Originally Posted by
Tippit
I never said that fiat money is valueless. I said it has no intrinsic value, and that its extrinsic value is based on the petrodollar scam, and the US Military. The value of people who earn and save fiat money is stolen quickly over time, as it is merely another form of regressive taxation (at best) or theft (at worst).
Why do you call this regressive? Here is s definition
Definition of 'Regressive Tax'. Under this system of taxation, the tax rate diminishes as the taxable amount increases. In other words, there is an inverse relationship between the tax rate and taxable income.
The taxable income here is the sum of currency held at any time by a possessor. The tax rate is the same per pound or dollar for each payer, so that a person with a thousand units pays exactly ten times as much as a person with a hundred units. Both taxpayers pay any the same percentage rate on each unit, regardless of the total they are holding. That doesn't look regressive to me.
Here are related definitions
A regressive taxWP is a tax imposed in such a manner that the tax rate decreases as the amount subject to taxation increases ... if the activity being taxed is more likely to be carried out by the poor and less likely to be carried out by the rich, the tax may be considered regressive.
A flat rate tax on the holders of currency doesn't fulfil these conditions. Holding money is an activity more likely to be carried out by the rich, as the poor tend to expend it on necessaries like food, clothing and shelter as and when they obtain it, and have no surplus to retain as a money hoard.