Abolish all Taxes on Income, FICA and Medicare, and Let Our Public Spend to Provision Itself. No Treasury Bonds at All.

Commentary by Roger Erickson

We could do all that, easily. It's only a question of getting the practice to actually manage the altered but drastically simplified operations involved. Can we get to near-zero taxes and near max Output, Innovation and novel Capacity Addition? Let's find out. As far as I know Australia is the only country in recent memory to forego Treasury Bonds. Bill Mitchell discussed that in private email, and it's buried somewhere in one of his blog entries. The currency issuer only has to choose some other reference interest rate which all subsidiary bond issuers, buyers and traders can orient to.

Just use VAT (value-added or sales-taxes) to finely regulate both net and patterns of Aggregate Demand.

Marriner Eccles published some papers on some of those very topics while USA Fed Chief, in 1944.

February 8, 1944 - Possibilities of postwar inflation and suggested tax action
Address at the Tax Institute Symposium in New York City

November 16, 1944 - The post-war price problem - inflation or deflation
Address at Meeting of National Industrial Conference Board, New York City

"Curbing inflation through taxation", by Marriner S. Eccles (1944)