Log 🪵@GhostOnTheHalfShell @economics-that-works Taxes work hand-in-glove with inflationary issuance of new fiat currency. Those who spend it first can exchange it at the earlier higher value. Taxes remove the devalued currency from circulation to avoid hyperinflation. The net result is to transfer purchasing power from those most distant from government spending and bank lending, to those closest to it.
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