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|User Info||Sound money; entered at 2011-05-22 22:59:38|
Registered: 2009-02-05 Wyoming
I appreciate your engagement in this discussion. My premise, which you believe is false, is that fiat currencies inevitably result in inflation. Although anecdotal, IMO the chart you inserted backs up my premise. You will note there is no counterbalancing green from 1950 on. How do you explain that anomaly?
You wrote -
Why should only what you particularly favor be exempt?
I never proposed that. I proposed that all forms of money be exempt from gains taxes. And yep, I didn't define money. I assume readers know what I'm talking about. If it walks and quacks like a duck...
There is no "negative tax consequence", other than the obvious one - the government denominates its taxes in dollars. Therefore, you must acquire them to pay taxes. When you transact in some other currency than dollars you can choose to immediately translate the tax liability on the transaction or the entire thing to dollars if you wish, but you're not required to. The risk of loss or gain, however, remains yours until you do so.
Your logic equates taxes on transactions with taxes on gains. They couldn't be more different than a Balance Sheet vs. a P&L. In each case, the former is based on a snapshot in time and the latter is based on a period of time measured in months and years. I have no problem with translating sales taxes collected in ounces of gold to dollars at the instance the transaction occurs. My concern is with the imputed increase in wealth that I am taxed on when I have a checking account denominated in gold that can't buy any more gasoline or automobile after being held there for a couple of years, but when I convert back to dollars, I pay a "gain" tax. Boo hiss.
More specifically, given that the platform already includes a statement that taxation should not be on earnings or income, what you seek in the platform is already present in form and substance. Ergo it would appear there's nothing needed.
I agree, but it certainly isn't clear to me, because you don't even think my idea is a good idea ... and yet you say my idea is subsumed by the platform. So what are we arguing about again?
Hey it's your ball, your game and you're the referee.
Hopefully you can get a candidate for elective office to embrace your platform so that the effort won't be yet another waste of time by keyboard cowboys kibitzing about good ideas that exists only in the ether, and which comes to naught.