. Many hide behind these “entities” and their jobs rely solely on the supposed tax revenue.

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the whole idea behind tax is to keep the people in line. like you said if the government can print money as they please then what is the relevance of this whole complicated system that is enslaving people.

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absolutely no relevance

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It's about the direction of the money. From us to them is unavoidable and secret. From them to us ... it can be printed with computers any time.

It's also about who holds the power over money. Them or us. With crypto is us when we hold it in private wallets as you aptly put it.

@tipu curate

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With crypto is us when we hold it in private wallets as you aptly put it.

Good point.

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I've made that comment before, that crypto is like printing free money.

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It's people's money though.

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This is a good question. It might be an interesting economic experiment to give everyone a tax vacation one year and let the people spend all their money.

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We shouldn't pay any at all.

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One thing that comes to mind is that they want to keep up the illusion that fiat money is backed by something (which I guess it is by some degree, e.g. military etc.) Another reason is that the repercussions from changing the current system. The government (i.e. the politicians etc.) never really want change

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I doubt money is backed by anything at this point.

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Money doesn't have intrinsic value. It has the value of the size of the market at this time. When you print more than the size of the market, the numerical value of things go up. That's called inflation and it's rampant. The US prints with low consequences (there IS inflation, it's just covered) because it's the currency used for global commerce.
In countries where the currency is just local, and the governments print more than the country produces, inflation is rampant, like it's happening right now in Argentina.
Re: taxes. Yes, possibly a way to keep the population under the thumb.

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Re: taxes. Yes, possibly a way to keep the population under the thumb.

I totally subscribe to that.

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Taxation is quite a big issue these days in many countries but I think government needs to think about it add make it a reasonable percentage. it is necessary for the government but the percentage they decide should be good enough for everyone so that they do not feel like they are earning for the government and government is making them poor.

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I don't agree taxes have any reasoning. Especially when thinking how rich ones are avoiding paying them.

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Infrastructure and public services that the private sector cannot or will not provide (no profit margin) are why I have no trouble paying taxes ... there are legitimate purposes of government, and those are the big two that just about everyone is in need of -- infrastructure every day, and public services at some point.

Most of the governments around the world are corrupt and taxes make absolutely no sense.

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Infrastructure and public services are two good reasons for taxes -- how do you propose, given that there is no profit motive for maintaining those things, that they be funded WITHOUT government, and thus, taxes? Paved roads with sidewalks, bridges, highways, and the lights that manage traffic on all of those -- tax dollars at work. All the workers that maintain those things -- tax dollars at work. Corruption in government? Of course. It's a shame. We need to vote a bunch of people out of office in both major parties.

And yet, the street outside my home, with the good pavement and sidewalks, and the county and state parks where thousands and thousands get relief from the stress of life, and the medical care for millions of people who are priced out of the private market, and the public schools for millions of children -- all tax dollars at work, without which society would collapse because even the pretense of my home country offering opportunity for all would collapse. There would be no police officers or EMTs or National Guard or fire fighters to deal with that collapse either without tax dollars -- we LITERALLY would be discussing the end of civil society. Personally, I prefer civil society ... so I'm going to go ahead and pay my taxes, and then head out to the park I paid to have there...