Post
Topic
Board Economics
Re: USD is backed by the fact that IRS only accepts it for taxes...
by
misterbigg
on 30/11/2012, 15:49:48 UTC
The only reason the IRS collects money is for the government to spend it on other stuff.

Actually, income tax just barely pays for the interest on the debt. Most of government spending comes from borrowing and printing.

The reason that income tax exists is maintain the ruse - if the government financed itself completely through printing (entirely possible) then it would become immediately clear what's going on. Income tax allows allows politicians to play favorites with the tax code.