02-19-2020, 04:58 AM
In the future, could government replace taxes with transaction fees instead?
<!-- SC_OFF --><div class="md"><p>Just an idea... </p> <p>Would you prefer to pay small % like 0.1% on every transaction you or anyone makes in favour of no other taxes? I'm wondering if government could release their own crypto where each settled transaction would contribute to the government's budget and that would be only mean of collecting taxes? </p> <p>Not sure if that would be sustainable, but doing quick math here:<br/> US federal budget is 4,7T for 2020.<br/> US daily transactional volume is about 14T, 0.1% on that times 365 would collect more than they collect in taxes at the moment. 0.1% of (14T * 365) = 5T (in taxes collected) </p> <p>That would mean if you transact $10k you would pay $10 of that to settle the transaction where government would be beneficiary of such fee. </p> <p>In that case, no matter if money were transacted by drug lords or APPL corp ultimately government would receive their cut.</p> <p>Obviously this ideal scenario would require every single transaction to happen on the chain and no more cash. But I would rather pay for transaction every single time I transact, than pay all kind of taxes.</p> </div><!-- SC_ON --> Kind Regards R
<!-- SC_OFF --><div class="md"><p>Just an idea... </p> <p>Would you prefer to pay small % like 0.1% on every transaction you or anyone makes in favour of no other taxes? I'm wondering if government could release their own crypto where each settled transaction would contribute to the government's budget and that would be only mean of collecting taxes? </p> <p>Not sure if that would be sustainable, but doing quick math here:<br/> US federal budget is 4,7T for 2020.<br/> US daily transactional volume is about 14T, 0.1% on that times 365 would collect more than they collect in taxes at the moment. 0.1% of (14T * 365) = 5T (in taxes collected) </p> <p>That would mean if you transact $10k you would pay $10 of that to settle the transaction where government would be beneficiary of such fee. </p> <p>In that case, no matter if money were transacted by drug lords or APPL corp ultimately government would receive their cut.</p> <p>Obviously this ideal scenario would require every single transaction to happen on the chain and no more cash. But I would rather pay for transaction every single time I transact, than pay all kind of taxes.</p> </div><!-- SC_ON --> Kind Regards R