who is the transfer going to
today ??
the graph a few stops below here is pre crisis debt freshet
obviously we could tax these issues at point and time of issue
and allow the amount of withheld funds to be used as a credit against other taxes owed
this could be fractionalized and targeted on the credit side
to what ever part of that tax we wished and to which ever payees we wish
conceptually we create a ricardian equivalence
if we tax away the income from interest on borrowings
ie for those subject to the 100% witholding and with zero credit
we in effect create for the holders
default risk free
zero coupon bonds
that decay at the rate of inflation
and for uncle a expending zero cost source of funds
that does not require monetization and can be sold to qualified credit entitlers
ya ya some logical holes here no viable market could emerge to support such issues
..just sketching folks ...just doodling and sketching
trying to divise a system where rentiers as a class unwilling to pay adequate taxes
and substitutiing loans to gubmint instead get caught on the back side while not losing their safe store of value
