Freedom from Taxes: Introduction of Automated Payment Transaction Tax and Universal Basic Income

De: Boris Kriger

Narrado por: Cat Lookabaugh

The world is changing at an incredible pace. Many areas do not have time to come into compliance with these changes. One of these areas is taxation and incomes.

The principle of collecting taxes from companies and individuals is flawed because it implies the possibility of tax evasion, and because high taxes really hinder the development of business and the lives of individuals, and therefore the development of the society for which these taxes are collected.

It seems worthier to blame not the system failures, but the system itself, which suggests the possibility of failures.

The principles of taxation came to us from ancient times and since then little has changed. However, it became possible to change this system, since in our time a significant part of financial transactions is carried out in electronic form, which makes it possible to automatically tax not the companies and individuals, but the movement of money itself.

The volume of financial operations is many times greater than all other economic indicators of the country, since in the financial system the same money passes from hand to hand many times. If every time they move, a small percentage is deducted to the country's budget, then this can replace all taxes, guarantee immediate replenishment of the budget, abolish the inefficient, expensive tax authorities and, most importantly, practically free the population from high taxes that currently fall intolerable mainly on the middle class.

The rich, in turn, no longer fearing persecution for tax evasion, will return capital from offshore companies (where their money often lays a dead weight) into the economies of their countries.

The poor will also replenish the budget imperceptibly for themselves, deducting a small percentage from each monetary transaction.

Such an automatic collection of taxes in the form of a low percentage of all financial transactions will strengthen the economy, prevent the deepening of economic crises, and create a system of effective fund-raising in the event of disasters and wars.

It is important that such a reform will also allow replacing the social and pension system with a universal basic income paid from the budget to the entire population of the country. And this is not a fantasy, but an absolute necessity. Computerization, robotization, and automation already lead to the disappearance of many jobs. If the basic income for all is not introduced, it is fraught with insane spending on the creation of unnecessary jobs, or high unemployment, which will lead to social upheavals. It will be necessary to increase the budget of the country almost doubled in order to pay all residents the basic income, regardless of their productive work activity.

©2019 Boris Kriger (P)2019 Boris Kriger

Must read (listen).. this changes everything

I’m surprised this isn’t one of the most discussed ideas on the subject of taxation in any society. The idea of charging a tiny fraction of every transaction in “dollars” instead of taxing productivity is remarkable for a multitude of reasons, not the least of which is raising money for the general fund. This concept combined with a decentralized digital currency is a real contender for replacing a centuries old, miserable and unfair method used today. At 1% of all transactions, it easily replaces the idiotic tax structure we suffer with in the USA. For example, if you make and spend $50,000 a year, your taxes would be just $500. Today your federal tax liability would be $4,240. Throw in Social Security and Medicare and you can add another $3,850 to this figure.

Let’s not kid ourselves. The idiots we send to Washington burn through our hard-earned money without a care in the world. We have to take control of this mess and we need real fresh ideas not the recycled garbage Wall Street and Washington have been cramming down our throats for centuries. There are no original thoughts coming from this sector and there won’t ever be as long as the voters in this country continue to look to the unrepresentative pool of clowns from the republican and democratic political circus.

Do yourself, your kids and grandkids a huge favor. Quit sending political hacks to Washington who have no interest in your wellbeing and look outside the 2-party madness that’s at the heart of almost all our political and economic problems. This is a great start.