The inflation buster

Economy
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People have lost so much buying power through inflation these past few years that, even if we can stabilize prices, it’ll take years for wages to catch up under current policy.

The average American’s effective federal tax rate is around 14%. So here is the inflation busting proposal in two easy steps:

  1. Stop increasing the money supply. The country must operate within its means. No deficit spending. Ever.

  2. No income tax for the first $100k in income. Then a fixed percentage thereafter. No deductions. No loopholes.

This would instantly improve citizen’s buying power by 14% which would offset most of the post covid inflation.

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I think another option could be a tax credit for the annual inflation amount. Why should we pay income taxes on money that lost its value?

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I’m with AngieD.
When the government devalues the currency–making things cost more and our savings worth less–let it compensate the citizens it has harmed.

This is worthy of a class-action lawsuit.

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