Remove Personal Income Tax Is Necessary But Must Be Done In Elegant Way
In modern day where national government have power to print endless fiat money paper, what is the point of personal income tax? Only for “enslave”, “control” the public people, there is absolutely nothing else.
The personal income tax began in old ancient times when real physical silver, gold was the main “currency’ of the society. At that time, the government just cannot “print” physical silver, gold out of nowhere to support the military and government workers.
But now in the modern way with the appear of fiat money paper, the authority and national government have full power/ability to “print” fiat money paper whenever they want with whatever amount they need.
So it is just matter of time before the disappear of personal income tax in many nations in the world.
There are 2 options on the table: Option 1: new central bank with full government power to print endless fiat money paper. Thus all the personal income tax will be removed, but some other form of tax such as VAT, corporate tax may be remain.
Option 2: new local currency system but keep the current monetary system. New local currency will encourage people create local jobs, use local products while having zero tax. So only “large, wide range” transactions will involve in tax. And all the current policy and people life still remain for all except the one choose the new local currency.
Option 1 will make massive consequence in the entire world, in all nations. While option 2 will much easier to implement and have very little impact to other nations, but still able to obtain the goal of removing personal income tax.
In term of human development evolution, job creations, economy, then option 2 is the way to go because of the “minimum wage rule” are very complex too.
Both options are doable but just depend on each individual ideology and thinking of how the society system should be.
Keep the current economy financial system is not the way to do because it is too old and outdated, it is the time for change.