"Obviously, we need to pay tax. It has three vital functions but, in a sovereign currency such as ours, where the state is both borrower and lender, none of them are funding spending."

Taxation (and bond sales) cannot "fund" the spending of the federal government because one cannot collect (or borrow) what doesn't yet exist. The US Congress is the sole source of US dollars and all "net" private sector monetary assets. It is not, nor can it be, revenue restrained or it wouldn't be able to provision itself or create the currency to begin with.

When I first had the "aha" moment in the middle of a conversation with Dr. Kelton my mind reeled at the potential for humanity. Little did I expect the amount of opposition to such simple logic that would result from that epiphany.