As cyrptocurrency overcomes fiat...
Governments will have difficulty generating revenue.
In the US, the individual income tax is 47.3% of federal tax revenue.
Payroll taxes account for 34.1% of revenue.
Corporate income brings in 9.1% of revenue.
Gasoline, cigarettes, alcoholic beverages, and airline travel, generate 2.9 percent of federal revenue.
Estate and gift taxes complete the percentages.
The cryptographic eco-system allows for ways, or soon will, around taxes.
Large to mid sized companies will still be forced to pay, but why would the self-employed bother?
The legacy financial institutions have been the gatekeepers of our accounts.
Some may think of them as snitches.
Now we have crypto hardware wallets.
Every person is a bank.
I have two questions.
How will governments generate revenue in the future?
Is government, as we know it, going to exist in the future?