The Atlantic:
"Liz Truss’s Low-Tax Libertarian Dream Goes Up in Smoke"
Her low-tax plan not only wasn't libertarian... It wouldn't have even lowered taxes.
I've said this before, but... The libertarian problem with her plan was the same problem American libertarians have with American Republicans.
'Tax cuts" without spending cuts while running deficits aren’t tax cuts at all. They’re transfers, like what our courts are currently considering with student loan payments.
Yes, the most visible taxes may be things like capital gains, corporate, excise, income… and ideally all could be cut. But functionally, inflation via monetary expansion is a tax, interest payments incurred through government borrowing is a tax, and even if somehow borrowing could be done without interest, it would still be a tax on future generations.
I’m an American, and a libertarian, so of course I despise the theft of direct taxation. But indirect taxation is even worse, because it dishonestly hides its’ cost from taxpayers, and regressively hits the weakest the hardest.
And especially given the timing--what's been happening to the pound--her proposal was more in line with modern monetary theory than anything from the libertarian camp.
