The "What is Money?" Show Disrupting Taxes and Reigniting the American Dream with Thomas J Cryan (WiM539)
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Dec 13, 2024 
Join Thomas J Cryan, author of "Disrupting Taxes," as he dives into the complexities of taxation and its impact on the American Dream. He explores the historical evolution of tax systems, critiquing modern practices rooted in inequality. Thomas discusses innovative ideas like the Automated Banking Transaction Tax and addresses wealth disparity stemming from the Nixon Shock. He emphasizes the importance of fair taxation for individual freedom and proposes a reimagined tax structure to foster economic growth while holding government accountable.
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Adam Smith's Tax Principles
- Adam Smith advocated for proportional, predictable, and easily collectible taxes.
- Current taxes fall short of these principles, being neither proportional nor predictable.
Tax Collection History
- Tax collection methods have evolved due to mechanical possibilities, like tariffs at harbors.
- Withholding tax originated from Milton Friedman's work at the Treasury in 1943.
Taxation's Shift and Rising Debt
- Historical tax collection resembled mafia protection rackets, shifting to a more structured system.
- The US debt-to-GDP ratio has risen from 102% in 1945 to 120% today.
