Hm. My first thought was "that's dumb" but then I thought about it....

If all taxes were abolished then public works would still need to exist. If the government had the power to print unlimited money to fund these things then.... well money would be printed, the money supply would inflate, and people's earnings and savings would be reduced by the inflation amount per year. In a sense, it would be just as much a "tax" on people as... well taxes.

Hm. There would probably be different winners and losers. But the logic may hold. Unfortunately what we're getting now is unfund4ed govt spending which is being funded now by inflation. In years where inflation was low, it was funded by basically slavery (wages didn't go anywhere, people couldn't get ahead, etc).

By trying to crush the job market and return unemployment to the level where workers are once again slaves (well, serfs. Never own an asset when you can rent it) the Fed is just doing taxes with extra steps....

(I pop in from time to time)