While making extra tax payments would make many "feel" good, it would have little benefit at the federal level. The reason for this is quite simple. Taxation doesn't, and never has, funded federal spending.

This is, of course, quite opposed to what is considered common knowledge. We are berated by politicians from both the left and right if we suggest spending that is too far out of balance with "revenue", but the truth is that the federal government neither needs nor uses revenue to enable its spending. That is because it enjoys a unique position in economics. It is the "issuer" of our money, not a "user" such as any other entity. It pays for things by simply paying for them, and it creates new monetary assets when it does so.

This is not to say that the federal government should lavish extravagance on all of us, luxury cars or homes for example. It simply means that anything the society needs and that exist for sale denominated in dollars is "affordable" to Congress. It makes no sense to make our society poorer for the lack of money to provide healthcare, food, and basic necessities to anyone when the money is in infinite supply and the resources are available.

Meandering to a different drummer.

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