Re:Tesla buys $1.5B in Bitcoin, may accept it as payment in ...
by coryfklein on Monday February 08, 2021 @01:06PM
(#26067904)
Inflation is a progressive tax, but in the opposite direction we normally expect. The wealthy hold a much smaller proportion of their wealth in cash than do the poor so inflation is, in fact, a way to extract more wealth from the poor.
The rich tend hold their wealth in stock, land, and other assets. Most of which inflation is mostly neutral or beneficial to. The dollar value of TSLA goes up in response to general inflation, but the purchasing power generally remains the same.
Re:Tesla buys $1.5B in Bitcoin, may accept it as payment in ...
by kpommerenke on Monday February 08, 2021 @08:31PM
(#26072749)
Wouldn't that make inflation a regressive tax?
Re:Tesla buys $1.5B in Bitcoin, may accept it as payment in ...
by coryfklein on Tuesday February 09, 2021 @07:24PM
(#26084380)
Yes, that is correct. /facepalm/
Or inflation will be used to reduce inequalities now that taxes have been made unacceptable by the rich (who wouldn't pay taxes). It's more a replacement than a sum.
Elected officials don't have much of a a choice when the economy goes to trash and the poor becoming poorer to a point where violence becomes a good solution for the poor to have some control over the economy (who should serve society and not the other way around).
> The REAL problem is that most americans don't have enough money saved to take care of themselves during hard times. Why might that be?
Because they already went through economic crises than got them near bankruptcy?