Bill, I like creative ideas. I proposed eliminating all taxes based on income and replacing them with a tax based solely on wealth. BUT, you didn’t explain how your solution would actually work. Without that, we can’t tell if, in fact, it will work or not.

My guess is that you’re proposing giving some people/all people (?) an electronic CUBI account that is just created out of thin air?

Can they spend it on anything or only for food, housing, etc.?

If I own a deli and I get lots of CUBIs from customers, how am I going to translate them into dollars that I can use to buy a new car or buy land on which I will build a new store or whatever?

Am I, the store owner, limited on what I can spend CUBIs on?

If not and CUBIs can be spent exactly like dollars then they are dollars and they will cause inflation just like dollars.

You need to explain exactly how you think this will work in the real world, step-by-step, why it will not be inflationary, how it will be superior to and different from dollars, how people will or will not be able to use it, etc.

So far your post is like extolling the virtues of mental telepathy without explaining how it would work and how we would be able to do it.

Yes, mental telepathy might be great but without telling us how it would be possible there’s really no point.

— David Grace

Graduate of Stanford University & U.C. Berkeley Law School. Author of 17 novels and over 200 Medium columns on Economics, Politics, Law, Humor & Satire.

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