I admit to not taking my own idea here too seriously but still want to add a couple of points.
There would only be inflation if the amount of money printed exceeded the production of new goods and services. Could congress control how much they spend? Not too likely but it's not very likely now and at least this way everyone including the poor would have a reason to resist excessive spending. Would the production of new goods and services increase? I think so.
There would be other benefits as well, including:
1. Eliminating the costs of compliance with tax law.
2. Eliminating the costs of collecting the tax.
3. Severely cutting back the power of congress to control through tax policy.
There would only be inflation if the amount of money printed exceeded the production of new goods and services. Could congress control how much they spend? Not too likely but it's not very likely now and at least this way everyone including the poor would have a reason to resist excessive spending. Would the production of new goods and services increase? I think so.
There would be other benefits as well, including: 1. Eliminating the costs of compliance with tax law. 2. Eliminating the costs of collecting the tax. 3. Severely cutting back the power of congress to control through tax policy.